Banrep Regulates Issue of Tax Return Bonds: DIAN Introduces New Tax Payment Forms
13 febrero 2020

On February 13 the Colombian Central Bank (BanRep) issued an external circular governing mechanisms for issuing public debt securities, called Tax Return Securities (TIDIS). The Ministry of Finance and Public Credit will be in charge of issuing the TIDIS, in collaboration with the National Tax and Customs Directorate (DIAN, for its acronym in Spanish). The DIAN has published a draft resolution prescribing forms for compliance with tax obligations in 2020. Those interested in sending their comments will have time until February 20th, by writing to the following email: [email protected].

The new BanRep standard is aimed at banking establishments, financial corporations, commercial finance companies and entities managing high and low value payment systems. Traders in securities, foreign exchange, derivatives and other financial assets will also be covered.  The idea is to clarify the mechanisms for issuing TIDIS in Colombian currency and ensure that they will be freely negotiable in the stock market.

The DIAN’s draft provides the forms to be filed by taxpayers registered in the income and supplementary tax regimes. The filing must be made electronically using the Electronic Signature Instrument (IFE) and also covers the sales tax (VAT) return. Electronic filing is compulsory for taxpayers registered under this regime, using the Electronic Signature Instrument (IFE).