Ecovis Malta

Returning to work during CV-10: What should firms be thinking about?

Get advice from ECOVIS international experts.

What are the key issues you, as a business owner, need to be thinking about as we move into the next phase of the Covid-19 pandemic?

From monitoring cash flow to keep your company financially strong; seeking professional guidance about government relief/support schemes to maximise your monetary entitlements, and paying close attention to the health and safety of your employees, whether working from home or going back into the office, we take a look at what to watch out for across the international business landscape.

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Ecovis is now also offering audit services in Vietnam

We are glad to announce that our network now also offers audit services in Vietnam to our clients. We would like to send a warm welcome to our new partners from ECOVIS AFA Vietnam headquartered in Danang.

Danang is the fifth-largest city in Vietnam by population. It is a coastal city. Because of its location at the mouth of the Han River it is one of Vietnam’s most important port cities. Danang is the commercial and educational centre of Central Vietnam.

ECOVIS AFA Vietnam is an independent audit and appraisal company operating in Vietnam. The firm was founded on 12 November 2014. Mr Hieu Nguyen and four more partners lead a team of 117 total staff. 106 of them are professionals among them are 25 CPAs.

Once again, a warm welcome to our new partners ECOVIS AFA Vietnam!

VAT on foreign services rendered

Those who provide services from abroad to residents in Colombia, as a general rule, will have the legal obligation to register with the Colombian tax authority as “service providers from abroad”, in addition to passing on and collecting VAT on B2C operations (Business to Consumer).
Despite the fact that foreign services rendered from abroad are generally subject to VAT at the general rate of 19%, since the modification to Law 1819 of 2016 introduced on this tax, it was not until the issuance of resolution 051 of 2018 of the DIAN, which established the procedure to be followed to register as a service provider, in addition to the periodicity and form in which the declarations must be submitted.

It is also worth bearing in mind that Law 1943 of 2018 and later Law 2010 of 2019 introduced a modification to numeral 8 of Article 437-2 of the Colombian Tax Statute, regarding the way in which VAT should be collected. Well, the previous regulations established that the collection of the tax against electronic or digital services had to be carried out by the issuer of the credit or debit card; while recent modifications establish this system as something optional and voluntary for the provider.

Thus, some of the services against which, before, the withholding at source was automatically practiced by third parties, and with respect to those which are now non-resident providers who have to register and file a declaration with the Tax Administration Colombian are:

• Audiovisual services (music, videos, movies and games of any kind)
• Services provided through digital platforms
• Online advertising services.
• Distance education or training services
• The rights to use or exploit intangibles.
• And the other electronic or digital services destined for users located in Colombia.

The author: Giovanni Tellez, legal consultant, ECOVIS Colombia SAS, infocolombia@ecovis.co