The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Mexico, Paraguay, and Peru report the following regulatory updates for January 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 back-office support to foreign companies 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
Bolivia
The Bolivian government and its institutions introduced four notable regulatory update in January:
| Regulatory activity | Outcomes for business |
| Ministerial Resolution 007.2021 Published: Jan 07, 2021 | Annuls Ministerial Resolution 131.2020 which relaxed some commercial and accounting obligations in the context of the global pandemic, with the stricter conditions of Administrative Resolution 052/2011 entering into force until a new resolution on the matter is issued. |
| Decree Supreme N°4451 Published: Jan 13, 2021 | Establishes temporary measures aimed containing and reducing infections during the second wave of COVID-19. The measures established will be in force from January 16th to February 28th, 2021. |
| Decree Supreme N°4453 Published: Jan 14, 2021 | A ‘State Virtual Market’ is established as a platform that allows promoting and advertising of goods and services offered by potential suppliers registered in the Single Registry of State Suppliers (Registro Único de Proveedores del Estado — RUPE) |
| Decree Supreme N°4460 Published: Jan 29, 2021 | Visa requirement to enter Bolivia are reimposed upon citizens of Israel and the United States, having been lifted in October 2019. |
Mexico
The Mexican government and its institutions introduced one notable regulatory update in January:
| Regulatory activity | Outcomes for business |
| Miscellaneous Fiscal Resolution for 2021 Published: 29 Dec, 2020 | Foreign companies that provide digital services must be mindful of the new rules regarding the withholding of VAT with third parties and the requirements for the submission of digital invoices. For companies that receive donations, there are new rules for deductible donations; new activities (COVID-19 relief) that are considered as deductible; and, new compliance activities in terms of the transparency of the activities that these companies perform. |
Paraguay
The Paraguayan government and its institutions introduced two notable regulatory updates in January.
| Regulatory activity | Outcomes for business |
Law 6656 Published: Nov 26, 2020 | Approves the Convention on Mutual Administrative Assistance in Tax Matters, promoting international cooperation on tax and other fiscal matters. |
| Law 6657 Published: Nov 26, 2020 | Implements international standard with regard to financial transparency and fiscal transactions. |
Peru
The Peruvian government and its institutions introduced one notable regulatory update in January.
| Regulatory activity | Outcomes for business |
| Supreme Decree 008-2021-PCM Published: Jan 27, 2021 | Approves a hard lockdown in regions with an “extreme” number of COVID-19 cases, including capital city Lima, until February 14th. It also bans non-Peruvian residents or citizens from entering the country from Brazil, South Africa and Europe until February 28th. |
Contact our corporate legal team to discuss how Biz Latin Hub can support you
At Biz Latin Hub, our multilingual accounting and legal professionals can provide the expert support you need to launch or do business in Latin America and the Caribbean. Our full suite of market entry and back-office services allows our clients do business 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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