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.
Table of Contents
Argentina
The Argentinian government and its institutions introduced one notable regulatory update in April:
| Regulatory activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 activity | Outcomes 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 back-office and expert support for doing business in Latin America and the Caribbean. Our full suite of company formation 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.
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