The foreign exchange regime is essential for companies operating internationally, since the recent reforms can have a considerable impact on their operations and regulatory compliance. At Hub Legal, we have prepared an analysis and an explanatory video on the latest changes in this area and how they affect companies.
Since September 2021, the Banco de la República launched a new Foreign Exchange Information System (SIC) as part of its digital transformation plan. This system seeks to facilitate the transmission and consultation of foreign exchange information in a more agile way. In October 2023, the compensation accounts module was implemented, which led to changes in the technical parameters of the reports filed with the Banco de la República.
In addition, these changes required adjustments to the DIAN’s foreign exchange pre-validator. Technical updates were made to the formats to align them with the new parameters of the Banco de la República.
Current situation:
- Implementation of the Compensation Accounts Module: This module was integrated into the foreign exchange information system, with a stabilization period that ended on December 31, 2023.
- DIAN Transitional Resolution: Resolution No. 000399, issued in January 2024, extended the filing deadlines for foreign exchange exogenous information for the fourth quarter of 2023 and the first and second quarters of 2024.
- Changes to XML Formats: Modifications to some XML formats were announced; however, these changes are still in progress.
- DIAN Resolution 103: Issued on June 28, 2024, this resolution extends the deadline for filing the information. Companies will have up to six months, once the final resolution and the foreign exchange pre-validator are published, to adjust their systems and file the pending information.
To better understand these changes and their impact on your company, we invite you to watch our explanatory video. In it, we address the current status of the implementation, the necessary adjustments and how you can prepare for these changes.
Recommendations:
- Foreign exchange market intermediaries, holders of compensation accounts and postal service concessionaires must stay alert to new announcements and imminent changes.
- Companies must be prepared to update their systems quickly when the new XML formats are published.
- It is essential to closely follow the official communications of the DIAN and the Banco de la República in order to anticipate possible changes.
- Having staff who are trained and up to date on foreign exchange regulation is essential to handle the changes effectively.
Although the announced changes have not yet been fully implemented, it is essential that companies with international operations stay alert. Preparation and the ability to adapt quickly will be key to navigating this transition period in the foreign exchange regime. Being well informed and ready to act will not only ensure regulatory compliance, but will also position companies to operate efficiently in the changing landscape of international trade.
For more information or to resolve questions about the foreign exchange regime, contact us at Hub Legal.