The Colombian Ministry of Commerce, Industry, and Tourism has issued Decree 1047 of 2024, imposing an immediate prohibition on coal exports to Israel.
With coal representing more than 90% of Colombia's exports to Israel, a significant economic impact is anticipated.
The established restriction will not apply with regard to:
- Goods that, before the decree's entry into force, are covered by (i) a Shipping Authorization Application duly submitted to and accepted by the Customs Authority or (ii) a Goods Movement Form duly authorized by the operator user of a Free Trade Zone
- International Trading Companies that, prior to the decree's entry into force, had issued a Certificate to the Supplier
- Legal transactions concluded before the decree's entry into force that support a consolidated legal situation1 or a legitimate expectation
The decree establishes a registry for those affected by the prohibition, allowing parties to demonstrate consolidated legal situations or legitimate expectations. The goal is to balance compliance with international obligations and the protection of private economic interests.
The measure includes a transitional period and will remain in force until Israel complies with certain interim measures of the International Court of Justice. Companies involved in the coal trade with Israel should take note of this prohibition and adjust their operations accordingly.
For additional information concerning this Alert, please contact: Ernst & Young S.A.S. Bogota
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Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert. |
