SIC Releases Changes Regarding Merger Control in Colombia
The Superintendence of Industry and Commerce (SIC) in Colombia issued Resolution No. 76544 of 2019, which establishes the value of operational income and/or total domestic assets that should be considered when evaluating the need for conducting merger control.
In Resolution No. 76544 released on Dec, 27, 2019, the SIC set the economic threshold of said income and/or assets to at least 60,000 minimum legal monthly wages, which corresponds to approximately 52,668,180,000 Colombian pesos (or US $16,042,698). Thus, the threshold that had been set in past years was maintained.
Also, the tax reform for 2020 (Law 2010 of 2019) established the creation of a filing fee as a contribution to any business merger procedure before the SIC. This entity will be in charge of determining its value annually, which will depend on the type of procedure that must be initiated, according to Articles 9 and 10 of the Law 1340 of 2009. It is expected that in the next few months SIC will decide on this issue.
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