Legal Bulletin

The book-to-tax reconciliation process mentioned in Section 772-1 of the Tax Code is defined

The book-to-tax reconciliation will be composed of the “control of detail” and the “tax reconciliation report”

Free-trade zones regulation is preferential and has prevalence over other tax rules

Non-profit entities that are industrial users of a free-trade zone are subject to the same income tax rate as an industrial user

The Double Tax Agreements with France and the United Kingdom enter into their ratification stage

The double tax treaties with France and the United Kingdom were submitted before Congress for their ratification

Regulation of the “Projects and Buildings for Taxes”

The Ministry of Finance issued the regulation for companies to have access to the tax payment mechanism “Projects for Taxes”

Applicable rules for the determination of the useful life of fixed assets

The Colombian Tax Authority ruled on the determination of the useful life of fixed assets as a result of the most recent tax reform

Application of Tax Benefits for Investments in the Environment

The Colombian Tax Authority issued a Revenue Ruling analyzing whether the benefits on income tax and VAT for investments in the environment could be applied concurrently

Definition of Cloud Computing services and requirements for their VAT-exclusion

By means of Revenue Ruling No. 17056 of 2017, the Colombian Tax Authority defined the term “Cloud Computing services” and the characteristics and requirements needed for their exclusion from VAT

The transitional VAT regime for public contracts is regulated

The VAT regime applicable will be that in force on the date of the subscription of the respective contract

The tax calendar for fiscal year 2018 is issued

Due dates and deadlines for the filing tax returns and the payment of national-level taxes are defined for year 2018

Changes to the External Resolution No. 8 of 2000 and the DCIN-83 External Regulatory Circular

By means of Bulletins No. 39 and 40 of November 23rd and 24th 2017, the Colombian Central Bank modified some aspects of the foreign exchange regulations on loans between residents and intermediaries of the foreign exchange market