Exogenous Information To DIAN, Are You Up To Date?

By: Carlos Linares, Subject Matter Expert Colombia, AxiomSL

Extension of the Term for Exogenous Information to DIAN, Challenges and the Role of Technological Innovation.

Exogenous Information to DIAN

In the framework of the health emergency generated by COVID-19 and the mandatory isolation measures decreed by the Colombia Government, the Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales – DIAN, received requests to extend the deadlines for the transmission of information exogenous by those obliged to present it. As a consequence of the above, Resolution 000027 of March 25, 2020 was issued where it extends the terms for the submission of exogenous information to DIAN, both for large taxpayers and for legal and natural persons. This extension consisted of moving the transmission dates in accordance with the last digit of the NIT, granting 13 more business days with respect to the terms established in Resolution 011004 of 2018.

However, we know that the extension of a term does not solve the fundamental problems that a financial institution has in generating exogenous information to DIAN due to the challenges that this entails and are at risk of penalties when 1) it is not sent, 2) it is sent after the deadline to do so, 3) it is sent with errors.

Challenges in generating Exogenous Information to DIAN:

The process of generating exogenous information to DIAN for financial institutions in Colombia has several characteristics and/or complexities that, despite the extension of the deadline for submission by DIAN, make it difficult for financial institutions in Colombia to comply in the current scenario of a pandemic like the one humanity is currently facing. Some of the most relevant challenges are:

  1. There are many sources of information, for example, sources that contain demographic data, by type of financial product (credit cards, commercial loans, home loans, savings accounts, checking accounts, CDTs, etc.), sources by type of tax or applied withholding and accounting sources.
  2. As a consequence of the previous point, in general and given the diversity of products in a financial entity, there are multiple areas responsible for information, each of them incurring manual processes subject to human error and becoming bottlenecks in the delivery of data.
  3. To reach the consolidation or aggregation of the information to be reported, a number of small processes have been executed, such as manual file modifications, macro crossings, filters, etc., for which no evidence is left, for what is not possible that the Entity maintains the Know-How and much less the audit work is facilitated.
  4. Most of the time there is no standard or uniform validation process for the information that is consolidated before transmission to DIAN.
  5. It is very difficult to have a data governance in the Entities whose generation of reports is not done on an automated basis.

 

The Role of Technological Innovation: AxiomSL + Exogenous Information = Compliance

It is of great importance for financial institutions in Colombia to be prepared to face their regulatory challenges and to have tools that allow them to have full transparency in their data and calculations.

AxiomSL has designed a solution that allows addressing and improving the current process that institutions have to present Exogenous Information to DIAN, replacing manual processes as far as possible, mitigating human error, saving time and effort of the Entity teams and allowing additional uses of the information that is reported, at the same time, achieving evidence of the benefits of Data Governance through technology.

AxiomSL clients have stopped seeing the regulations as a burden and have started to see the results of the reports as opportunities to improve the flow of information through business functions. In conclusion, when an institution implements AxiomSL’s innovative technology and regulatory solutions, it generates immediate benefits for the company.

If you want to know more information about AxiomSL’s Exogenous Information solution and how to approach this commitment effectively and efficiently to the regulator, contact us here.



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