Regulatory update: 5 LatAm offices report changes in April 2022

The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Bolivia, Chile, Costa Rica and Panama reported the following regulatory updates in April 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.

Argentina

The Argentinean government and its institutions introduced one notable regulatory update in April:

Regulatory activity Outcomes for business
General Resolution I.G.J. Nº 4/22

Published: April 5th, 2022
It provides that the existence and veracity of the domicile and registered office of the simplified joint stock companies (SAS) provided for in Law 27.349 must be evidenced by means of any of the instruments provided for in this regulation.

Bolivia

The Bolivian government and its institutions introduced five notable regulatory updates recently :

Regulatory activity Outcomes for business
Decree Supreme N° 4702

Published: April 20th, 2022
Temporarily defers the tariff levy to zero percent (0%) until December 31, 2022, for the importation of insecticides, fungicides, herbicides, germination inhibitors and plant growth regulators and similar products.
RND  Nº 102200000008

Published: April 22th, 2022
The deadline for the physical presentation and/or digital submission of Financial Statements, Annual  as well as the information submitted through electronic forms 605 and 601, for the Corporate Income Tax (IUE),  with fiscal year-end as of December 31, 2021  is extended until May 31, 2022. The deadline for filing tax declaration and payment of the IUE (May 3rd) remains unchanged.

Decree Supreme N°4708

Published: May 1st, 2022
Regulates the benefit of “Special Leave Absence License” to all workers in private companies  with the right to receive one hundred percent (100%) of salary, in the following cases:
a) For death of parents, spouses, siblings or children: three (3) working days
b) For marriage: three (3) working days,
c) For birthdays: half working day
Decree Supreme N°4709

Published: May 1st, 2022
Establishes the right of split vacations, and the accumulation thereof without the need for a written agreement between employers and employees.
Decree Supreme N°4711

Published
: May 1st, 2022
Establish the Salary Increase in the private sector; wage increase in the private sector shall be agreed upon by employers and workers on the basis of three percent (3%) Establish the National Minimum Wage for the year 2022 in Bs2,250.- equivalent to USD 324 .-

Wage Increase and  National Minimum Wage established for 2022,  will have retroactive effect as of January 1, 2022 and shall be effective until May 31st.

Chile

The Chilean government and its institutions introduced one notable regulatory update in April:

Regulatory activity Outcomes for business
Law 21.435

Published: April 6th, 2022
Amendments are introduced to the water code that regulates water use rights, which may be limited in their exercise, in accordance with the provisions of this Code.

Costa Rica

The Costa Rican government and its institutions introduced one notable regulatory update in April:

Regulatory activity Outcomes for business
Paternity Leave created

Published: April, 2022
This allows fathers to take two days of paid leave during the first month after a child is born. Additionally, fathers will obtain the legal protection already granted for mothers during maternity leave (i.e.: they cannot be fired without a just cause). If the mother dies during this period, fathers will be entitled to the full three-month term of maternity leave.

Panama

The Panamanian government and its institutions introduced one notable regulatory update in April:

Regulatory activity Outcomes for business
Draft Law No. 697 (page 57)

Published: April 21st, 2022
The Legislative plenary approved in third debate Law No.697, which regulates the commercialization and use of crypto-assets in the country.

Biz Latin Hub can support you doing business in Latin America

At Biz Latin Hub, our multilingual company formation, recruitment, accounting, and legal professionals are ready to support you doing business in Latin America and the Caribbean. Our comprehensive portfolio of market entry and back-office services means our clients operate safe in the knowledge they have all commercial bases covered and are fully compliant with current legislation and regulatory requirements.

Contact us now to learn more about how we can assist you doing business.

Or learn more about the teams of professionals we have enabling commercial expansion across Latin America.

Key services offered by BLH including legal services, accounting & taxation, hiring & PEO, due diligence, tax advisory, and visa processing
Key services offered by Biz Latin Hub

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