On 10 November 2009, Regulation No. 12,115 was issued by the tax administration (Unidad Administrativa Especial Dirección de Impuestos y Aduanas Nacionales – DIAN), by which the tax value unit (unidad de valor tributario – UVT) applicable for fiscal year 2010 was set at 24,555.00 Colombian Pesos.
The UVT was created by Law 1,111 of 2006 allowing the adjustment of amounts provided by regulations dealing with taxes and other obligations with the tax administration,…