UPDATE: Colombia Accelerates eInvoicing Compliance for Large Taxpayers

Brian Elswick
December 11, 2017

In late November, Colombia executed its authority to mandate electronic invoicing compliance prior to the official January 2019 deadline.

The DIAN, Colombia’s tax and customs administration, published a draft of this resolution, which specifies the companies will be subject to eInvoicing. Specifically, this resolution will apply to:

  • a) Those designated by the DIAN as “large taxpayers” in resolution 0076 of December 2016
  • b) Taxpayers that have already requested folios/numbering ranges for electronic invoices

These companies will have either three or six months to comply with the mandate, depending upon their invoice volume.

The DIAN is moving quickly to finalize its eInvoicing program after identifying several required enhancements following its pilot program, including the move toward a PAC model that will provide real-time validations via approved technology providers. The feedback period from this pilot program has closed as the DIAN accelerates its compliance timeline.

Companies need to act now to ensure compliance with Colombia’s eInvoicing mandate. Even those not named in this initial draft resolution may be added to the list of mandated taxpayers at any time in 2018, at which time they will be given only three months to get their systems and processes up and running.

As companies determine their compliance approach in Colombia, it’s critical to ask:

  1. What is the central source of truth for transactional data? Is everything housed in our ERP?
  2. How will we handle changes in the mandate, as specific requirements are known to change frequently?
  3. What validations and automations should we have in place to ensure accuracy?
  4. How is our data archived?
  5. What contingency plans do we have in place to ensure constant compliance?

Take Action

Review ourTop 5 Considerations for Colombia’s eInvoicing Requirement here, and contact us to understand the implications of this mandate on your business.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Brian Elswick

Brian Elswick is the Marketing Programs Manager for Sales & Use Tax, Business-to-Government Reporting, and VAT.
Share This Post

United States
June 14, 2019
Sovos Again Named a Top Workplace Based on Employee Satisfaction

Earlier this week, the Star Tribune (Minneapolis, MN) released its annual list of Top Workplaces. The newspaper compiles this list based on employee satisfaction scores for companies across Minnesota. Sovos has once again been named to this list as a national standard setter of leading workplaces because of the actions we take to put employees […]

E-Invoicing Compliance EMEA
June 13, 2019
French VAT Fraud Prevention Package to Include a New Attempt to Mandate B2B E-invoicing

The French Minister of Public Accounts and Action, which has authority over all tax matters, has taken advantage of the process that is required to transpose the EU E-Commerce Directive to launch a number of initiatives to curb VAT fraud, including a renewed attempt to create a system of mandatory e-invoicing. Going from B2G to […]

EMEA IPT
June 13, 2019
Knowing When and How to Reclaim IPT

An insurer may need to reclaim insurance premium tax (IPT) from a tax authority for many reasons. These include a policy cancellation or mid-term adjustment, an administrative error or issuing a no claims bonus. In each case, it’s important to be aware of the issues involved ahead of any reclaim to ensure taxes are recovered […]

Sales & Use Tax United States
June 7, 2019
Marketplace Sales Tax Collection Rules and Current State of Affairs

Marketplace sales tax laws are being used by states as an additional means to collect more sales tax revenue from remote sellers on marketplaces like Amazon, eBay, Etsy, and WalMart. These online marketplaces and the rules being introduced to compel marketplace tax compliance have introduced new sales tax collection and remittance questions and complexity. According […]

Tax Information Reporting United States
June 5, 2019
IRS Promises Clarity on Crypto Tax Regulations This Month

For the second time in the last month, the IRS has alluded to forthcoming guidance related to cryptocurrency and digital asset transactions.  IRS Commissioner Charles Rettig said in late May that clarification on crypto tax regulations might arrive by the end of June and gave further hints as to what might be included in the […]