Implications of Resolution 000180 of September 26, 2024 – DIAN for Compensation Account Holders

The new resolution establishes the exchange codes that must be reported quarterly to DIAN through the foreign exchange exogenous report. Consequently, any code included in Annex 1 of DCIP 83 but not covered by Resolution 000180 will not be subject to reporting to DIAN.

Operations conducted through compensation accounts subject to reporting

In accordance with Resolution 000180, holders of compensation accounts are required to report certain transactions, with emphasis on those related to foreign trade (exports and imports), borrowing, other services, and specific codes for compensation accounts, which include:

• Income from the execution of guarantees and sureties in foreign currency granted by residents to cover transactions other than resident debt.
• Income or expenditure from the fulfilment of obligations derived from internal transactions.
• Income from the redemption of financial investments made through other compensation accounts of the same holder.
• Income from the redemption of financial investments made through IMCs.
• Income or expenditure from the purchase of foreign currency from other compensation account holders.
• Income or expenditure from the transfer of dollars resulting from the redemption of the dollar deposit referred to in Article 47 of External Resolution 1 of 2018 of the Board of Directors of the Bank of the Republic.

Additionally, holders of compensation accounts must report any modifications, corrections, or new declarations arising from previously cancelled transactions.

Foreign exchange pre-validators

It is important to note that the deadlines for submitting foreign exchange exogenous reports have been suspended since October 2023, as DIAN is updating the foreign exchange validation system through which this obligation is fulfilled.

Therefore, it is crucial that those required to submit the foreign exchange exogenous report remain attentive to the launch of the new system, as once it is enabled, the deadlines for reporting the outstanding information from the past year will resume.

How can we help you? 

At Forvis Mazars, we have a team of professionals specialised in foreign exchange regulations who are at your service. If you need advice on obligations related to the inflow and outflow of foreign currency within the national territory, please do not hesitate to contact us via email. We will be pleased to discuss the best way to assist you.