Colombia pronounces on CREE tax and CREE surcharge
On 16 March 2017, the Colombian National Tax Authority (DIAN) published a Ruling 5797-2017 stating on the validity of the fairness tax (CREE) and the CREE surcharge. In accordance with this ruling, under Law 1819 of 2016 (the tax reform), as from 1
See MoreColombia: New tax penalties regime
The National Tax Authority (DIAN) pronounced on the following issues related to tax penalties, in particular the application of the principles of proportionality, harmfulness, gradualness and favorability, on 17 March 2017. Article 640 of the Tax
See MoreColombia: Procedure to request for amending tax returns
According to the decision 20960 of 2017, the Tax Court pronounced on the rules that must be followed by the National Tax Authority (DIAN) when analyzing taxpayers' requests for amending tax returns. Taxpayers may apply for amendment to a tax return
See MoreColombia: DIAN pronounces withholding tax on pensions
According to a ruling 2140 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the cases where pensions are subject to withholding tax. Article 17 of Law 1819 of 2016 amended article 383 of the Tax Code that provides the withholding
See MoreColombia: New tax benefits for small business
On 1 March 2017, the Colombian National Tax Authority (DIAN) issued Ruling 900479 of 2017 providing guidelines on the new rules on tax benefits applicable to small enterprises as from 1 January 2017. Article 4 of Law 1429 of 2010 provided that new
See MoreColombia sets maximum deductible amount to investment for 2017
Under the recently published Administrative Regulation 16 of 2016, the National Council of Tax Benefits in Science, Technology and Innovation (CNBT) has set out the maximum amounts deductible for investments made in science, technology and
See MoreColombia: DIAN issues tax calendar for 2017
The Colombian National Tax Authority (DIAN) published an official announcement providing the tax calendar for tax year 2017, on 22 February 2017. This calendar provides the deadlines for personal tax, corporate tax, withholding taxes, income tax for
See MoreIreland updates FED manual
On 15 February 2017, Revenue department of Ireland published an E-brief 15/17, on the update of the Tax and Duty Manual. Tax & Duty Manual Part 34-00-09 in relation to Foreign Earnings Deduction (FED) has been updated to reflect changes made
See MoreColombia: Key changes on international mergers and spin-offs
According to a recently published Ruling 2242 of 2017, the Colombian National Tax Authority (DIAN) pronounced on the tax effects of international mergers and spin-offs. In accordance with article 319-8 of the Tax Code (TC), the transfer of assets
See MoreColombia: Updated forms for filing tax returns in 2017
According to Administrative Regulation 6 of 2017, the National Tax Authority (DIAN) recently published the following forms for filing tax returns in 2017: Form 120: informative transfer pricing return; Form 140: CREE tax return; Form 160:
See MoreColombia: New deadlines for filing tax returns
Decree 220 of 2017 amends Decree 1625 of 2016 regarding the deadlines for filing tax returns. In the case of large-income taxpayers, the Decree provides the deadlines to pay their income tax corresponding to tax year 2016 in three installments. It
See MoreColombia updates tax obligations for self-withholding agents
The Colombian National Tax Authority (DIAN) recently issued a press release regarding new tax obligations applicable to self-withholding agents as from 1 January 2017. It recalls that the tax reform revoked the fairness tax so self-withholding
See MoreColombia: Tax reform 2016 and Transfer Pricing Updates
In accordance with law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, introduces the following main changes to the transfer pricing regime. According to article 260-3 of the Tax Code (TC), as amended by the tax
See MoreColombia introduces new incentives for small enterprises
According to law 1819 of 2016, adopting the structural tax reform bill introduces amendments to the corporate income tax incentives applicable to small enterprises benefiting from Law 1429 of 2010, as follows: Years of incorporation Current
See MoreColombia: Fail to collect VAT is subject to a prison sentence between 48 to 108 months
The Colombian National Tax Authority (DIAN) issued a Press Release regarding the criminal offence introduced by Law 1819 of 2016 in the case of not collecting VAT and consumption tax, on 6 February 2017. In accordance with Press Release, as of 1
See MoreColombia: Taxpayers can adjust the value of their fixed assets to 7.08%
On 30 December 2016, the Colombian National Tax Authority (DIAN) published a Decree 2202 of 2016 that regulates articles 70 and 73 of the Tax Code (TC) related to fixed asset value adjustments and the determination of taxable income or capital gains
See MoreColombia: Tax administrative summary of tax reform 2016
According to law 1819 of 2016, adopting the structural tax reform bill approved on 23 December 2016, which introduces the following major changes to the tax administration, tax procedures and penalties: Tax administration The tax reform introduces
See MoreUAE ratifies TIEA with Colombia
On 15 January 2017, the United Arab Emirates (UAE) ratified the Tax Information Exchange Agreement (TIEA) with Colombia by way of Decree 227-2016. Furthermore, this Agreement provides for the effective exchange of information regarding tax matters
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