The legal and accounting teams at Biz Latin Hub’s offices in Argentina, Bolivia, Chile, Colombia, Mexico, Panama, and Peru report the following regulatory updates for May 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.
Table of Contents
Argentina
The Argentinian government and its institutions introduced one notable regulatory update in May:
| Regulatory activity | Outcomes for business |
| Income tax reform Published: May 24, 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 four notable regulatory updates in May:
| Regulatory activity | Outcomes for business |
| Supreme Decree No. 4501 Published: 01 May, 2021 | Establishes the National Minimum Wage for 2021 at BS 2,164 per month (approximately US$314 at time of publication) — a 2% increase |
| Supreme Decree No. 4504 Published: 05 May, 2021 | Mexican Citizens may enter Bolivia for up to one hundred and eighty (180) continuous days without a visa |
| Ministerial Resolution 512/21 Issued: 24 May, 2021 | The above mentioned National Minimum Wage established through Supreme Decree 4501 must be paid retroactively from January 2021 |
| Ministerial Resolution N° 078.2021 Issued: 28 May, 2021 | Extends commercial registrations issued by the Commercial Registry until 30 June, 2021, for companies due to have submitted fiscal closure on December 31st, 2020 and extends the deadline for Update Procedure Trade Registrations until June 30, 2021 |
Chile
The Chilean government and its institutions introduced one notable regulatory update in May:
| Regulatory activity | Outcomes for business |
| Law 21.336 Published: 11 May, 2021 | Updates customs legislation regarding sanctions for importing contraband |
Colombia
The Colombian government and its institutions introduced one notable regulatory update in May:
| Regulatory activity | Outcomes for business |
| Resolution 738 Published: 26 May, 2021 | COVID-19 health emergency in Colombia extended until 31 August 2021 |
Mexico
The Mexican government and its institutions introduced one notable regulatory update in May:
| Regulatory activity | Outcomes for business |
| First Resolution of modifications to the Miscellaneous Tax Resolutions 2021 Published: 03 May, 2021 | The Miscellaneous Tax Resolution for the 2021 Fiscal Year was modified. The outstanding changes include; modification to due dates for employees to activate their tax mailbox & and the clarification that the consignment note will be effective as per June 1st. |
| Resolution modifying notices related to the Money Laundering Prevention Law Published: 24 May, 2020 | Appendix 11 of the Resolution is modified in order for the Financial Intelligence Unit to obtain specific information on the acts or operations carried out by providers of outsourcing or specialized services. |
Panama
The Panamanian government and its institutions introduced two notable regulatory updates in May:
| Regulatory activity | Outcomes for business |
| Executive decree 197 Published: 20 May, 2021 | Modifies friendly nations visa requirements, applicable from 07 August, 2021, including mandatory work permit processing as part of residence permit process, as well as the addition of the allowance of visas based on property purchased with bank financing |
| Executive decree 198 Published: 20 May, 2021 | Creates a new residence visa category “short stay visa as a remote worker” which applies to foreigners under contract with a foreign company who wish to work remotely from Panama. Minimum requirements include a minimum annual salary of US$36,000 with the visa valid for a period of nine months, extendable for a further nine months |
Peru
The Peruvian government and its institutions introduced one notable regulatory update in May:
| Regulatory activity | Outcomes for business |
| Law N° 31192 Published: 18 May, 2021 | Law that allows the withdrawal of money from a Private Pension Fund (AFP) of up to PEN 17,600 (approximately US$4,555 at time of publication) for any person affiliated |
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At Biz Latin Hub, our multilingual accounting and legal professionals provide invaluable expert support for doing business in Latin America and the Caribbean. Our full suite of 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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