On November 5th, the Minister of Finance published two draft decrees, now in public consultation. The first would regulate electronic invoices and will take comments until November 14th through the following link. The second would regulate the formation of Boards of Directors of Mutual Investment Funds and will receive comments until November 17th through this link. The final regulations are expected to be published in the Official Gazette once the consultation is complete.   

Main points of the draft decree regulating electronic invoices:

• It establishes that all legal persons that pay VAT and the National Consumption Tax will be obliged to issue electronic invoices. On the other hand, the electronic invoice will be optional for those legal persons choosing to issue them; this applies both to those legal persons obliged to issue a sales invoice and those not obliged to issue one (including financial institutions).  
• It stipulates that the requirements for the electronic invoice be valid, including that it be expressly labelled as an electronic sales invoice and that it features: the names and surnames or corporate names and the Tax Identification Number (NIT) of both the seller or the person rendering the service and the purchaser; the total value of the operation and means of payment; and the consecutive numbering authorized by the Special Administrative Unit, National Tax and Customs Directorate (DIAN).

Main points of the draft decree regulating mutual investment funds:

• It stipulates that the Board of Directors of the Mutual Investment Funds shall be composed of five directors; two of them elected by employees and two by the companies concerned. The four elected directors will appoint, by majority, the fifth director. In electing directors, and where there is more than one company, each company will possess one vote. In the case of a single company, the company is free to appoint the two directors at will.
• Any company may freely withdraw from the group of companies to which the Mutual Investment Fund belongs, to join another or establish its own fund. For this purpose, the company concerned must notify its decision by means of a communication filed with the Mutual Investment Fund three months prior to the withdrawal.  
• These modifications may only be applicable once the Superintendence of Finance of Colombia publishes the necessary instructions for the conformation of the Board of Directors. These instructions must be issued within 6 months after the publication of the final decree.