On January 13, the Bank of the Republic (BanRep, for its acronym in Spanish) established the terms for sending information on quarterly requirements as of December 2019 for open market operations (ACO, for its acronym in Spanish) placement agents, who now have until February 14. Likewise, the entity established the terms for sending certifications related to the consolidated Solvency situation as of December 2019 for ACO agents which are credit establishments. The call for information will close on February 28. Both calls have given the following mail for receiving information: [email protected]. 

In other news, the Ministry of Finance has launched a public consultation on a draft decree establishing the use of electronic invoices. Comments on this regulation may be sent until January 25, by clicking here.

BanRep calls are based on the External Regulatory Circular (CRE) DEFI-354 entitled “Risk control in open market operations and liquidity operations for the normal functioning of the payment system.” Open Market operations refer to the purchase and sale of bonds by the Central Bank. Placement agents of open market operations which are credit establishments have until February 2020 to send the corresponding certifications.

The draft decree being developed by the Ministry of Finance establishes that subjects issuing sales invoices or equivalent will be responsible for paying national consumption tax as taxpayers registered for the unified simplified tax system (SIMPLE). Subjects not obliged to issue a sales invoice and/or an equivalent document include banks, financial corporations, financing companies, savings and credit cooperatives and service providers based abroad, lacking a tax residence in Colombia which provide of electronic or digital services.