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Ensuring Payroll Compliance In Colombia

Author:Mr Nelson Campos
Profession:TMF Group
 
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From payment calculations to crossing payroll-accounting information there are many small details that companies must take care of to avoid making mistakes, says our local expert.

As with any operations in a foreign country there can be challenges and pitfalls and Colombia is no exception. TMF Group is offering a series of webinars on how to simplify your operations in Colombia.

The principal challenge for any company is to ensure the happiness of their employees. One thing that companies need to be on the ball with is giving their employee benefits in a timely and efficient manner, but is not just that, it is also important for companies to comply with social security entities, assure fiscal payments are correct and manage labour laws.

Coordinating these operations and managing them efficiently can sometimes be challenging. Some businesses misunderstand the overall payroll obligations and others have a lack of awareness on legislation changes. From payment calculations to crossing payroll-accounting information there are many small details that companies must take care of to avoid making mistakes.

The Colombian Pension Obligations Institute recently completed a study of company tax evasion that showed 26.8% (around $7.3bn) of respondents were not giving their employees the correct pension benefits. This affected millions of Colombian employees and had several non-compliance risk sanctions. This is not the only example and there are...

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