New Provisions for the Submission of Exchange Information

On September 26, 2024, the National Tax and Customs Directorate (“DIAN”) issued Resolution 000180 of 2024 (the “Resolution 000180”), which establishes new provisions for the submission of foreign exchange exogenous information. This measure repeals Resolution 4083 of 1999 and aims to improve transparency and accuracy in the information reported by foreign exchange market intermediaries (“IMC”) and holders of compensation accounts.

The issuance of Resolution 000180 is part of an integrated strategy by DIAN to modernize the control and monitoring mechanisms for foreign exchange operations and expand the scope of its oversight. In addition, Resolution 000180 seeks to align the reporting obligations of foreign exchange operations to DIAN with recent changes issued by the Bank of the Republic through the issuance of External Regulatory Circular DCIP-83 (“Circular DCIP-83”). Foreign exchange operations under the supervision of DIAN, carried out by market intermediaries and compensation accounts, must now comply with the new guidelines established by the resolution.

This new regulation imposes on IMCs and holders of compensation accounts the obligation to report an expanded set of data related to foreign exchange transactions, through the inclusion of new foreign exchange items that must be reported according to the type of transaction. In particular, it is noteworthy that, with the activation of the new foreign exchange validator for the submission of Exogenous Foreign Exchange Information (which is expected in the near future once DIAN issues the corresponding technical resolution), it will now be mandatory to report the data of the primary beneficiary and/or originator of each foreign exchange transfer involving compensation account holders, including account details, and the destination/origin country and city of the funds, as applicable. This reporting obligation will apply only to operations carried out starting October 1, 2024, and in any case, once DIAN enables the new foreign exchange validator.

Furthermore, with the issuance of Resolution 000180, the external debt operations that will be subject to reporting to DIAN through foreign exchange exogenous information will only correspond to those under DIAN’s jurisdiction, i.e., foreign currency credits related to financing foreign trade operations.

It is also important to highlight that the new version of the foreign exchange validator is not yet enabled. Therefore, compensation account holders and IMCs will only be able to upload information using this validator once DIAN issues a technical resolution specifying the content and adopting the technical characteristics of the exogenous foreign exchange information. In any case, we recommend that all compensation account holders begin collecting all information related to operations carried out since the last quarter of 2023 and throughout 2024, so that once DIAN enables the new foreign exchange validator, it will be easier to upload the information into the new format and transmit it within the deadlines established by DIAN.

Regarding deadlines, it is important to note that, according to Resolution 103 of June 28, 2024, DIAN extended the deadlines for transmitting foreign exchange exogenous information to DIAN (which initially expired in October 2024). The new deadline for transmitting foreign exchange exogenous information corresponding to the last quarter of 2023 and all of 2024 will only begin after DIAN issues the technical resolution enabling the new foreign exchange validator and for at least six months after the issuance of such technical resolution. In any case, these deadlines must be confirmed and regulated by DIAN.

Finally, it is crucial for all compensation account holders to be aware that if they have transmitted foreign exchange exogenous information to DIAN during 2024 using previous versions of the foreign exchange validator, they will need to retransmit the information to DIAN using the new foreign exchange validator once it is enabled by DIAN.

Do not hesitate to contact Brick Abogados if you have any concerns or if you would like more information on the topic discussed above.

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This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.