The Impact of Regulatory Compliance in the Food Industry: Sebastián Béndiksen’s Vision at AndinaPack 2023

This Wednesday we had the privilege of being represented at AndinaPack 2023 with a talk by Sebastián Béndiksen, managing partner of BéndiksenLaw, in the Legal Forum “How Can Legal Tools Contribute to Circularity?” Sebastián, with his experience in the food and additives sector, tackled a crucial topic: compliance with regulations and labeling requirements in the food industry.

His presentation delved into how comprehensive knowledge of food and labeling regulations is essential for successful operation in the Colombian market. Sebastián emphasized that adhering to current regulations is not only a legal obligation but also a guarantee of quality and trust for consumers and a safeguard against potential sanctions. He highlighted the responsibility of companies to stay updated and comply with legislation to ensure their continuity and growth in the market.

Sebastián’s intervention served not only to illustrate the importance of regulatory compliance but also to underscore how BéndiksenLaw, with its expert and dedicated team, can be a strategic ally in this process. We believe that keeping up with regulations is not just a matter of compliance but also an opportunity to improve business practices and strengthen market confidence. Through the legal advice and guidance we offer, we help companies navigate the complex legal framework governing the food industry.

Our commitment to excellence and integrity in legal advice motivates us to continue actively participating in events like Andina Pack, where we can share our knowledge and learn from other industry leaders.

We invite those interested in these topics to visit our website for more information and discover how we can support them in complying with food and labeling regulations, a key step in ensuring the success and sustainability of their operations in the Colombian market.

Contact us.

BéndiksenLaw: A New Era of Opportunities with the U.S. Chamber of Commerce

BéndiksenLaw is proud to announce its recent membership in the U.S. Chamber of Commerce, a world-leading organization in advocating for business interests. With its motto of advocating, connecting, informing, and fighting for business growth and success, this affiliation marks a significant milestone for our firm.

The U.S. Chamber of Commerce, known as the largest business organization in the world, encompasses everything from small businesses and local chambers of commerce to leading industrial associations and global corporations. For BéndiksenLaw, joining this prestigious network means accessing an unparalleled platform of business connections, learning opportunities, and a stronger voice in advocating for trade and investment-friendly policies.

At BéndiksenLaw, we have always been committed to growth and innovation, and this new partnership with the U.S. Chamber of Commerce allows us to further expand our reach and capabilities. This step is an affirmation of our dedication to providing quality international legal services and our desire to drive economic growth and prosperity in both Colombia and the global stage.

We invite our clients and partners to discover how this new strategic alliance can benefit their businesses. Together, with the support and resources of the U.S. Chamber of Commerce, we are ready to face tomorrow’s challenges and blaze new trails in the world of international trade and investment.

Contact us to learn more about how we can help you make the most of this exciting new chapter for BéndiksenLaw.

Get ready for December! Obligations and key dates for Transfer Pricing in Colombia

In the complex Colombian business and tax world, Transfer Pricing plays a crucial role. Multinational companies engaging in transactions with each other must comply with this regime to ensure fair taxation. Here, at BéndiksenLaw, we break down the obligations and deadlines you need to keep in mind for the upcoming December 2023.

Transfer Pricing focuses on assigning values to transactions between related companies in different jurisdictions. In Colombia, these obligations apply to companies conducting operations with affiliated entities abroad, in free trade zones, or in low-tax jurisdictions.

Formal obligations: What should you do?

  1. Informative Return: Companies with assets exceeding 100,000 tax units (UVT) or annual income surpassing 61,000 UVT must file it.
  2. Local Report: If transactions with economic affiliates exceed 45,000 UVT or involve entities in low or no-tax jurisdictions, filing this report is required.
  3. Master Report: For taxpayers consolidating financial statements in multinational groups.
  4. Country-by-Country Report: Applicable to the parent company or corporate office of the multinational group, filing is necessary for those meeting certain conditions.

December deadlines: Act in advance

From December 11 to 22, based on the last digit of the Tax ID number (NIT), companies must submit master and country-by-country reports to the tax administration (DIAN), for fiscal year 2022. Ignoring these dates can result in penalties and legal issues.

Claudia González Béndiksen, partner at BéndiksenLaw, emphasizes, “Complying with these obligations is essential to ensure fair taxation and avoid penalties. Companies must stay informed about the requirements to contribute to a transparent and fair business environment in Colombia.”

Master Report – Fiscal Year 2022

Country-by-Country Report – Fiscal Year 2022

Act now! Ensure you meet these deadlines to maintain transparency and fairness in your business transactions.

Need guidance? Contact BéndiksenLaw today.