Colombia: DIAN rules to keep accounting records
According to ruling 31252 of 2016, the tax authority of Colombia (DIAN) pronounced on the obligation for taxpayers to keep accounting records. Commerce Code article 19 provides that individuals and companies considered to be merchants are obliged to
See MoreColombia: DIAN rules on 33% withholding tax for Colombian citizens
According to Ruling 30970 of 2016, the National Tax Authority of Colombia (DIAN) announced 33% withholding income tax rate applicable to labor payments made to overseas workers from jurisdictions that are not related party to the Convention on the
See MoreColombia: Tax reform bill 2016
The comprehensive tax reform bill 2016 recently submitted by the government of Colombia to the Congress with the following corporate income tax issues: Rates: The bill proposes to unify the income tax and the Fairness Tax into a single income tax
See MoreUK: Details of double tax agreement with Colombia
Details are available of the double tax agreement between the UK and Colombia signed on 2 November 2016. The treaty generally conforms to the provisions of the OECD Model Tax Convention but the following should be noted: Permanent establishment A
See MoreColombia: 32.99% effective annual interest for late payment of tax due
According to a recently published administrative regulation 1233 of 2016, the Financial Supervisory Authority of Colombia provided the effective annual interest rate applicable in the case of late payment of taxes. The late payment interest rate is
See MoreColombian National Tax Authority reminds procedure for filing TP informative return
DIAN reminded that the formal obligation to file an informative return will only be complied with if the transfer pricing informative return (Form 120) is digitally signed and submitted and as such mere submission of Form 1125 to DIAN through its
See MoreColombia: New regulation on late payment interest rate
The Financial Supervisory Authority of Colombia recently issued Administrative Regulation 0811 of 2016 about the late payment interest rate. According to the Regulation, the effective annual interest rate is 32.01% that applicable for late payment
See MoreColombia: DIAN issued Administrative Regulation for filing the transfer pricing informative return
The Colombian National Tax Authority (DIAN) issued an Administrative Regulation 50 of 16 June 2016 regarding the procedure and technical conditions for filing the transfer pricing informative return for the tax year 2015. In this Administrative
See MoreColombia: DIAN rules on non-application of tax benefits for small business
According to a recently published ruling, the National Tax Authority of Colombia pronounced on the non-application of tax benefits provided by Law 1429 of 2010 to small enterprises, as follows: Decree 545 of 2011 regulates Law 1429 of 2010,
See MoreWTO Director General comments on the importance of trade agreements for Colombia
In a speech delivered in Colombia on 19 May 2016 the Director General of the World Trade Organization (WTO) noted that trade can act as a drive of broader economic growth and job creation and is part of any strategy for sustainable economic growth.
See MoreIMF report comments on economic policy in Colombia
On 5 May 2016 the IMF published a report on the economy of Colombia following the conclusion of discussions under Article IV of the IMF’s articles of agreement. Colombia achieved economic growth in 2015 of 3.1% which was one of the highest growth
See MoreColombia published inflation component and presumptive interest rates
According to Decree 536 of 2016, published on along with applicable as of 5 April 2016, sets out the inflation component rates concerning to financial income exempt from income tax and financial expenses that are non-deductible, and the presumptive
See MoreColombia: New rules on penalties for failure to submit E-returns
According to published Ruling 4024 of 2016, the Colombian National Tax Authority declared the applicable rules for taxpayers having failed to submit tax returns electronically but being willing to correct the error voluntarily. In accordance with
See MoreColombian Tax Court rules on statute of limitations for penalties
In a recent court decision the Tax Court ruled on determining the statute of limitations for the tax authority to impose penalties. Article 638 of the Tax Code presents the statute of limitations for imposing penalties as a result of tax filing
See MoreTax Authority of Colombia rules on tax management of consultancy services given by international organizations
In a recently published ruling, the National Tax Authority of Colombia pronounced on the income tax, VAT and withholding tax treatment of a consultancy agreement concluded between a Colombian taxpayer and the Inter American Centre of Tax
See MoreColombia: Update rules on general anti-avoidance rule (GAAR)
The National Tax Authority of Colombia (DIAN) in a recently published Ruling no: 25473 of 2015, pronounced on the general anti-avoidance rule provided under article 869 of the Tax Code. In accordance with sub-paragraph 4 of article 869 of the Tax
See MoreColombia: Incentives for investments in non conventional energy sources
On November 4, 2015, the Colombian National Government has released Decree 2143 of 2015, by which the fiscal and customary incentives for investments in non conventional energy sources are regulated, according to the outline of Law 1715 of 2014. For
See MoreColombia: National Tax Authority Issued Transfer Pricing Rules on Sales of Intangibles
The National Tax Authority of Colombia announced on sale transactions of intangibles subject to the transfer pricing regime. In article 260-1 of the Tax Code provides criteria for ascertaining whether two or more parties are related parties and the
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