IFRS 15, is the evidence that lacked preparation in tax reform

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IFRS 15, IS THE EVIDENCE THAT LACKED PREPARATION IN TAX REFORM

The transition to the application of IFRS was repealed in law 1819 of 2016. However, even though tax reform was an excellent step for tax determination to be based on international standards adopted by Colombia, there are several gaps and issues that are currently being analyzed, such as the difference in change, with which a statutory decree was announced more than a month ago, which to date has not been issued

We see a simple example under IFRS 15, which regulates the entry of ordinary activities and flows arising from a contract with a customer.

In this sense, if we have a license agreement that allows the right to use intellectual property for five (5) years and it has a monthly value. Under IFRS 15, the 5-year income will be annealed according to performance, i.e. at a given time or day one.

In conclusion, the five-year income is recognized in an instant and even more serious, VAT that has not been collected or paid by the customer for the term of five years must be financed by the service provider, which is why in countries such as USA and Mexico , it was concluded of a VAT per box and not accrual, since it was breaking small companies.

FISCAL CONCILIATION EXPIRES FROM OCTOBER 2018

The tax authority system is not prepared to receive the 2516 format and consequently, the deadlines and conditions for submission of the fiscal conciliation report are postponed by the 000020 resolution of 2018.

Resolución 000020 / Ver Documento / Dar Clic!

PERCENTAGES TO ADJUST THE COST OF ASSETS FROM 1960

Tax Authority issues concept with the list of decrees by which the percentages have been established to adjust the cost of fixed assets, which is the article 70 of the E.T.

Concepto 782 del 22 de marzo de 2018 / Ver Documento / Dar Clic!

ELECTRONIC COMPUTER SERVICE SPECIAL TAX REGIME – SIE RTE

The electronic computer service is adopted special tax regime – SIE RTE by the Tax Authority, to attend and manage the requests for qualification, readmission, permanence and updating presented by the ESAL (not for-profit entities) who wish to belong, stay or be updated in the RTE.

The non-profit entities created at December 31, 2016 and during the year 2017, which are registered in the special tax regime that to April 30, 2018 do not lie the application of permanence

or qualification in this regime through the SAR-RTE , will be classified as taxpayers of the ordinary income tax regime.

Resolución 000020 / Ver Documento / Dar Clic!

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