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
Supersociedades reported a new extension in the deadlines to submit financial statements for 2019: they would start on May 13. IASB explained how IFRS 9 – Financial Instruments should be applied during the period of economic uncertainty generated by the coronavirus. In this editorial we relate the accounting measures related to legal entities during the … Read more
With the declaration of the state of economic emergency, the national government issued a series of legislative decrees to grant tax relief to taxpayers. The state of economic emergency ended on April 17, 2020, 30 days after the issuance of Decree 417. On March 17, 2020, through Decree 417, the National Government declared, for a … Read more
The Government could temporarily relax the measures incorporated in the tax legislation in the last reforms. Deductions for cash payments may be limited, invoices and equivalent documents may be required as support for deductions in some sectors. COVID-19 has caused legal entities to ask themselves on a daily basis what they must do to stay … Read more
In this editorial we will review 7 main impacts of COVID-19 on financial reporting. The review of deferred taxes, the evaluation of the going concern assumption and exchange differences are some of the topics that should be given more attention. Exchange differences As a consequence of COVID-19, the Colombian peso has devaluated against other currencies, … Read more
For the fourth time, Supersociedades extended the deadlines for companies to report their 2019 financial statements, which will run from May 28 to June 26, 2020. In addition, they changed the deadlines for submitting the business practices report. The Supersociedades issued External Circular 100-000009 of May 8, 2020, by means of which it informed a … Read more
In Colombia, the proposal would allocate close to 40.5 trillion pesos (4% of GDP) to benefit close to 34.5 million Colombians affected by COVID-19. For ECLAC, the basic emergency income should be implemented immediately, with the prospect of remaining in place for a longer period of time. The Economic Commission for Latin America and the … Read more
The three VAT-free days will take effect on June 19, July 3 and July 19 of this year. Commercial premises that remain closed during the isolation will be excluded from VAT. The consumption tax, which is 8% of the service, will be suspended. On May 18, 2020, President Iván Duque, together with the director of … Read more
Through Legislative Decree 688 of May 22, 2020, the Ministry of Finance adopted transitory tax measures to face the effects derived from the economic emergency due to COVID-19. The interest rate is reduced for debts resolved until November 30, 2020. Through Legislative Decree 688 issued by the Ministry of Finance on May 22, 2020, the … Read more
Measures for better tax collection are urgent because the 2008 crisis made it clear that tax evasion by the wealthy is immense. Tax avoidance has left governments with fewer resources to meet the critical priorities left by the pandemic. The Independent Commission on International Corporate Tax Reform – ICRICT – proposes in its report The … Read more
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