Electronic Accounting Localized for Colombia
How the localization initiative arose
It all started with the implementation of one of our oldest and largest clients in Colombia and Latin America. Like the rest of the taxpayers of this country, as of this year, electronic invoicing is mandatory.
It became mandatory for large taxpayers from June 1, 2018, and for all others in 2019, for this before that date the various taxpayers had to notify the regulatory body that they were ready to start or request an extension.
Colombian Fiscal Regime
The National Directorate of Taxes and Customs (DIAN) classifies companies in different categories depending on their income, the nature of the business and several additional factors. This classification determines the tax (s) to which they are bound.
There are four main tax regimes
• Simplified Regime
• Common Regime
• Common Regime
• Great Contributor
• Great Self-Retainer Contributor
Although they are not the only existing taxes, these are the main taxes and withholdings that are stipulated in the Colombian Tax Statute and that are included in the Odoo Localization:
• VAT purchase and sale
• Retention in the source (RteFte)
• Withholding of the VAT
• ICA Retention
More on: New Colombian Localization
New Colombian Localization