The second reduction of the weekly working schedule set forth in Law 2101 of 2021 will come into effect on 15 July 2024. The new maximum working weekly schedule will be 46 hours.
The Colombian Tax Office (DIAN) issued the Tax Ruling No. 305[008717] of 30 April 2024, interpreting several matters regarding the application of the Significant Economic Presence rules. The following are the most relevant points addressed by the Ruling:
âą Cases in which the deduction for payments abroad related to SEP transactions are not capped under article 122 of the Tax Code.
âą Identification of SEP taxpayers that have opted for the filing/no WHT mechanism and those who are not subject to the regime.
âą Scope of the activities that can be considered taxed under SEP rules.
âą Comments on the priority order rules of withholding agents.
The Superintendence of Companies, through its External Circular No. 100-000003 of 23 April 2024 (hereinafter the âCircularâ), extended the deadlines for the Chambers of Commerce and Foreign Non-Profit Entities (in its acronym in Spanish âESALsâ) to implement the Integral Self-Control and Risk Management System of money laundering, terrorism financing and financing of the proliferation of weapons of mass destruction and Business Transparency and Ethics Programs. The new deadline is on 31 May 2025.
In a recent decision, the Superintendence of Companies determined that an Excel-based risk matrix of the Self-Control and Integral Management System of Money Laundering, Terrorism Financing and Financing of the Proliferation of matrixes and of the Business Transparency and Ethics Program was insufficient because it did not allow to individualize, measure, assess and mitigate the risks identified.
The Colombian Tax Office (“DIAN”) and the Superintendence of Companies have entered into an inter-administrative agreement for the exchange of information related to the Ultimate Beneficial Owner Registry, to strengthen the inspection and control functions of these entities and their investigative powers.
The Superintendence of Industry and Commerce through Resolution No. 17526 of 2024 established the new fees for merger control procedures applicable during 2024. The parties must pay the applicable fee depending on the type of procedure: fast track notification, pre-assessment request phase I or pre-assessment request phase II. These new fees will be effective as of the date of publication of the resolution and the amount must be paid prior to the filing of the application before the SIC.
On 21 March 2024, the National Government issued the Decree 390 of 2024, by which it established the procedure for granting the Leniency Program in transnational bribery and corruption (âLeniency Programâ) matters. Under the Leniency Program, it is possible to obtain full or partial immunity from possible sanctions for corruption and transnational bribery. In order to obtain the benefits of the Leniency Program, the company must provide relevant information on the aspects of the commission of such acts and the benefits obtained.
In the last few days, the Superintendence of Companies ( âSoCâ) has begun to invite various companies under its surveillance and control to participate, on a voluntary basis, in a diagnostic exercise on the implementation of sustainable practices. This is in accordance with Chapter XV of the Basic Legal Circular of the SoC: “Administrative Recommendations for the Submission of the Sustainability Report”.
All those persons registered in the Sole Registry of Bidders (Registro Ănico de Proponentes) (RUP for its acronym in Spanish) must update their registration no later than 5 April 2024, otherwise, the effects of the registration will cease and they will have to register again, providing all the necessary documentation, as if it were the first registration.
Our latest Antitrust and Competition Handbook is now available. We have developed this guidance as a practical resource for multinationals trying to harmonize their approach to antitrust compliance in different countries in Latin America, as well as for local companies that are bringing their compliance programs up to international standards.