The Supersociedades extended the deadlines for companies to submit their 2019 financial statements, due to the contingency situation in the country as a consequence of COVID-19. In this editorial we relate the new deadlines, as well as the information and those obliged to report. The Superintendence of Companies -Supersociedades- issued on March 17, 2020 External … Read more
By means of Resolution 011004 of October 29, 2018, the Dian indicated the content and technical characteristics for the presentation of the exogenous information report for the taxable year 2019. Taking into account the emergency due to the spread of COVID-19, the Dian, through Resolution 000027 of 2020, extended the deadlines to comply with this … 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
By means of Legislative Decree 682 of May 21, 2020, the Ministry of Finance established the VAT exemption for certain movable tangible goods that are sold within the national territory. The three days without VAT will take place between June and July of the current year. Through Legislative Decree 682, issued by the Ministry of … Read more
The adoption of the measures implemented by the Government during the pandemic had a strong effect on tax collection and the fiscal balance. The fiscal expenditure allocated to address the pandemic amounts to 2.7% of GDP, so a tax reform is required to increase by 2% of GDP. The Private Competitiveness Council -CPC- presented on … Read more
The consequences of taxing the entire family basket with VAT would be negative for the most needy population. It is necessary to review tax benefits through a proportionality test, eliminate those that do not have a progressive impact and create a new tax on digital services. The Centro de Pensamiento de Política of the Universidad … 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
Removing some income benefits and having more people declare and contribute to this tax could be another alternative to increase tax collection. According to a Dian report, 18.5% of the fiscal cost of these exemptions comes from income, which represented $17.1 trillion in 2019. This barely represents 1.6 % of GDP and 65 % corresponds … Read more
This month some of the tax obligations related to VAT and the special tax regime are due. It is of vital importance to take into account the dates on which each of the following obligations take place, in order to avoid incurring penalties. During March 2021 some of the deadlines for tax obligations related to … Read more
Using the powers of Article 808 of the Tax Statute, the Government reduced to 0% the value of the advance payment of income tax for the taxable year 2021 for several taxpayers of the ordinary regime affected by the current economic crisis generated by the COVID-19 pandemic. Making use of the powers of Article 808 … Read more
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