Import tariffs, FTA´s.
Tariffs:
Heading tariffs are multiple, due to the sector, sub-sector, industries, and more regulations.
Once you have identified all characteristics about the product/service, you must ensure you know what is the ‘position’ of the tariff –this is a 10 digit number/code which identify your product internationally, and it sits within the Colombia Tariffs Customs. This information is provided by the DIAN. In case the tariff its not clear enough to identify the product, you could enquire directly to the DIAN and it only charges you with half of a monthly legal.
Australia is currently negotiating its first FTA with Colombia through the Pacific Alliance regional trading block (Chile, Colombia, and Peru).
Colombia is in negotiations of a Bilateral Investment Treaty 2020 (BIT) with Australia:
2019 – Air Services Agreement.
2016 – MoU on Bilateral Cooperation in the Hydrocarbons Industry.
2014 – MoU on Bilateral Cooperation in the Mining Industry.
2009 – MoU on Strengthening Bilateral Trade and Investment.
Foreign exchange market The foreign exchange market consists of all foreign currencies or foreign exchange transactions that must be channelled through authorized foreign exchange intermediaries; or compensation accounts. All the operations that are executed through the Foreign Exchange Market have to be registered before the Central Bank, with the filing of the minimum required information (namely, the relevant foreign exchange declaration), either through an intermediary of the exchange market or by submitting directly this information to the Central Bank. Pursuant to foreign exchange regime, the following transactions must be mandatorily channelled through the foreign exchange market:
- Foreign investments in Colombia and Colombian investments abroad.
- Import of goods.
- Export of goods.
- Foreign loans (active and passive).
- Endorsements and warranty bonds in foreign currency.
Documentation: In this section you will be redirected to the target country document requirements depending on their own legislations.
SOURCES
Austrade.
PwC -Doing Business
DIAN
Bancolombia.