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DIAN Revenue Ruling

Author:Posse Herrera Ruiz
Profession:Posse Herrera Ruiz
 
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In an international sale of goods, the tax recognition of revenue will take place in the moment in which the accrual for accounting purposes occurs

The Tax Authority referred to the recognition of tax revenue in an international sale of goods

In its revenue ruling 0588 of March 17th 2017, the Colombian Tax Authority -DIAN-, clarified that according to section 21-1 of the Tax Code, in determining the value of tax income, among other items, taxpayers which are obliged to maintain accounting records (corporations and other entities) shall apply the systems of recognition and measurement, under the technical accounting regulatory frameworks in force in Colombia (IFRS). Likewise, section 28 of the Tax Code determines...

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