November 2020 Regulatory Update: Change in 5 Countries

Five BLH offices reported regulatory updates in November

Our legal and accounting experts at Biz Latin Hub’s offices in Bolivia, Chile, Mexico, Paraguay, and Peru report the following important regulatory updates for November 2020.

At Biz Latin Hub we provide comprehensive multilingual legal, accounting, and back-office support to foreign companies operating in Latin America or looking to enter the region.

For more information on how we can support your commercial needs, contact us today.

Bolivia

The Bolivian government and its institutions introduced two notable regulatory update in November:

Regulatory activityOutcomes for business
Decree Supreme N°4401

Published:
Nov 25, 2020
Promotes measures for equal opportunities regarding access to employment, remuneration and equal treatment at work between women and men
Decree Supreme N°4404

Published:
Nov 29, 2020
Establishes protocols and biosafety measures, for the National Health System, economic activities, labor hours and others in order to protect Bolivians’ health and life during the COVID-19 pandemic, in the preparation stage for an eventual increase in cases

Chile

The Chilean government and its institutions introduced two notable regulatory updates in November:

Regulatory activityOutcomes for business
Law 21.282

Published:
03 Nov, 2020
Declares each year’s December 19th as National Anti-Femicide Day.
Law 21.283

Published:
07 Nov, 2020
Adjusts the Minimum Monthly Legal Wage to CLP 326.500 (USD 430 per month)

Mexico

The Mexican government and its institutions introduced one notable regulatory update in November.

Regulatory activityOutcomes for business
Mexican Senate approves
Federal Law for the
regulation of cannabis

Announced:
19 Nov, 2020
This a major step for the legalization of cannabis in Mexico. The project will now be discussed by the Congress (Deputies), with hopes to be fully approved and entering into force in 2021.

This project considers the following:

a) Legalizing the recreational use of cannabis for legal adults
b) Creating the Mexican Institute for the Regulation of Cannabis, which will grant permits for the use of cannabis and licenses for its sale
c) Granting licenses for the production, distribution and sale of hemp and CBD
d) Granting licenses for the production, distribution and sale of cannabis

Paraguay

The Paraguayan government and its institutions introduced two notable regulatory updates in November.

Regulatory activityOutcomes for business

General Resolution 70/2020

Published:
05 Nov, 2020
Establishes the form of presentation of the forms related to dividends and tax profits
Law 6655/2020

Published:
26 Nov, 2020
Provides for the temporary obligatory of the use of hygienic masks or protective elements that covers the mouth, chin and nose and the fulfillment of the protection measures against COVID 19

Peru

The Peruvian government and its institutions introduced two notable regulatory update in November.

Regulatory activityOutcomes for business
Supreme Decree 342-2020-EF

Published:
05 Nov, 2020
Establishes the inclusion of some fertilizing products as exempted from IVA (magnesium sulphate, ammonium nitrate, double salts, among others)
Supreme Decree 349-2020-EF

Published:
22 Nov, 2020
Approves the issue of internal and external bonds for up to $4 billion (USD), with the objective to finance Covid prevention measures, and to help in the reactivation of the economy.

This follows the earlier reintroduction on 05 October, 2020, of international travel to the following destinations: Bolivia, Colombia, Chile, Ecuador, Panama, Paraguay, and Uruguay. 

At Biz Latin Hub, our multilingual accounting and legal professionals are able to offer specialist commercial representation and expert support to foreign businesses throughout Latin America and the Caribbean. With our comprehensive portfolio of market entry and back-office services, our clients do business safe in the knowledge they are fully compliant with current legislation and regulatory requirements.

Contact us now to learn more about how we can help you comply with the regulatory environment in Latin America and the Caribbean.

Learn more about our team of professionals driving successful compliance practices and enabling commercial expansion across Latin America.

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