Read the latest news about Covid-19

1.Gambling operations are reactivated as a measure to fund health institutions.
Tax reliefs, offsite bingo and, offers related to incentives of immediate prizes in money and/or in-kind are some of the measures adopted to catalyze the gambling industry, which is an important funder of health institutions in Colombia.

2.Unilateral termination of commercial leases.
The National Government regulated temporarily the early termination of lease agreements over commercial premises affect by the Covid-19 crisis, such as gyms, cinemas and food services. Likewise, the tenants shall be up to date with all payments due to terminate the agreement and it shall pay an amount equal to one-third of the penalty clause of the lease.

3.New rules governing the sale of State-owned shares.
Decree 811 partially regulates investments by the Government in companies in sectors of national interest and introduces flexibility in sale processes involving sale of State-owned shares. Sales of shares acquired by the Government to face the pandemic, as well as the sale of shares in listed companies to obtain funds for the same purpose, are subject to special rules.

4.Economic aid is created for the unemployed population.
To the extent that funds are available, unemployed workers who comply with certain requirements and that have lost their jobs, will receive a monthly economic aid of COP$160,000 for up to 3 months. Transfers from operators to beneficiaries of the economic aid will be exempt from the tax on financial movements.

5.Simplified Stock Companies (S.A.S.) are allowed to issue debt securities in the alternate market (Segundo mercado).
For the first time, Simplified Stock Companies (S.A.S.) can obtain resources through the issuance of debt securities in the public stock market, with the purpose of providing them with tools to face the economic, social and ecological emergency.

6.Protection of agricultural workers and producers amid the Covid 19 crisis.
Certain banking and credit entities are allowed to enter into recovery and payment agreements with small and medium producers to mitigate the economic consequences derived from the Covid 19 crisis. Likewise, Ministry of Agriculture is granted authorization to simplify its contracting method.
7.Tax measures to protect the cultural sector.
Tax measures such as: the reduction or elimination of withholding tax rates on specific payments, the exclusion of VAT, and new timeframes for declaring and paying the contribution of public shows, were adopted to protect and mitigate the adverse economic impact that the Covid-19 crisis has had on the cultural sector.