Dear clients and friends,
Through this bulletin, we share with you the main regulations and authority rulings and opinions that were recently issued in relation to customs law, foreign exchange law, and foreign trade law matters. We trust this is of your interest.
? Through Bulleting 8 dated February 10, 2016, the Colombian Central Bank modified External Regulatory Circular Letter DCIN 83. The main modifications made are the following:
- Through Ruling 36948 dated December 30, 2015, DIAN expanded on its prior position which it had adopted through Official Letter 16201 of 2008. This relates to the base upon which import duties must be computed at the time a long-term temporary import is switched to regular import status.
The tax administration took its interpretation further by establishing that the customs value of the goods at the time the importation changes status to “regular” is the value of the property minus appropriate impairments or reductions according to obsolescence, breakdown, damage, deterioration or [normal wear and tear]. This is the manner of the modification of temporary imports which were originally customs-duties and VAT exempt. The importance of this new Ruling is great, given that, up to this day, DIAN had established that the importer of record had to pay the relevant import duties on the value of the property as reported in the initial declaration without any reduction whatever.