Regulatory Update: 8 LatAm Offices Report Changes in December 2021

The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Bolivia, Brazil, Chile, Colombia, El Salvador, Guatemala and Panama reported the following regulatory updates in December 2021 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, recruitment, and other services to assist companies and investors doing business in the region.

If you would like to learn more about how we can help you reach your commercial goals, contact us today.

Argentina

The Argentinian government and its institutions introduced two notable regulatory updates recently:

Regulatory activity Outcomes for business
Financial Information Unit Res. 112/2021 and Res. IGJ 17/21

Published: October 19th
(pdf)
By issuing Resolution 112/2021, the UIF modified the percentage of share capital required to be considered a social beneficiary of a company. The Ultimate Beneficiary Owner can be one or more individual person who have at least twenty per cent (20%) of the capital or voting rights of a legal person or who by other means exercise final, direct or indirect control over a legal person or other legal structure. Now this percentage was reduced to 10%. 

Accordingly, the public registry modified this percentage and adapted the requirements of several procedures concerning foreign companies to this resolution.
Decree 886/2021

Published: November 10th
Decree 886/2021 extends Decree 34/2019, concerning measures taken to deal with the COVID-19 pandemic, until June 2022, but with a modification that means that double compensation for unjustified dismissals will be reduced until it is effectively eliminated after 30 June 2022.

Bolivia

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

Regulatory activity Outcomes for business
Decree Supreme N°4632

Published: December 1st, 2021
Creates programs for tubers and roots, cotton, Andean grains, urban and peri-urban agriculture, fishing and aquaculture, and support for beekeeping production, within the framework of the policies of productive reconstruction and food security
Decree Supreme N°4635

Published: December 8th, 2021
Legal Personality  regulations for NGO’s and Associations: Supreme Decree No. 4353 of September 29, 2020 is abrogated remaining back in force Supreme Decrees No. 1597 of June 5, 2013, No. 2650 of January 13, 2016 and No. 3746 of December 12, 2018
Decree Supreme N°4640
December 22th, 2021 

(Entering in force since January 1st 2022)
Establishes and maintains measures against COVID -19, including:
 – The negative RT-PCR test issued up to forty-eight (48) hours before entering the public entities.

Air, land, fluvial and railroad transportation companies, shall request passengers before boarding:
– The vaccination card with complete vaccination schedule (first and second doses of Sputnik V, Pfizer,  Sinopharm, or AstraZeneca or other, or one dose of Johnson & Johnson or other);
 – The vaccination card of the first dose of any of the above-mentioned vaccines, for those persons who at the publication of this Supreme Decree are not vaccinated,
– Negative RT-PCR test issued up to forty-eight (48) hours prior to boarding.
Decree Supreme N°4641
December 22th, 2021 

(Entering in force since January 1st 2022)

a) Implements the COVID-19 Vaccination Card as the official document certified by the Ministry of Health and Sports, which accredits that a person was vaccinated in the Plurinational State of Bolivia;
b) Regulates the registration, certification and verification of the authenticity of the laboratory results for COVID-19 diagnosis.
Decree Supreme N°4642

Published: December 23th, 2021
Extends zero percent (0%) of the Tariff Levy until December 31st , 2022 for the importation of vaccines, diagnostic tests, medicines, medical devices, supplies, reagents, medical equipment, for the containment, diagnosis and care of COVID-19.

Brazil

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

Regulatory activity Outcomes for business
Federal Law 14,273/21

Published: December 23th, 2021
Regulates Brazil’s railway public policy, including the rules for concessions to the private sector.

Chile

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

Regulatory activity Outcomes for business
Law 21.400

Published: December 10th, 2021
Establishes legal marriage between same sex couples.
Law 21.398

Published: December 24th, 2021
Introduces new measures to boost Consumer’s rights.


Colombia

The Colombian government and its institutions introduced four notable regulatory updates in December:

Regulatory activity Outcomes for business
Resolution 2052

Published: December 6th, 2021
Through which the transitory preventive measures are adopted in the sanitary control for the entry to the country of international travelers by air.
Decree 1724

Published: December 15th, 2021
Whereby the legal monthly minimum wage is increased  by 2022.  $1.000.000) COP
Decree 1725

Published: December 15th, 2021
Whereby the transportation allowance is modified by 2022
Decree 1789

Published: December 21st, 2021
This Decree modifies and adds Article 18 of Law 2069 of 2020 is regulated and Articles 2.2.2.47.9 and 2.2.2.47.10 are added to Decree 1074 of 2015, regarding the use of electronic and digital signatures as a tool to facilitate innovation and digital transformation.

El Salvador

The government of El Salvador and its institutions introduced one notable update in December:

Regulatory activity Outcomes for business
Income Tax removed from 13th salary payment for 2021.

Published: December 6th, 2021
Parliament approved to remove the Income tax withholding from the 13th salary payment to those who obtain less than $1100.

To those who obtain more than $1100 the withholding will be calculated on the amount that surpasses the limit.

Guatemala

The Guatemalan government and its institutions introduced one notable regulatory update in December:

Regulatory activity Outcomes for business
Governmental Agreement No. 278-2021

Published: December 17th, 2021
Sets minimum wages for economic activities in the Republic of Guatemala.
The minimum wage for non-agricultural economic activity is set as follows:
Monthly salary Q.2,959.24 plus incentive bonus Q250.00; total: Q.3,209.24
(Last update to minimum wage was on 2018)

Panama

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

Regulatory activity Outcomes for business
Executive Decree No.186 of November 22, 2021 published in Official Gazette 29427-C (page 24 to 26.)

Published: December 2nd, 2021
Planilla 03 or Payroll 03 form will now be a monthly report. Before this used to be an annual report that was filed with the income tax declaration, from January 2022 this will need to be filed on a monthly basis.

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 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.

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

Pin It on Pinterest

Share This

Share This

Share this post with a friend or colleague!