{"id":7613,"date":"2016-10-25T15:11:51","date_gmt":"2016-10-25T20:11:51","guid":{"rendered":"https:\/\/phrdev.pixelpro.website\/novedades\/introduction-of-new-formal-requirements-to-joint-venture-agreements\/"},"modified":"2020-10-23T17:43:39","modified_gmt":"2020-10-23T22:43:39","slug":"introduction-of-new-formal-requirements-to-joint-venture-agreements","status":"publish","type":"post","link":"https:\/\/phrlegal.com\/en\/novelties-en\/introduction-of-new-formal-requirements-to-joint-venture-agreements\/","title":{"rendered":"INTRODUCTION OF NEW FORMAL REQUIREMENTS TO JOINT VENTURE AGREEMENTS"},"content":{"rendered":"<p><b>Joint venture agreements, consortiums, temporary unions and silent partnership agreements maintain their conditions as non-taxpayers for income tax purposes but acquire new formal obligations before DIAN. <\/b><\/p>\n<p><span style=\"font-weight: 400;\">The amendment of Section 18 of the Tax Code is proposed in order to include other types of joint venture agreements, in addition to the already existing consortiums and temporary unions. All these contractual figures would maintain their condition as fully-disregarded arrangements for income tax purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thus, the parties to such agreements shall independently declare the items of income, costs and expenses allocated in their favor in accordance with their participation in the joint venture agreement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">New obligations would be assigned to the parties, such as the one allocated to the agreement\u2019s manager or representative to certify to the parties the financial and tax information development of the contract, and to provide DIAN with the information regarding the agreement that it may eventually request. Similarly, the tax reform bill foresees the possibility of maintaining the accounting record of these agreements under International Financial Reporting Standards (\u201c<\/span><span style=\"font-weight: 400;\">IFRS<\/span><span style=\"font-weight: 400;\">\u201d).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the contract\u2019s performance is guaranteed from the beginning, the commercial relations among the parties will be treated, for tax purposes, as relations between independent parties.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joint venture agreements, consortiums, temporary unions and silent partnership agreements maintain their conditions as non-taxpayers for income tax purposes but acquire new formal obligations before DIAN.<\/p>\n","protected":false},"author":2,"featured_media":7273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-novedades-categoria"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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