With the entry into force of the Financing Law 1943 of 2018, tax benefits were established to which companies created as of January 1, 2019 will be able to access, as is the case of orange economy companies and development of the Colombian countryside. Next, we will answer the following question: Did the Financing Law … Read more
By means of a draft decree, the Ministry of Finance seeks to regulate the tax incentives for “orange economy” companies, in order to establish the rules for business reorganizations by companies that opt to access the benefit of exempt income. The Financing Law 1943 of 2018, through its Article 79, amended Article 235-2 of the … Read more
Among the tax discounts allowed are those that apply to taxes paid abroad. They consist in that a person with Colombian residence who earns income outside the country and pays taxes on it may deduct the amount paid abroad from the balance payable in Colombia. “The income obtained by the taxpayer abroad will also be … Read more
Companies belonging to the orange economy will not pay rent for 7 years. They must have as their exclusive corporate purpose the development of technological value-added industries and creative activities. They must create a minimum number of jobs, which in no case may be less than 3. On February 26, 2020, President Iván Duque signed … Read more
Through Legislative Decree 560 of 2020, the Ministry of Commerce adopted transitory measures regarding the insolvency regime. The aforementioned, with the purpose of mitigating the economic effects derived from the spread of COVID-19, seeking business recovery and preservation. The Ministry of Commerce, Industry and Tourism, through Legislative Decree 560 of April 15, 2020, adopted transitory … Read more
The consequences of taxing the entire family basket with VAT would be negative for the most needy population. It is necessary to review tax benefits through a proportionality test, eliminate those that do not have a progressive impact and create a new tax on digital services. The Centro de Pensamiento de Política of the Universidad … Read more
Goods related to renewable energies went from excluded to exempt from VAT. The Government will authorize micro-companies and companies obliged to keep accounting records to do so in a simplified manner. Virtual tax inspection and virtual administrative inspection visits are included. With the enactment of Law 2069 of 2020 or Entrepreneurship Law, national entrepreneurs have … Read more
The Government has said that this refund corrects an injustice such as charging the same rate to the highest income households and the most vulnerable. The director of the National Planning Department -DNP-, Luis Alberto Rodríguez, highlighted the progress made by the Government in terms of VAT refund and assured that, as of April, two … Read more
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