Accounting records (Colombia)
VAT taxpayers must differentiate between taxable and non-taxable sales and services in their accounting records. Exporters and producers of exempt goods must also differentiate exempt sales. Natural persons who qualify as not liable for VAT are not required to make such distinction.
VAT must be itemised on invoices, and accounting records must identify the transactions that are excluded, exempt and taxed according to the different tax rates.
If the accounting records do not allow for the identification of specific goods or services, all unidentified sales and services will be presumed to be goods or
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