The best way to deal with accounting in Colombia is to get an experienced Colombian accountant to handle it for you. Even though the basic principles of Colombian accounting are the same that you will see in other countries, there are still major differences in the laws that you need to take into account. Mistakes are costly in terms of money, time, and stress.
Having a Colombian accountant makes it easy. Our certified accountants at Colombia Legal & Accounting are experienced in working with expats and multinational corporations. We value transparency and keep accurate records to share with your financial and accounting teams in other countries by providing English reports and translated bank statements.
Whether you own a business here or simply live here for more than 183 days per year, you will be dealing with Colombian taxes. Understanding the tax laws in Colombia is vital for protecting your investments and lifestyle.
Corporate taxes are filed monthly, while personal Colombian taxes are filed in August. Exactly when you have to file depends on the number on your ID card, and those dates are constantly changing just to keep things interesting.
There have also been major changes to the Colombian tax laws within the last couple of years that affect both Colombians and expats alike. Hiring a Colombian accountant means you don’t have to keep up with it all, because your accountant will. Our accountants understand the laws, and they review your unique situation and how each law applies to you.
If you have a business and employees, you need to be aware of how important it is to pay your Colombian employees fairly and include benefits in the compensation package. The Work Ministry is alive and well, and Colombian labor laws favor the employee or, as the case may be, even the former employee. When we think of accountants we generally think of taxes, but our Colombian accounting team can also assist you with payroll and the associated employee benefits.
This is important for you even if you’re an individual hiring a maid for your apartment. Like any Colombian employee, the maid is entitled to liquidation payments should she ever quit or be fired, and it’s good to have an understanding of that when you go in. Our team can also help you draft contracts that follow Colombian laws while keeping you and your business as protected as possible.
Call Colombia Legal & Accounting today for more information on how we can help you establish your life and business in Colombia.
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