COP – USD EXCHANGE RATE 

Tariff Instrument for the Improvement of the Environment and Road Safety is extended until 2023

Decree 1514 of 2022, issued by the Ministry of Commerce, Industry and Tourism, extended until December 31, 2023, the effects of the Tariff Instrument for Environmental Improvement and Road Safety, which allows companies that are part of the Automotive Industry Promotion Program or the Transformation and Assembly Regime, to import vehicles without paying tariffs. The benefit is applicable under the condition that the intended imports do not exceed 10% of the units produced by the applicant, nor 15% of the FOB value of its production during the previous year. 

The Decree will become effective fifteen days following its publication in the Official Gazette and partially modifies Decree 1880 of 2021.

Regulation for the creation of Spin Off companies by Higher Education Institutions is ready

The Ministry of Science, Technology and Innovation issued Decree 1556 of 2022, which regulates the creation of technology-based companies (Spin Off) in order to promote science, technology and innovation in Higher Education Institutions (HEI). According to the definition adopted by Law 1838 of 2017, Spin Off companies are "(...) companies based on knowledge, especially those protected by Intellectual Property rights, generated within the scope of Higher Education Institutions (HES), resulting from research and development activities carried out under their support, in their laboratories and facilities or by researchers linked to them, among others (...)". 

The regulation also establishes the rules for financing, teachers, researchers and/or students’ participation and tax benefits applicable to this type of companies. 

This decree became effective as of its publication date. 

Emergency technical regulation for the processing of the Emergency Sanitary Use Authorization is issued.

The Ministry of Health and Social Protection issued the emergency technical regulation for the processing of the Sanitary Authorization for Emergency Use (ASUE) for chemical synthesis or biological drugs, through Decree 1651 of 2022. 

The provisions contained in this decree will be applicable, among others, to laboratories that design, develop, manufacture, import or commercialize (in any of its stages) chemical synthesis drugs or biological drugs; holders, manufacturers, importers, distributors and pharmaceutical managers that carry out activities involving the drugs covered by this decree; and IPS and independent health professionals that carry out activities related to the pharmaceutical service.

The decree became effective as from its publication date and will be in force for one year.