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Consequences of the announcement of new measures by the Tax Administration

Consequences of the announcement of new measures by the Tax Administration

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Taxpayers need to consider the changes that are taking place in the Tax Administration management environment.

According to La República, as a result of the reorganization of the regional tax administrations and the concentration of a large number of the former large territorial companies in the category of large national taxpayers, being new for many of these, the first announcements are being made that you should be aware of in all their extremes.

First, the Tax Administration and the requirement of documentation and information to companies having transactions with related parties, free trade zones, and those small taxpayers forming part of economic groups with at least one member qualified as a large national taxpayer.

The information must be materialized through Excel templates, standardized and computerized data management, so the first indication of specific and specialized transfer pricing audits is clear.

It is important to point out this change in the Administration should have a mirror effect on taxpayers, given the increase in the subjective risk, as well as the objective risk of being audited to determine the correct valuation of transactions between local or international related parties.

 Thus, it is necessary the new taxpayers must take concrete and prompt actions, before the specialized transfer pricing requirements arrive as a result of their new condition with ten days to comply, as well as keep conformed to the permanent electronic file called AMPO (Archivadores Manuales Para Oficina – Manual Office Filing Cabinets).

In the latter, disclosures are made regarding all relevant elements that describe the taxpayer, its group, its changes, structures, restructurings, mergers, among others, hence the importance that taxpayers prepare their own assessments through a tax diagnosis to align what may become mandatory to disclose before the time is inopportune said the note.

It is worth mentioning that as these new changes emerge, the corporate tax governance ship of business must also change its course wisely. 

Source: La República 25/08/21

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