Articles 815 and 850 of the ET indicate the conditions under which a credit balance is compensable or may be requested as a refund. However, these do not include the possibility that balances generated in excess of deductible VAT over the VAT generated, and which were caused at the same rate, may be requested as … Read more
Tax regulations allow VAT generated on sales that are later cancelled, rescinded or terminated by the customer to be deducted from the total balance due for this tax. For accounting purposes, an account can be created to control this value, which will then be transferred to the form. Next, we will answer the following question: … Read more
The president, Iván Duque, announced a series of measures included in the tax reform which was filed by the executive. Among them are: three days without VAT per year, VAT refund to the most vulnerable, reduction of health contributions for pensioners and work incentives for young people. Before the media, Duque said: “One of the … Read more
Households in poverty and extreme poverty levels will be identified through Sisbén. A selection will be made by territorial entities, giving priority to departments and municipalities according to poverty concentration levels, total population and coverage of social programs. Through a draft decree, the Ministry of Finance seeks to regulate the VAT refund mechanism for the … Read more
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