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Deferred Income Tax Tools for Public Accountants

The Externado Public Accounting Faculty held a deferred income tax workshop with the aim of providing practical exercises enabling the understanding of the tax and its application in private companies.

Participants learned the basic principles of deferred tax and applied concepts developed in practical cases, applicable to the Colombian environment.

The workshop was imparted by Professor Carolina Contreras, Certified Public Accountant, with a Master’s in Law with emphasis on Tax Law and Taxation from the Externado University. She has ample experience in tax return preparation and review, and tax diagnostics.

The expert noted deferred tax has the particularity of being applied according to other rules imposed by the National Government or the Dian. She mentioned the differences between commercial profit and liquid income are classified as permanent, which are non-deductible taxes, expenses regardless of cause, and tax discounts. Temporary differences are non-deductible provisions, deduction of industry and trade taxes, and transactions recorded for accounting purposes.