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COVID-19 Weekly update 05/15/2020 Colombia

Date: 2020/05/15

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The following are the latest relevant news on recently issued regulations regarding corporate, tax, and labor issues arising from the health and economic emergency caused by COVID-19, as well as other important issues.

Corporate issues

1. Due to the extension of the mandatory quarantine, the Superintendency of Societies again extended the deadlines for the presentation of the financial statements for the year 2019.

Thus, the maturities will begin on May 25th (last digits of the tax ID “NIT 01 - 05), ending June 26th (with the tax ID “NIT” finishing in 96 - 00).

For its part, the business practices report must be reported between July 6th and 17th of the month.

External Circular 100-000009 of 2020

Tax Issues

1. On May 13th, the Ministry of Treasury issued Decree 655, which extends the term to make the payment of the second installment of income tax and complementary for those companies classified by incomes as a micro, small, and medium.

Thus, the deadlines to make the payment of said fee will begin on November 9th and end on December 7th, considering the last two of the tax ID “NIT” of each entity.

Decree 655 of May 13th of 2020

2. DIAN prescribes form 210, applicable for the presentation of the tax returns of the taxable year 2019 of natural and assimilated person.

DIAN Resolution 00045 of May 7th of 2020

Labor Issues

1. In order for millions of Colombians to keep their jobs, the National Government will subsidize payroll payments, contributing the sum of Col$350,000 for each employee that the Company has.
Through Decree 639 was established who will be able to enjoy the benefit above, as well as the requirements, among which are: (I) the Company was incorporated before January 1st, 2020, (II) demonstrate (through accountant certification) that their income has been decreased by more than 20%, and (III) have not received subsidies on more than three (3) occasions.

The subsidy will be channeled through the financial system

Decree 639 of 2020

Should you need advice or further information, please do not hesitate to contact our team of professionals who will be happy to assist you.