New reporting procedures for operations carried out through foreign bank accounts registered as compensation accounts
Resolution No. 10 of 2016
The Colombian Tax Authority (DIAN) issued in January 28, 2016, its Resolution No. 10, introducing important changes to the foreign exchange information reporting procedures in connection with foreign bank accounts registered as “compensation accounts” before the Colombian Central Bank:
- The information reported by compensation account holders on Form No. 10 DCIN-83, regarding operations different to the import or export of goods, must be included, distinguishing each operation, in the “Data Report of the Declaration of Services, Transfers and Other Concepts. Form No. 5, 1062 Format – Annex 4 “.
- The information reported by compensation account holders on Form No. 10 DCIN-83, corresponding to the concepts of imports or exports of goods, must be included, distinguishing each operation, in the case of imported goods in the “Data Report of the Declaration of Import of Goods – Form No. 1, 1059 Format – Annex 1”, and for the exports of goods, in the “Data Report of the Declaration of Export of Goods – Form No. 1, 1060 Format – Annex 2”.
- The amendments or corrections to the information included in customs import or export documents, related to foreign exchange operations that were declared using Form No. 10 DCIN-83, must be reported, individualized, in the “Report for the Clarification of Information for Statistical Purposes of the Foreign Exchange Declarations in the Format 1066 – Annex 7”.
- Likewise, information that was not available at the time of the entry or exit of foreign currency, in connection with foreign exchange operations initially declared by the same compensation account holders described in number (3) above, should be individualized in the “Report of Missing Data in the Foreign Exchange Declarations Nos. 1 and 2, 1067 Format – Annex 8”.
This reform came into effect since the 28th of January, 2016.