Regulatory Update: 4 LatAm Offices Report Changes in July 2021

The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Colombia, and the Dominican Republic reported the following regulatory updates in July 2021 that could affect your business interests.

At Biz Latin Hub our multilingual teams of back-office specialists based throughout Latin America and the Caribbean offer legal, accounting, recruitment and other professional 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.

Bolivia

The Bolivian government and its institutions introduced three notable regulatory updates in July:

Regulatory activity Outcomes for business
Law No. 1380
Published:
01 July, 2021
Authorizes the continuity of the unfulfilled payment facilities of tax debts and fines for the taxpayers at the National Tax Service and National Customs, according to the established conditions.
Supreme Decree No. 4539
Published:
07 July, 2021
Encourages the use of electrical energy in order to contribute to the improvement of the environment, energy savings and efficiency through Tax incentives for the manufacture, assembly and import of electric motor vehicles, hybrids and electric and hybrid agricultural machinery  among others
Supreme Decree No. 4542
Published:
14 July, 2021
Regulates Law No. 1359, of February 17, 2021, on Sanitary Emergency.

Chile

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

Regulatory activity Outcomes for business
Law 21.360
Published:
12 July, 2021
Increases the minimum legal wage to CLP 337,000 net (approximately USD 435.20)

Colombia

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

Regulatory activity Outcomes for business
Law 2095
Published (pdf):
01 July, 2021
Through which the “Agreement between the republic of Colombia and Japan for the elimination of the double taxation regarding income taxes and the prevention and elimination of tax evasion.
Law 2101
Published (pdf):
15 July, 2021
Through which the weekly working day hours are gradually reduced, without decreasing the employees’ salary, and other provisions are issued.
Law 2101
Published (pdf):
16 July, 2021
Through which is approved the convention to promologate the tax treatment provided in the agreements to avoid double taxation signed between the states party to the framework agreement of the Pacific Alliance.

Dominican Republic

The Dominican government and its institutions introduced one notable regulatory update in July:

Regulatory activity Outcomes for business
Resolution 01/2021
Published (pdf):
14 July, 2021
Revises the minimum wage limits set previously by the National Wages Committee, setting forth classifications for micro, small, medium and large companies according to gross income and number of employees. The resolution also modifies the minimum wage limits, the lowest being DOP 11,900  (approx. USD 208) for micro companies and the highest being DOP 21,000 (approx. USD 368) for large companies.

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.

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