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
The 87 articles of the Finance Bill filed on October 31, 2018 would end up affecting 164 rules of the ET and 19 additional rules. In several of the proposals raised therein, important deficiencies can be detected that must be corrected by Congress during its processing. Complying with the eternal custom of the most recent … Read more
Article 7 of the financing bill intends to add numeral 4 to Article 437-2 of the ET to revive the withholding of VAT assumed to the simplified regime. In addition, it would repeal Article 485-1 of the ET, to prevent the withholding agent from taking the assumed withholding as deductible VAT. Among the multiple changes … Read more
The Financing Law repealed Articles 430 and 446 of the ET, and amended Article 475 establishing that as of March 1, 2019 VAT on such beverages will be charged on a multiphase basis; the liability will no longer be solely on the head of the producer or importer. The Financing Law, 1943 of 2018, made … 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Tax regulations allow VAT generated on sales that are later cancelled, rescinded or terminated by the customer to be deducted from the total balance due for this tax.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
VAT and withholding tax returns that require the signature of the public accountant, and have been filed without this requirement, may be classified by the Dian as not filed, if this entity detects such irregularity before the respective period of finality. Next, we will answer the following question: What are the tax implications of filing … 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
The 2019 tax reform proposal contemplates the creation of a sales tax -VAT- compensation mechanism in favor of the most vulnerable population. Upon reviewing the regulations, it is evident that such proposal has some structural gaps for its implementation. After the study and discussion of the report presented by the Government on the 2019 tax … Read more
The measure requires compliance with 3 special requirements, which will cause sellers and buyers to face at least 6 major difficulties. In addition, this exemption will require the mandatory use of electronic invoicing and payment through financial channels. Articles 22 to 26 and 160 of Law 2010 of December 27, 2019 established that during the … 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
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