The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Colombia, and Paraguay report the following regulatory updates for February 2021 that could affect your business interests.
At Biz Latin Hub our multilingual teams based throughout Latin America and the Caribbean offer legal, accounting, and back-office support to foreign companies operating in or looking to enter the region.
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Table of Contents
Bolivia
The Bolivian government and its institutions introduced two notable regulatory updates in February:
| Regulatory activity | Outcomes for business |
| Ministerial Resolution 009.2021 Published: Feb 05, 2021 | Approves new regulation regarding commercial and accounting obligations for companies and annuls Administrative Resolution 052/2011. |
| Law N°1359 Published: Feb 17, 2021 | Allows for the direct contracting of goods and services overseas in the context of the ongoing pandemic. |
Colombia
The Colombian government and its institutions introduced two notable regulatory updates recently:
| Regulatory activity | Outcomes for business |
| Temporary legal status for Venezuelans Announced: 08 Feb, 2021 | This statute provides temporary protection to the almost 1.7 million Venezuelan migrants present in Colombia, who will have a 10-year period to acquire a resident visa. This measure seeks to stimulate regular migration and reduce current and future irregular migration figures. |
| External Circular 100-000016 issued by the Superintendence of Companies. Announced: 24 Dec, 2020 | On December 24th, 2020, the Superintendence of Companies issued External Resolution No. 100-000016. The resolution is focused on anti-money laundering (AML), financing of terrorism (FT) and financing of proliferation of weapons of mass destruction (FPWMD). The new AML/CFT/FPWMD regime comprehensively amends existing regulations on these issues. Collectively these matters are dealt with according to the ‘Self-control and Risk Management System for Money Laundering and Terrorism Financing” (Sistema de Autocontrol y Gestión del Riesgo de Lavado de Activos y Financiación del Terrorismo — SAGRLAFT), a set of standards that medium and large companies are expected to adhere to. As part of the new resolution, notions relevant to SAGRLAFT were adopted, and others that were already established in the previous regulations were amended. Among the additions were (i) the inclusion of a definition for Virtual Assets, and (ii) adjustments to the final beneficial owner’s definition. SAGRILAFT establishes a minimum set of risk prevention and management measures. The deadline for implementing the SAGRILAFT, or making sufficient amendments to comply with it, is May 31, 2021. |
Paraguay
The Paraguayan government and its institutions introduced one notable regulatory update in February:
| Regulatory activity | Outcomes for business |
General resolution N° 81/2021 Published: February 16, 2021 (PDF download) | Regulates losses carried forward for Business Income Tax for FY 2019 |
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