May 2021 Regulatory Update: 7 LatAm Offices Report Changes

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.

Argentina

The Argentinian government and its institutions introduced one notable regulatory update in May:

Regulatory activityOutcomes 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 activityOutcomes 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 activityOutcomes 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 activityOutcomes 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 activityOutcomes 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 activityOutcomes 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 activityOutcomes 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

Contact Biz Latin Hub to discuss how we can support you

At Biz Latin Hub, our multilingual accounting and legal professionals provide invaluable specialist commercial representation and expert support for 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.

An infographic showing the key Biz Latin Hub service areas, including Accounting & Taxation, Legal Services, Hiring & PEO, Visa Processing, Commercial Representation, and Copany Formation

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