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Legal Bulletin

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TRANSFER PRICING INFORMATIVE RETURN FORM TO BE FILED IN SEPTEMBER 2018

Corporate Income Tax

Through Resolution No.000002 of 2018, the Colombian Tax Administration issued the Transfer-Pricing Return for 2018

INFORMATIVE FOREIGN ASSETS RETURN

Income Tax – Individuals

By means of Resolution No.000002 of 2018, DIAN issued Informative Foreign Assets Return for fiscal year 2018

COLOMBIAN TAX AUTHORITY ISSUED THE PERSONAL INCOME TAX RETURN FORM

Income Tax – Individuals

In 2018 Colombian tax residents will have to file their income tax return for the first time according to the characterization of the items of income

NEW COMMITTEE OF THE TAX AUTHORITY TO DETERMINE THE EXISTENCE OF EFFECTIVE PLACE OF MANAGEMENT

Corporate Income Tax

By means of the Resolution No. 18 of 2018, the Colombia Tax Authority created the “Auditor Committee for determining an Effective Place of Management”

TAX LIABILITIES OF COLOMBIAN TAXPAYERS IN REGARD TO TRUSTS CREATED ABROAD

Income Tax

The Colombian Tax Authority referred to the liabilities taxpayers have to fulfill in regard to Trusts created abroad

TAX TREATMENT OF SILENT PARTNERSHIP AGREEMENTS

Income Tax

By means of Revenue Ruling No. 008537 of 2018, the Colombian Tax Authority referred to the tax treatment participants of silent partnership agreements have to apply

SPECIAL VAT EXEMPTION ON THE ACQUISITION OF CAPITAL GOODS IS EXTENSIVE TO RELATED SERVICES

Input VAT on transportation and installation of capital goods, can be deducted from income tax according to section 115-2 of the Colombian Tax Code

According to section 115-2 of the Colombian Tax Code, input VAT on the acquisition of capital goods can be computed as tax deductible. However, the aforementioned section did not referred expressly to related services

VAT EXEMPTION FOR MAINTENANCE OF SOFTWARE AND EQUIPMENT APPLIES GENERALLY

Value Added Tax (VAT)

VAT exemption for maintenance of software and equipment applies generally

DIVIDENDS RECEIVED BY INDIVIDUAL MAY BE SUBJECT TO INDUSTRY AND TRADE TAX

Industry and Trade Tax

The Secretary of Finance of Bogotá established the case in which dividends received by an individual are subject to industry and trade tax

THE COLOMBIAN CENTRAL BANK ISSUES A NEW FOREIGN EXCHANGE REGULATION

Foreign Exchange Regime

Central Bank issued the External Resolution 1 of 2018 and the DCIN-83 External Regulatory Circular which compiles and simplifies the Foreign Exchange procedures in Colombia