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Why Seek Tax Advisory Services in Colombia?

Why Seek Tax Advisory Services in Colombia?

Colombia is considered one of the most attractive countries in South America to invest and to do business in. However, with an ever-changing tax landscape, it is essential for companies and business owners to engage with a trusted tax advisory services provider. We outline the most important reasons why you must seek tax advisory services in Colombia when doing business in the country. Colombian tax system is complex In Colombia, registration processes at the national level are different from those at the municipal level. As we explored in our article “How to file taxes as a corporation in Colombia”, companies operating in the country are expected to comply with tax regulations on a national, regional, and municipal level. This multilayer of corporate compliance requirements might be challenging for those who are not expert in the field. For example, businesses operating in Colombia should be aware that registration processes at the national level are different from those at the municipal level. Most companies are assigned a National Tax ID number or RUT (Registro Único Tributario) during the national incorporation process. However, they must register before the municipal tax authorities that supervised the territory where they operate. This is to request a municipal Tax ID or RIT (Registro de Información Tributaria). This requirement is commonly overlooked and may cause fines and penalties. To avoid this, you must count on a local tax advisory services provider. Constantly changing tax regulations Colombia is now famous in Latin America for its constant fiscal reforms. A...

Why Engage with an Accounting and Tax Advisory Provider in Colombia?

Why Engage with an Accounting and Tax Advisory Provider in Colombia?

Understand why it's important to engage with an accounting and tax advisory provider in Colombia. Colombia is one of the leading economies in Latin America. Its dynamic economy attracts the attention of investors from all over the world. However, with an average of 10 mandatory tax payments and nearly 256 hours per year dedicated by each company to tax and accounting activities, it's crucial to seek the support of an accounting and tax advisory provider to reduce administrative burdens. Advantages of engaging with an accounting and tax advisory provider When entering the Latin-American market, tax and accounting obligations might be overwhelming for foreign executives. Doing business in Colombia with the assistance of an accounting and tax advisory provider will ensure the success of your business operations. Some of the advantages include: Evolving tax ecosystem Colombian tax regulations are bound to change every year. Companies doing business in Colombia must be aware that the Colombian legal system is constantly evolving. This means that local tax regulations are bound to change every year. The Colombian Government has issued 3 major tax reforms in the past 4 years and a new one is expected to be issued before the end of 2020. Therefore, there are multiple tax regimes in force, which are applied according to the existing legislation of the year in which a business operates in the country. Having a trusted accounting and tax advisor can help your business to comply with local regulations and requirements you must consider for each case. Tax incentives, credits, and...

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