Bogotá

All individuals or legal entities that are registered on the Single Bidders Register (“RUP” by its Spanish abbreviation) must renew their registration no later than the fifth business day of April, in accordance with Decree 1082 of 2015.

The Colombian Superintendence of Industry and Commerce (SIC) issued Resolution 93503 of 2018 which sets the value of operational revenue and/or total domestic assets that shall be taken into consideration when evaluating the need of conducting merger control before this authority.

In order to maximize the benefits that innovation brings to the finance industry and thereby to increase people’s access to financial services, the Colombian Ministry of Finance issued Decree 2443 of 2018, authorizing credit establishments, financial service firms and capitalization associations to acquire holdings in the share capital of domestic or international companies that have as their sole purpose to develop and apply innovation and technologies connected with the corporate purpose of the supervised entities.

In order to issue instructions regarding the rules for authorizing regulations for products from the electronic savings and deposit sections, and the mechanisms for resolving bridge banks, the Colombian Finance Authority (SFC) has issued External Circulars Nos. 025 and 026 of 2018.

We are offering a summary of the main tax amendments proposed by the Government. As it is a bill, it may undergo substantial changes when discussed in Congress.

At a ceremony held last night in New York, the Garrigues Tax Department in Colombia received the Americas Tax Policy Team of the Year award. The event brought together the leading firms from 12 North, South and Central American countries, including the United States and Canada.