Colombia President Posts Decree Updating Regulations for SIMPLE Tax Regime

The Colombian President’s Office Dec. 20 posted online Decree No. 1545/2024, updating regulations for the simplified tax regime (SIMPLE). The decree includes measures to: 1) provide a list of the types of business activities subject to SIMPLE; 2) specify the conditions under which taxpayers can deduct expenses and claim tax benefits, and introduce optional tax discounts for certain financial transactions; 3) mandate biannual advance payments and annual consolidated declarations for taxpayers under the SIMPLE regime, and provide the requirements for these payments and declarations; 4) require taxpayers to adopt electronic invoicing systems within specified timeframes and specify the obligations for ...