The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Costa Rica and Guatemala reported the following regulatory updates in August 2022 that could affect your business interests.
At Biz Latin Hub our multilingual teams of corporate support specialists based throughout Latin America and the Caribbean offer tailored packages of integrated back-office services, including legal, accounting, and recruitment, among other solutions to assist companies and investors doing business in the region.
If you are interested in doing business in Latin America and would like to learn more about how we can help you bridge cultural and linguistic barriers when entering the region, as well as support ongoing operations, contact us today.
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Argentina
The Argentinean government and its institutions introduced one notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Resolution A.F.I.P. (TAX authority) N°5248/2022 Published: 12.08.22 | The AFIP will establish, for the only time, an Income Tax Payment on Account, payable in three equal and consecutive monthly installments, which will impact those companies that meet certain parameters. Legal entities that obtained a certificate of cancellation of income tax will be excluded. |
Costa Rica
The Costa Rican government and its institutions introduced five notable regulatory updates recently:
| Regulatory activity | Outcomes for business |
| Regulation to Law No. 10255: Re-registration of Dissolved Entities Published: August 2022 | Possibility of re-registration of dissolved companies due to non-payment of tax on legal entities. The term for the request is 3 years from the moment in which the company is dissolved. Companies that already appear as LIQUIDATED will not be able to request re-registration. |
| Circular DG-0018-07-2022-DG-UV – General Guidelines for Entry and Permanence Visas for Non-Residents Published: 12.08.22 | The maximum period of stay for Non-Resident visas (tourism and business) was modified to 30 calendar days for nationals belonging to group 2, in accordance with the classification of nationalities of the Migration Directorate. Nationals of said group may request an extension of the visa for 90 calendar days. |
| Amendment to Executive Decree No. 41457-JP of October 17th, 2018 Published: 10.08.22 | Proposal of the Executive Power to eliminate the obligatory nature of the minimum fees for lawyers and public notaries. |
| Resolution No. DGT-R-21-2022 | Inactive companies will have until November 15th to file the income tax return for the 2020 and 2021 periods |
| Decree “Speed of Administrative Procedures in Public Entities” Published: 24.08.22 | Prohibits institutions from requesting information already available in public databases (legal certifications, cadastral plans, ID photocopies, etc.) |
Guatemala
The Guatemalan government and its institutions introduced one notable regulatory update in August:
| Regulatory activity | Outcomes for business |
| Decree 40-2022. Electric Mobility Law Published: 19.08.2022 | Law on Incentives for Electric Mobility, which aims to facilitate and promote the import, purchase, sale and use of electric vehicles, hybrid vehicles, hydrogen vehicles and electric transportation systems for the entire national territory. |
Biz Latin Hub can support you and your business in Latin America
At Biz Latin Hub, we have a multilingual team for legal, accounting, recruitment and company formation services, ready and waiting to support your business efforts in the Caribbean and Latin America. Our broad range of services allow our clients to do business with the peace-of-mind that they have checked all the commercial boxes, and that they are compliant with all the relevant legislative and regulatory criteria.
To learn more about how we can assist you in doing business in Latin America, contact us.
Also, you can learn more about our team of professionals and how they are enabling commercial growth across Latin America.
