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We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
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Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Tax policy
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Asset management Inflation and tax planningThe recent onset of rapid inflation is an unwelcome development that is having a widespread impact on US businesses and tax planning.
Indirect tax snapshot
Please click on each section to expand further:
In Colombia, the Value Added Tax is the main indirect tax, which is monitored and controlled by our tax authority, called DIAN.
It is a tax on consumption which is applied during the production and distribution process to most goods and services, thus, is paid by the final consumer, being responsibility for the collection the person that invoice the goods and services, and the responsibility for the payment the acquirer of them.
It also applies for the imported goods, and services rendered by non-residents.
The general rate is 19% and is applied in the moment of the billing.
The Colombian regulation in force dispose some benefits for exporting businesses, which have the right to ask for the reimbursement of the credit balance of the VAT in the corresponding declarations.
Depending on the income of the previous year, VAT declarations has to be submitted every two or four months.
Yes, there is, and it depends on the income received in the year.
Applies only for people and local businesses, it does not apply for non-residents businesses.
Some computer devices are VAT excluded, also computation services in the cloud.
It does not apply in Colombia.
Depending on the income of the previous year, VAT declarations has to be submitted every two or four months.
Yes, there are penalties for late submission of the declarations and is calculated based on the tax to pay, if there is not a tax to pay then is over the income and if there is no income, then is calculated over the equity.
In relation to VAT, there are no additional declarations required.
Yes, there are penalties due if the person who submitted the declaration is not the indicated, the information filed on the declaration is inaccurate, wrong filling, reduce the balance in favour, or for not updating the information toward the tax authority (DIAN).
It does not apply in Colombia.
A VAT invoice must:
- be denominated expressly as sale invoice
- show the last and first name or business name and Tax ID Number of the seller or who provides the service
- show the last and first name or business name and Tax ID Number of the acquirer of the goods or services, together with the discrimination of the VAT paid
- show a number that corresponds to sequential numeration system of invoice sales
- show the expedition date
- feature a specific or generic description of the goods sold or services rendered
- include the total value of the operation
- show the name or business name and Tax ID Number of the printer of the invoice
- indicate the quality of the withholding agent of the sales tax.
It does not apply in Colombia.
Contact us
For further information on indirect tax in Colombia please contact:
José Hernán Flórez Pachón |
Pedro Andres Monsalve Caycedo |
Michelle Gaitan Oviedo |
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