Colombia proposes tax reform with new progressive corporate tax, wealth tax changes
Colombia's Ministry of Finance presented a tax reform bill to Congress proposing several key changes to the country’s tax system on 10 September 2024. One of the main changes is a progressive corporate income tax based on the tax value units
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OECD: Report on Simplified Peer Review of Colombia under BEPS Action 14
On 16 September 2024 the OECD published the simplified peer review report on Colombia under Action 14 of the project on base erosion and profit shifting (BEPS). Under BEPS Action 14, members of the OECD Inclusive Framework have committed to
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Colombia clarifies reporting obligations for overseas assets
Colombia’s National Tax Authority (DIAN) has clarified that overseas assets and shares held in a foreign company owned by Colombian companies must be reported in the tax return. The clarification was published in Opinion 100208192-628 of 2024
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Colombia offers interest, penalty relief for delayed returns and payments
The Colombian tax authority (DIAN) announced on 8 August 2024, that it is extending the deadline for submitting income tax returns of natural or similar persons, assets abroad, gasoline and diesel fuel, and withholding tax without interest and
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Colombia clarifies currency requirements for foreign branches of local companies
The Colombian tax authority ( DIAN) has issued Ruling 524 on 8 July 2024, which clarifies the currency regulations for foreign branches of Colombian companies. This ruling specifies that transactions conducted by foreign branches in currencies
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Colombia: DIAN clarifies tax incentives for ZOMAC zones in new ruling
The Colombian tax authority (DIAN) recently issued Ruling 531 on 10 July 2024, clarifying tax incentives for businesses in zones affected by armed conflict (ZOMAC). The ruling details reduced tax rates for new micro and small enterprises in ZOMAC
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Colombia proposes updates to electronic invoicing rules
Colombia's National Tax and Customs Directorate (DIAN) has issued a draft resolution aimed at updating and expanding the electronic invoicing system on 9 July 2024. The proposed changes would amend Resolution 165 of 2023, focusing on electronic
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Colombia issues resolution on international tax information exchange
Colombia's tax authority (DIAN) has released Resolution No. 000096 on 31 May, 2024, providing an update on the exchange of tax information with international jurisdictions. This resolution is key in assessing the cooperation of various nations in
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Colombia grapples with COP 27 trillion budget shortfall
Colombia faces a budget shortfall of COP 27 trillion (USD 6.9 billion) this year due to a sharp drop in tax collection. Tax collection plummeted 40.9% in April to COP 18.9 trillion (USD 4.83 billion), contributing to an overall shortfall of about
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Colombia: DIAN Increases e-invoicing audits due to extensive non-compliance
The Colombian tax authority (DIAN) has increased audits and inspections related to electronic invoicing (e-invoicing) due to widespread non-compliance with regulations. Under current tax laws, businesses that fail to issue or properly deliver
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Colombia to tax sales of single-use plastics in home and abroad
In a landmark decision, Colombia's tax authority (DIAN) published Ruling 294 on 25 April 2024, marking a significant turn in the country's battle against single-use plastics. This ruling clarifies the application of taxes on the sales of single-use
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Colombia clarifies tax obligations for non-resident filers
The Colombian tax authority (DIAN) on 30 April, 2024, released Ruling 305, which tackles various inquiries related to the new regulations affecting non-residents with a Significant Economic Presence (SEP) in Colombia. Key points Ruling 305
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Colombia: CUP method valid for commodity transactions without quoted prices
The Colombian Tax Authority (DIAN) released Ruling 1118 (Int. 81) of 13 February 2024, which provides clarification of the application of the Comparable Uncontrolled Price (CUP) method for commodity transactions between related parties that do not
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Colombia amends tax Form 490 to include SEP corporate income tax payments
On January 25, 2024, Colombia's tax authority released Resolution No. 4, which amends the tax Form 490 to include bimonthly advance payments for significant economic presence (SEP) corporate income tax. The initial payment is scheduled for March
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Colombia issues tax return filing deadlines for year 2024 and beyond
On 22 December 2023, Colombia's Ministry of Finance published Decree No. 2229 of 22 December 2023, outlining the deadlines for filing tax returns and payments for the year 2024 and subsequent years. The main deadlines for tax returns and payments
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Colombia increases UVT value for 2024
On 28 November 2023, the Colombian tax authority (Dirección de Impuestos y Aduanas Nacionales-DIAN) issued Resolution No. 000187 of 28 November 2023, amending the adjusted tax value unit (Unidad de Valor Tributario - UVT) for 2024. The UVT value is
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Colombia announces new TP documentation deadlines for 2023 and later
On 22 December 2023, Columbia released Decree 2229, introducing revised deadlines for submitting various forms of transfer pricing documentation. These include the informative declaration, country-by-country (CbC) notification, Local file, Master
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Colombia implements comprehensive regulatory framework for taxation of SEP rule
On 27 November 2023, the Colombian Ministry of Finance issued Decree No. 2039, through which Colombia implements comprehensive regulatory framework for taxation of significant economic presence (SEP) rule as a part of Law 2277 of 2022 (tax reform
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