The House of Representatives approved the labor reform bill presented by the National Government with 93 votes in favor and 13 against. The approved bill contains 81 articles, including provisions for increasing remuneration on mandatory rest days from 75% to 100%, to...
PM Legal News
Advance for Future Capitalizations Must Follow Terms Agreed Between the Company and Interested Shareholders (Superintendency of Companies, Office 220-046662 of 2024)
The Superintendency of Companies issued guidance on the advance operation for future capitalizations, reiterating the process involved in establishing an advance for future capitalizations, which may lead to a statutory reform impacting the company's share capital. It...
Resolution No. 532 of 2024 UGPP: Establishing a Cost Assumption Scheme for Self-employed Workers and Those Who Enter Contracts
Recently, the Special Administrative Unit of Pension Management and Social Security Contributions (“UGPP” by its initials in Spanish) issued Resolution 532 of 2024, establishing a cost assumption scheme for self-employed workers and those who enter contracts other...
Ministry of Labor Proposes Regulations for Reporting Major Incidents or Accidents in Classified Facilities
The Ministry of Labor has published a draft resolution to regulate procedures for reporting major incidents and accidents in classified facilities, aligning with international industrial safety standards to promote a safer and more responsible work environment. The...
Senate Approval of Tax Reform Bill which amends Article 855 of the Tax Statute regarding refunds and/or compensation for tax credit balances
The Senate of the Republic has approved a bill in the second debate to amend Article 855 of the Tax Statute, specifically regarding refunds and/or compensation for tax credit balances. The bill reduces the timeframe for the Tax Administration to issue refunds for tax...
A guide to foreign investment in real estate in Colombia
The Colombian real estate market is experiencing significant growth and development. By 2024, the market is expected to reach a staggering value of USD$2.58 trillion. The residential real estate segment holds the dominant position, projected to be US$2.17 trillion in...
New DIAN resolution extends deadlines for submitting foreign exchange information
For several months, both compensation account holders and Foreign Exchange Market Intermediaries (IMC) and other obligated parties have been awaiting a decision from the tax authorities regarding the changes that the entity would make to its systems for the submission...
Open finance, a new vision of financial information for competition and portability
By Daniel Peña Valenzuela, partner at Peña Mancero Abogados A new paradigm, Open Finance, is gaining ground around the world, and Colombia is no exception, with the aim of empowering financial customers or consumers as owners and proprietors of their personal...
Newsletter June
New customs statute With the execution of Decree 0659 of 2024, a new Customs Statute has entered into force. The new Decree seeks to streamline Colombia's international trade; will allow the National Tax and Customs Directorate (DIAN) to improve controls against...
Legal issues of M&A in the fintech sector
Introduction Mergers and acquisitions (M&A) play a significant role in the Fintech sector. The Fintech industry is known for its rapid innovation and disruption. Mergers and acquisitions allow companies to consolidate their market position by acquiring competitors...