Posts by Accounting Team Colombia- Business News and Updates


Articles written by this author include Legal updates and changes, regulatory updates, industry reviews, legal advice, accounting advice, Professional Employer Organization (PEO) news, Q&A with experts, and more.

When Do You Need a Transfer Pricing Study in Colombia and What Has Changed During Covid-19?

When Do You Need a Transfer Pricing Study in Colombia and What Has Changed During Covid-19?

Find out when businesses should carry out a transfer pricing study in Colombia, and changes in the regulatory environment that could impact your activities. Transfer pricing is a broad concept coined by the Organization for Economic Cooperation and Development (OECD) which encompasses a set of obligations for multinational enterprise groups who develop commercial transactions between their...

Manage Employee Payroll in Colombia Through an External Provider

Manage Employee Payroll in Colombia Through an External Provider

Current travel restrictions and business climate are incentivizing companies to consider alternative ways to manage employee payroll in Colombia. Company incorporation and establishing a representative branch or office may previously have been the preferred method to enter the Colombian market. Now, as foreign companies work to secure their cash flow and are unable to travel to the country,...

Economic Growth Law: Tax Discounts for Business in Colombia

Economic Growth Law: Tax Discounts for Business in Colombia

On 27 December 2019, Colombian President Ivan Duque signed the country’s new Economic Growth Law, called ‘Ley de Crecimiento Económico’, a stimulus package aimed to support business and low income households. The law introduces new tax discounts for businesses in Colombia, among other reduced taxes and contributions for households. Colombia is one of the most promising countries in Latin America...

What Is the Total Cost of an Employee in Colombia? Legal Services Bogota

What Is the Total Cost of an Employee in Colombia? Legal Services Bogota

Colombia is a country which possesses a wide range of attractive investment sectors for foreigners; some of these include medical marijuana and emerald mining. To be able to take advantage of these opportunities, smart investors set up a local company in Colombia in order to execute their business plans.  In Colombia, labour law is extremely focused on the protection of employment rights....

Tax Accountant: When Do You Have to Pay Taxes in Colombia in 2018?

Tax Accountant: When Do You Have to Pay Taxes in Colombia in 2018?

The tax-payment period for the year 2017 in Colombia has begun. During this period, Colombian companies are obligated to present their financial declaration to the Colombian Tax Authority, DIAN. Also, residents must pay taxes if they received a certain amount of income during the year 2017. In one of our previous articles, we gave an overview of the taxes in Colombia. This article will tell you...

When Do You Need a Fiscal Auditor in Colombia in 2018?

When Do You Need a Fiscal Auditor in Colombia in 2018?

“In Colombia, the practice of the Fiscal Audit is of capital importance to companies across all sectors. It is a legally regulated inspection which ensures good-practice, transparency and competence. It guarantees that companies are abiding by the law and that they are being managed both effectively and efficiently.” - Technical Council of Public Accounting (Consejo Técnico de la Contaduría...

The Importance of Due Diligence Services in Colombia: Managing Business Risks

The Importance of Due Diligence Services in Colombia: Managing Business Risks

Although Colombia is often heavily associated with corruption, the new generation and growing middle class are expressing their discontent with the chaos, forcing politicians to take measures to fight it. Corruption negatively affects people in a society by threatening their security, their jobs, their elected democracies and their economic development. Corruption blocks infrastructure...

Outsourcing Accounting Services in Bogotá, Colombia

Outsourcing Accounting Services in Bogotá, Colombia

In the following report, we will give an overview of why there has been a growth in the demand for professional accounting services in Colombia. The overview will briefly summarize the economic outlook and trends in the Andean nation, most notably in the Mergers and Acquisitions(M&A) market, explain the recent changes in taxation laws in Colombia and the opportunities and challenges they...

What are the Tax and Accounting Requirements in Colombia 2017?

What are the Tax and Accounting Requirements in Colombia 2017?

Tax and Accounting Requirements in Colombia: When a company considers moving into a new market, one key factor to consider in the decision-making process is Colombia’s accounting tax. Factors such as corporation tax rate, value added tax (VAT) rates, and double taxation relief must all be taken into account. Additionally, it is important to understand the country’s financial reporting framework:...

How to Open a Corporate Bank Account in Colombia

How to Open a Corporate Bank Account in Colombia

 In Colombia just like any foreign country it can be frustrating trying to open a bank account. Corporate bank accounts can take a lot of time, which in many cases will end up costing oyu money. However it is an essential step in starting a business in Colombia. In fact, without that bank account, you will not be issued a business license. It is therefore important to know when and where to...

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