Read the latest news about Covid-19

1.Income tax advancement reduced for 2020
The national government authorized the reduction of the income tax prepayment for the taxable year 2020, reducing it to 0 or 25%, depending on the economic sector of the taxpayer.

2.The Superintendence of Industry and Commerce (Superintendencia de Industria y Comercio) suspended the terms of jurisdictional proceedings
The suspension applies until June 30th, 2020.

3.Extension of compulsory preventive isolation in Bogotá D.C.
The Mayor's Office of Bogotá D.C. issued Decree 131 of 2020, which extends the mandatory preventive isolation until June 16th, 2020, throughout Bogotá D.C., with the exception of the locality of Kennedy.

4.Payment of digital connectivity aid during the health emergency.
Employers must acknowledge a digital connectivity aid in the replacement of the standard transport aid. This new relief applies to employees who earn up to COP$ 1.755.606 c. USD 462 and provide their services from home. This measure will be in force only during the health emergency.

5.The Superintendence of Companies extended the deadlines to submit financial information.
New deadlines depend on the last two digits of the tax ID (NIT) and the reports to be submitted include, among others: financial statements, Informe 42 Prácticas Empresariales, and, consolidated and combined financial statements 

6.Deadlines to provide information in business reorganization processes were extended by the Superintendence of Companies.
Deadline to submit financial information in the report entitled “Recovery Arrangements” was extended until June 12th,, 2020. Likewise, debtors who are not required to keep accounting records and who were admitted to a reorganization process must submit information no later than June 5th, 2020, or June 19th 2020 depending on terms provided in External Circular Letter 100-000005.