The process of negotiation and use of the CINA incentive divides into two parts: the sale that the foreign producer makes of the CINA – usually through a brokerage company – and the use that the Colombian beneficiary who acquires the CINA makes of it for the payment of taxes.

This process will be shown below:

1. ISSUANCE OF THE CINA
The Ministry of Culture issues the CINA in the name of the foreign producer through the DECEVAL system, which administers a quota with the amount to be issued annually. This issuance is non-materialized, so a physical title is not issued.

2. RECEIPT OF THE CINA BY THE BROKER-DEALER OR OTHER DIRECT DEPOSITOR
The foreign producer beneficiary of the CINA must previously bind itself with a brokerage company, or with another entity that represents it, which acts as a direct depositor for the reception, administration and sale in the secondary market.

The foreign producer may open an investment account in the DECEVAL securities depository in the following two ways:

• Through the association with a brokerage firm, who will carry out such opening.
  
  
• By carrying out the process of accreditation of expenses through Proimágenes Colombia, attaching the document of connection with the brokerage firm. In this case, the Ministry of Culture may perform the procedure for opening the “investor account” before the DECEVAL securities depository.
  
  This way, at the moment of the issuance of the CINA, the foreign producer may transfer it to his “investment account”.

3. SALE OF THE CINA (FOREIGN PRODUCER)
The foreign producer sells the CINA to individuals or legal entities that file income tax returns in Colombia in the secondary market, through a brokerage company, by negotiation in the transactional system (Master Trader).

4. PURCHASE OF THE CINA (COLOMBIAN BENEFICIARY)
Any natural or legal person filing income tax returns in Colombia may be the buyer of the CINA. 

Colombian producers may purchase the CINA from the foreign producer. They can make this purchase by negotiation in the secondary market or through an over-the-counter purchase and sale. Afterwards, the Colombian beneficiary may sell the CINA again to individuals or legal entities filing income tax returns in Colombia or may use it for the payment of this tax. 

If the Colombian beneficiary intends to use it, they must request the stockbroker to change the depositor to a bank that can perform such operation.

At the moment, this payment can only be made at Bancolombia or GNB Sudameris (corporate branches). For a list of offices nationwide that accept payment of taxes with CINA, see the Annex.