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:
A procedure was included to
"nullify" foreign exchange declarations filed through a
foreign-exchange market intermediary ("IMC" for the
Spanish initials). The purpose of this procedure is to pool this
type of transactions [declarations] with amended declarations that
are filed as "modification and corrections for "typing
errors" that existed previously. In case it is admissible, the
effect of the nullification would be that the information contained
in the foreign exchange statistical system (SEC for the Spanish
initials) will be eliminated.
A procedure was included to
"nullify" foreign exchange Forms 6 ("Report of
foreign indebtedness granted to Colombian residents") and 7
("Report on foreign indebtedness granted to foreign
residents"). The nullification will be acceptable provided
that the underlying loan or credit has not been disbursed; and it
must be processed only before the IMC that processed the recorded
transaction that is to be nullified.
Likewise, Form 3A ("Report on disbursements and payments
under foreign loans/credits") may also be nullified through
the IMC to whom the report that is to be nullified was submitted.
In case this paperwork was done through SEC, the interested party
must send an email to the following email address: DCIN-anulacionF3-F4cuentas@banrep.gov.co
Registering a free market bank
account in the mode of a "compensation account" is
admissible not only to carry out transactions that must be
channeled through the regulated foreign-exchange market but also to
comply with obligations that derive from domestic transactions
denominated in foreign currency. In this case, the registration
date will be the date on which said transaction is carried
The criterion of
"exclusivity" no longer applies for the channeling of
transactions carried out by a trust Company under commercial trust
agreements the purpose of which is to operate as a guarantee or a
continuing source of payments for obligations acquired by the trust
grantors or by the related trust assets (the "autonomous
patrimonies" established by the trust grantors). This is an
exception to the prohibition of channeling any transactions other
than those that belong to the compensation account holder.
- 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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The WTO panel issued its decision on March 29, 2016 and agreed that the EU had applied antidumping duties to biodiesel originating in Argentina in a manner that was inconsistent with its WTO obligations.
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