1. The National Directorate of Taxes and Customs (DIAN in Spanish) issued Concept No. 524 on July 8, which addresses the currency to be used in the fiscal recognition of transactions of a foreign branch.

The tax administrator clarified that transactions carried out by foreign branches of Colombian companies must be recognized in Colombian pesos for tax purposes. According to Article 868-2 of the Tax Statute, financial and accounting information, as well as its items, must be presented in Colombian pesos from the initial recognition. 

See:

https://www.dian.gov.co/Contribuyentes

2. The Ministry of Commerce, Industry, and Tourism (MINCIT in Spanish) published on July 25 a draft decree intended to modify the formula for calculating the fee on registration rights and renewal of the commercial registration.

The draft decree seeks to amend Article 2.2.2.46.1.1, Section 1, Chapter 46, Title 2, Part 2, Book 2, of Decree 1074 of 2015, regarding the fees for registration and renewal of commercial registration.

The proposed decree would also adjust the rate applied to ordinary assets to be expressed in UVB from January 1, 2025.

The project is open for comments until August 6, 2024. 

See:

https://www.mincit.gov.co/normatividad/proyectos

3. The International Accounting Standards Board (IASB) published Volume 11 of the annual improvements applied to its International Financial Reporting Standards (IFRS).

The document includes clarifications, corrections, and changes intended to improve the following standards:

IFRS 1: First-time Adoption of International Financial Reporting Standards

IFRS 7: Financial Instruments, Disclosures

IFRS 9: Financial Instruments

IFRS 10: Consolidated Financial Statements

IAS 7: Statement of Cash Flows

The published modifications will be effective for annual periods beginning on or after January 1, 2026.

See:

https://incp.org.co

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