The recommendation is that companies define financial administration, cash management and working capital policies; review cash flows related to advance payments, withholdings and provisions; and estimate the impact on financial reporting. The effects of the COVID-19 pandemic and its impact on business activity are uncertain and even complex to estimate. The changing and unpredictable nature … Read more
The Minister of Finance, Alberto Carrasquilla, recently stated in Dinero that the Tax Statute -ET- must be modified and that the country’s tax issues must begin to be discussed next year as part of the strategy to achieve economic recovery. “Colombia must stop having a ‘poor country’ Tax Statute, since the rebound of the economy … Read more
For many, the exemptions available to companies should be reviewed and redesigned. They also add that the Government is thinking of solutions that imply less effort, and one of them is the VAT on the family basket. It is expected that in the first semester the tax reform will be debated. Fiscal and social reform; … Read more
Some of the recommendations of the analysts who participated in the Commission of Experts on Tax Benefits have already been made public. Although it is expected that the recommendations of the Commission of Experts on Tax Benefits will be known by the middle of the week, the articles of the new tax reform bill will … Read more
At the request of the congressmen, the Ministry of Finance made this decision. It seeks to raise 25 billion pesos. The Ministry of Finance informed that at the request of the congressmen, the tax reform, which will be presented under the name of Sustainable Solidarity Law, will be filed in the Congress of the Republic … Read more
The number of taxpayers will increase, as well as the ceiling to pay income; it would be from 2.5 million pesos per month. No additional food will be taxed with VAT in addition to those already taxed. Elimination of exempt income, deductions, tax discounts and preferential rates as of 2023. On March 24, 2021, the … Read more
Fedesarrollo proposes to maintain the 19% rate and gradually raise to 8% the goods currently exempted, excluded or taxed at the differential rate of 5%. The entity also indicates that the current VAT scheme could be replaced by a consumption tax scheme under a single rate of 8%. Much of the low productivity and efficiency … Read more
The Andi does not want the VAT to be touched, nor the income tax for individuals. For Fenalco, under the current conditions Colombians are not prepared for a tax reform. Acopi asked the Government to increase the amount of the payroll subsidy. The National Association of Colombian Businessmen -Andi- does not like the idea that … Read more
With the modifications that would be proposed, the Government would already be looking for a collection of between 18 and 20 billion pesos. No to VAT on public services. The Vice Minister of Finance, Juan Alberto Londoño, assured today in La FM that the reform will continue its course in the debates of the Congress … Read more
The Tax Network proposes that no salaried employee or pensioner earning less than 6 million pesos per month should pay more in income. It also suggests eliminating all tax benefits, including special rates and ICA discount, which give preferential treatment to some sectors. The Tax Work Network (Universidad Javeriana, Universidad Externado de Colombia, Universidad del … Read more
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