The director of the DIAN explained a series of points included in the financing bill presented on October 31. He talks about the gradual reduction of VAT and the VAT refund, as well as the novelties of the income tax for companies and individuals. The National Government presented on October 31, 2018, before the Congress … Read more
In 2018, inflation or cost of living for Colombians registered a variation of 3.18 % compared to 2017, approaching the Bank of the Republic’s target of 3 %. Four groups were above the national average: education (6.38 %), health (4.33 %), housing (4.13 %) and transportation (3.73 %). The rest of the expenditure groups were … Read more
Several tax experts expressed their points of view on the Financing Law. They highlighted the doubts they have about this law and several negative points they see. The former Minister of Finance, Guillermo Perry, stated that in terms of companies, the Financing Law was negative because tax exemptions and privileges were maintained and increased in … Read more
In the first quarter of 2019, the Gross Domestic Product -GDP- grew 2.8% compared to the same period of 2018. Wholesale and retail trade was one of the activities that drove the growth. The economic activities that contributed most to this dynamic are: wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and … Read more
Those obliged to keep accounting records, when they comply with the net worth or gross income ceilings established by law, must file their VAT, withholding tax and INC returns signed by a public accountant. Articles 512-6, 602 and 606 of the Tax Statute -ET- establish the cases in which the INC, VAT and withholding tax … Read more
The income tax return is a legal and mandatory procedure, which applies to all persons who generate income or have assets in Colombian territory, regardless of whether they are residents, non-residents or foreigners. In the following article we will know everything related to the income tax return for foreign residents in Colombia. Income tax return … Read more
The Colombian government set the minimum wage increase for 2021 at 3.5%, thus reaching $1,014,980 (SMMLV $908,526 + transportation allowance of $106,454). “New minimum wage for 2021. For the first time in the history of Colombia and fulfilling a campaign promise, it will exceed, including the transportation allowance, one million pesos. In total it will … Read more
The accounting treatment of accounts receivable incorporates different principles, including impairment indicators. These give indications that an item should be impaired or not. Among the indicators is that it is probable that the debtor will go bankrupt. We will now answer the following question: What accounting treatment should be applied to the accounts receivable of … Read more
On this occasion we highlight what associations, corporations and foundations that as of December 2016 belonged to such regime and those that until taxable year 2016 were non-taxpayers of income tax and ended up becoming taxpayers of this tax must take into account. The aspects related to the special tax regime -RTE- were among those … Read more
Analysts affirm that the measure is a step to reduce cash in the economy, it would facilitate commercial transactions among the different economic agents, and the Banco de la República would assume the cost of production of the new denominations of coins and banknotes. The project to eliminate the three zeros from banknotes in Colombia … Read more
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