First Fiscal Reconciliation Report
The control system for the registration of differences between the application of the accounting regulatory frameworks and the provisions of the Tax Statute, contemplates the fiscal conciliation report through the Format 2516 established by the DIAN, where the accounting and fiscal balances are shown; and the differences between them, which must be presented by all taxpayers who are obliged to keep accounts.
JGS have supported entities from different sectors in the analysis, identification, valuation and recording of these differences, as well as in the preparation of the aforementioned fiscal conciliation report. This is how we have shown that this first conciliation has generated two important challenges for the Companies:
a) The precise identification of the differences between the accounting framework and the tax provisions, and
b) The need to establish an adequate control system over these differences.
From these, the Companies understand that it is not enough to interpret the measurements under the new accounting technical framework, but they must adopt and document fiscal positions based on an adequate analysis of the provisions of the Tax Statute.
This milestone will be reflected for the year 2018, with the presentation of the first report in accordance with Resolution DIAN 000020 of March 28, 2018, before the following due dates:
The breach of the formal obligation of the fiscal conciliation is considered an irregularity in the accounting; punishable according to article 655 of the Tax Statute.