Wednesday 13th May, 2015

In the latest trend of Latin American countries following the example set by Brazil’s e-invoicing regulations, Colombia is expected to introduce its own version of the legislation this year.

The Dirección de Impuestos y Aduanas Nacionales (DIAN), Colombia’s version of the Inland Revenue, points out several benefits of the initiative, such as:

• Strengthening the country’s competitiveness in the region
• Helping small- and medium-sized businesses gain access to improved financing mechanisms and increased liquidity
• Allowing companies to achieve reductions in the costs associated with internal invoicing processes

Draft legislation is expected at the end of May, the success of the project will depend on the government's testing capabilities.