COLOMBIA

On November 25, the National Tax and Customs Administration (DIAN, in Spanish) published a resolution establishing the requirements, causes and procedures to grant or withdraw a qualification as a Large Taxpayer. The regulation is already in force.

According to the measure, legal entities obtaining a given amount of net income during the taxable year prior to the qualification for a different value to that obtained by occasional profit, when over or equal to 5 million Tax Value Units (TVI, for its acronym in Spanish), equivalent to USD 46,375,840, will be considered Large Taxpayers. 

Foreign companies not domiciled in Colombia with an investment in the country will not be qualified as Large Taxpayers. This qualification has a validity of two fiscal years and may be withdrawn from entities in the process of liquidation as well as those merged or dissolved within a acquisitions or spin-off process.