2024
Instructions to corporate administrators for the processing of personal data
The Superintendence of Industry and Commerce issued the Circular 003 of August 22, 2024, addressed to the directors of companies under its supervision, in its role as Personal Data Protection Authority, in which it establishes the scope of the obligations of the directors in the Processing of Personal Data to ensure effective compliance with the regulations in force on the matter.
Can a Colombian working abroad access to an old age pension in Colombia?
The Labor Cassation Chamber of the Supreme Court of Justice, through judgment SL1392-2024, reiterated that “(...) employment contracts that begin and maintain subordination from Colombia, admit the application of national labor laws (...)”. In this sense, the employer must comply with all its labor obligations in the national territory, including the payment of pension contributions.
News about Act 2381 of 2024: New Pension System
Act 2381 of 2024, sanctioned by the President of the Republic last July 16, introduced several significant changes in the country's pension system, with the aim of improving coverage and equity, through a pillar system, based on the principles of universality, solidarity and efficiency. The key points of the reform are summarized below:
What you should know about the Workday Reduction 2024
11 July 2024 - As of July 15, 2024, the maximum legal workday will be reduced from 47 hours per week to 46 hours. Considering the importance of this for all employers, as well as the changes that will have to be made within the organizations to adjust their operations without affecting their workers, the following are the most important aspects that must be considered for its correct implementation.
The Superintendence of Companies imposes a fine of COP $400,000,000 for failing to implement the PTEE
Through Resolution 240-000033 dated January 5 2024, the Superintendence of Companies sanctions a company for not following the instructions and recommendations established in Chapter XIII of the Basic Legal Circular of the Superintendence of Companies, aimed at implementing the Corporate Transparency and Ethics Program (PTEE).
The Superintendency of Companies will have access to information from the Sole Registry of Beneficial Owners (RUB)
On April 19 2024, the Superintendency of Companies and the National Tax and Customs Directorate (DIAN) jointly announced the signing of an inter-administrative agreement that will allow the Superintendency of Companies to access information from the Registry of Beneficial Owners (RUB) for use within the framework of its inspection, surveillance and control functions.
The DIAN, through Concept No. 603 of 2024, states no need to invoice inventory withdrawal for own consumption
The DIAN reconsidered the position set forth in Unified Concept No. 0106 of August 19 2022, regarding the obligation to issue electronic invoices, concluding that there is no obligation to invoice when it comes to withdrawals of inventories for own consumption.
All non-profit entities (ESAL) are required to implement a Corporate Transparency and Ethics Program (PTEE)
Through Circulars 058 of November 18 2022, and 013 of April 14 2023, as well as Resolution 2024060000475 of January 11 2024, the Mayor's Office of Bogota and the Government of Antioquia established the obligation for ESAL to implement a PTEE.
Doing Business - Corporate Affairs
We present a guide that provides an overview of the legal aspects of the most commonly used investment vehicles in Colombia, as well as a compilation of the most relevant current commercial and economic trends that will be of great help to companies and investors.
Doing Business - Description of Labor Obligations in Colombia
Our country has a special labor law that regulates the relationship between employer and employee.
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