SMLMV definition

SMLMV means Minimum Legal Monthly Wages in Force of the Republic of Colombia. When in the Terms herein it is indicated that a value must be expressed in SMLMV (from its original Spanish initials: Salario Mínimo Legal Mensual Vigente), the following procedure must be followed: (a) The converted values shall use the historical values of SMLMV related in the web page of Banco de la República (Bank of the Republic), of the year corresponding to the date that applies for purposes of the respective calculation. (b) For purposes of approximating the values already converted to SMMLV, they shall be rounded up to the nearest unit as follows: upwards for values greater than or equal to zero point five (0.5) and downwards for values less than zero point five (0.5).
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Examples of SMLMV in a sentence

  • If the series has a total expenditure in the country equal to or greater than nine thousand (9,000) SMLMV, the expenditure may be distributed over a larger number of chapters.

  • For the purposes of this Manual, the calculation in SMLMV will not take into account the transport allowance.

  • With the application for the FFC Cash Rebate, the producer undertakes to spend, separately or jointly, in audiovisual production services or audiovisual logistics services, a minimum amount of eighteen hundred (1,800) SMLMV, including taxes.

  • Producers who previously failed to spend one thousand eight hundred (1,800) SMLMV after entering into the Colombia Filming Contract.

  • Three hundred and sixty (360) SMLMV, including taxes, for works that only perform the post-production component in Colombia.

  • In any case, the average per episode may not be less than four hundred and fifty (450) SMLMV of the total minimum expenditure in the country.

  • For this Manual, the calculation in SMLMV shall not take into account the commuting allowance.

  • In any case, the average per video may not be less than ninety (90) SMLMV of the total minimum expenditure in the country.

  • Projects that only include a post-production component, regardless of the type of audiovisual work to which they correspond, must spend a minimum of three hundred and sixty (360) SMLMV, including taxes.

  • The SMLMV changes annually in accordance with the expected inflation index.