April 2021 Regulatory Update: Changes Reported by 8 LatAm Offices

Eight BLH offices reported regulatory changes in April

The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Bolivia, Brazil, Chile, Colombia, Mexico, Paraguay, and Peru report the following regulatory updates for April 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 other back-office support to companies and investors operating in or looking to enter the region.

If you would like to learn more about how we can assist your international expansion and help you build your business, contact us today.

Argentina

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

Regulatory activityOutcomes for business
Income tax reform
Announced:
April 08, 2021
New regulations raising the threshold to ARS 150,000 (approx. USD 1,600) at which income tax is charged, providing relief to workers and businesses.

Bolivia

The Bolivian government and its institutions introduced two notable regulatory updates in April:

Regulatory activityOutcomes for business
Supreme Decree No. 4492
Published:
21 April, 2021
Establishes new limits for the entry and exit of foreign currency in the country
Tax reform No. 10210000006
Published:
27 April, 2021

For companies with closing balances as of December 31, 2020, Profit Declaration 2020 through Form 500 deadline is April 30, 2021, however the
deadline for the submission of Financial Statements, Annual Reports, External Audit Opinions, and/or Transfer Price Studies, as well as the information
presented through electronic forms 605 and 601, is extended until May 31, 2021. 

Brazil

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

Regulatory activityOutcomes for business
Ordnance RFB 2020
Published:
09 April, 2021
Individual income tax declaration deadline changed from April 30 to May 31, 2021.

Chile

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

Regulatory activityOutcomes for business
Law 21.320
Published:
20 April, 2021
Introduces modifications to the Consumer Rights Code, including increased consumer protection related to premium phone lines, consumer loans, and debt collection.
Law 21.325
Published:
20 April, 2021
Introduces new norms regarding migration into the country.

Colombia

The Colombian government and its institutions introduced three notable regulatory updates in April:

Regulatory activityOutcomes for business
Circular 100-000004
Announced:
09 April, 2021
Modifies audit and compliance regulations related to money laundering and illicit finances, known as SAGRILAFT.
Decree 339
Published:
13 April, 2021

Modifications regulations related to government contracting.

Resolution 0971
Published:
28 April, 2021
Implementation of the Temporary Statute of Protection for Venezuelan Migrants adopted through Presidential Decree 216 of 2021

Mexico

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

Regulatory activityOutcomes for business
Reform to multiple laws concerning outsourcing
Published:
April 23, 2021
Reforms to multiple laws, including the Labor Code, Social Security Law,  Law of the Housing Institute, and Tax Code to make illegal certain types of outsourcing, including professional employer organization (PEO) / employer of record (EOR) services. Note that tax law changes come into effect as of August 01, 2021, while all other provisions are immediately implemented.

Paraguay

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

Regulatory activityOutcomes for business
General Resolution No. 86 / 2021
Published:
April 13, 2021
Regulates the price valuation method set forth in No. 7 of Art. 38 of Law No. 6380/19 on modernization and simplification of the National Tax System.

Peru

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

Regulatory activityOutcomes for business
Law N° 31171
Published:
April 23, 2021

Allows anyone to withdraw 100% of their Working Compensation Funds (CTS) to meet needs created by the COVID-19 pandemic.


Contact Biz Latin Hub to discuss how we can support you

At Biz Latin Hub, our multilingual accounting and legal professionals provide invaluable specialist commercial representation and expert support for doing business in Latin America and the Caribbean. Our full suite of market entry and back-office services leaves our clients 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 help you comply with the regulatory environment in Latin America and the Caribbean.

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

An infographic showing the key Biz Latin Hub service areas, including Accounting & Taxation, Legal Services, Hiring & PEO, Visa Processing, Commercial Representation, and Copany Formation

Pin It on Pinterest

Share This

Share This

Share this post with a friend or colleague!