UPDATE: Colombia Accelerates eInvoicing Compliance for Large Taxpayers

December 11, 2017 Gustavo Jimenez

In late November, Colombia executed its authority to mandate electronic invoicing compliance prior to the official January 2019 deadline.
 

The DIAN, Colombia’s tax and customs administration, published a draft of this resolution, which specifies the companies will be subject to eInvoicing. Specifically, this resolution will apply to:

  • Those designated by the DIAN as “large taxpayers” in resolution 0076 of December 2016
  • Taxpayers that have already requested folios/numbering ranges for electronic invoices

These companies will have either three or six months to comply with the mandate, depending upon their invoice volume.
 

The DIAN is moving quickly to finalize its eInvoicing program after identifying several required enhancements following its pilot program, including the move toward a PAC model that will provide real-time validations via approved technology providers. The feedback period from this pilot program has closed as the DIAN accelerates its compliance timeline.
 

Companies need to act now to ensure compliance with Colombia’s eInvoicing mandate. Even those not named in this initial draft resolution may be added to the list of mandated taxpayers at any time in 2018, at which time they will be given only three months to get their systems and processes up and running.


As companies determine their compliance approach in Colombia, it’s critical to ask:

  1. What is the central source of truth for transactional data? Is everything housed in our ERP?
  2. How will we handle changes in the mandate, as specific requirements are known to change frequently?
  3. What validations and automations should we have in place to ensure accuracy?
  4. How is our data archived?
  5. What contingency plans do we have in place to ensure constant compliance?

Take Action

Review our Top 5 Considerations for Colombia’s eInvoicing Requirement here, and contact us to understand the implications of this mandate on your business.

The post UPDATE: Colombia Accelerates eInvoicing Compliance for Large Taxpayers appeared first on Sovos Compliance.

About the Author

Gustavo Jimenez

Gustavo Jimenez is the Product Marketing Manager for Sovos’ solutions in Latin America and is based in Atlanta, GA. Gustavo is responsible for go-to-market strategy for Sovos LatAm Reporting solutions in countries with existing and upcoming eReporting mandates. He has more than five years of experience in eInvoicing, middleware integrations, and regulatory research. He works closely with the product management and development team as well as sales and marketing to facilitate compliance process transformations for Sovos clients. Prior to joining Sovos, Gustavo was responsible for marketing activities and strategy at Invoiceware International, a leading eInvoicing solution for businesses with operations in Latin America. He focused on the go-to-market strategy of their solutions as well as communications with the LatAm market about regulatory changes and new solutions.

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