BEPS Central: Colombia

Duff & Phelps provides additional new transfer pricing documentation requirements, jurisdiction by jurisdiction, including filing dates, notification dates, filing thresholds and penalties.

Colombia Country-by-Country Reporting Tear Sheet

Status of Domestic Legislation

Legislation in force

First Period Covered

Financial years beginning on or after January 1, 2016

Filing Deadline

Within 12 months of end of income year

Turnover Threshold

Taxable Units (“TU”) 81 million / USD 810 million

Deadline for Notification of Reporting Entity

TBA

Signatory to CbC Multilateral Competent Authority Agreement (“CbC MCAA”)?
(The CbC MCAA is an agreement which provides that Country-by-Country reports filed with the tax authority of a signatory will be automatically exchanged with the tax authorities of all other signatories).

No

Covered by EU Directive 2011/16/EU?
(This directive requires that all EU member states co-operate in the field of taxation. Specifically, Amendment DAC4 requires multinationals to report certain financial information, now to include Country-by-Country Reporting, in every country in which they operate).

No

Member of Inclusive Framework on BEPS Implementation?
(Membership of the inclusive framework on BEPS implementation commits jurisdictions to implementing the BEPS package, including CbC reporting).

Yes

Penalties
(Late Penalties: Penalties for late/non-filing.
Inaccurate/False Information Penalties: Penalties for provision of inaccurate or false information)


TBA

Secondary Filing
(Does the jurisdiction require filing of the CbC report by a local group entity where the report is not made available by the jurisdiction of the ultimate parent entity)?

TBA

Surrogate Filing
(Does the jurisdiction permit the appointment of a substitute local entity in place of the ultimate parent entity for the purpose of filing the CbC report on behalf of the group)?

TBA

Method of Filing

TBA

CbC Language Requirements

TBA

Master file/Local File 
(Action Point 13 also included guidance on Master file and Local file requirements, including specific items to be included and the format of such reports. Where a jurisdiction has amended its transfer pricing documentation requirements because of Action 13 to adopt the Master file and Local file concepts, this is noted below).

Master File

Status of Domestic Legislation: Legislation in force
Reporting Threshold:  Either: a) gross equity on the last day of the fiscal year or period equals at least 100,000 TU (approximately USD 1 million); or b) gross revenues of respective year equal at least 61,000 TU (approximately USD 610,000); and c) transactions are carried out with related parties.
Filing Deadline: Not yet specified
First Period Covered: 01-Jan-17
Language Requirement: TBA

Local File

Status of Domestic Legislation: Legislation in force
Reporting Threshold: Either: a)gross equity on the last day of the fiscal year or period equals at least 100,000 TU (approximately USD 1 million); or b) gross revenues of respective year equal at least 61,000 TU (approximately USD 610,000); and c) transactions are carried out with related parties.
Filing Deadline: Filing date determined annually through Regulatory Decree, dependent on the last digit of the taxpayer's ID (between 11 July and 25 July in 2017)
First Period Covered: 01-Jan-16
Language Requirement: Must be filed in Spanish