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Changes to Bolivia’s Tax System During COVID-19 Response

Changes to Bolivia’s Tax System During COVID-19 Response

Understand key changes to Bolivia's tax system during the government's response to COVID-19. Importantly, deadlines for filing certain key corporate compliance documents have been deferred. Temporary measures aim to support businesses facing challenges with cash flows or having problems reporting their monthly and annual obligations In order to confront the consequences of the government's response to the COVID-19 outbreak, these temporary measures aim to support companies, small businesses and individuals facing difficult times with their cash flows or having problems reporting their monthly and annual obligations at the country's Tax Office (Servicio de Impuestos Nacionales). Find out these new deadlines and how your business may be impacted by these measures, and seek expert local accounting guidance to get support for your business during this time. Deadlines deferred in Bolivia’s tax system The government has announced a number of changes to Bolivia’s tax system to help the taxpayers affected by quarantine regulations in the country. Key relevant changes for businesses to take note revolve around tax declarations. The government has set the following deferred deadlines for tax declarations in Bolivia: Taxes and other obligationsRegular date for declarationNew date for declarationValue Added Tax (VAT)February-May 2020July 2020Transfer TaxFebruary-May 2020July 2020Income Tax Fiscal year 201929 April 2020 For taxpayers with fiscal year ending on 31 December 201929 May 2020  for Great and Main Contributors (GRACO and PRICO).31 July 2020 for taxpayers catalogued as...

What are the Largest Industries in Guatemala for Business?

What are the Largest Industries in Guatemala for Business?

Guatemala is the largest economy in Central America. Therefore, taking a look at the largest industries in Guatemala is worthwhile for those, who are seeking business opportunities in this country.More than half of Guatemala's economic activity takes place in four sectors: manufacturing (20%), commerce (18%), private sector (14%), and agriculture (12%). In addition, Guatemala has the 80th largest export economy in the world. Statistics estimate the value of its exported goods at approximately US$ 11.8 billion.In this article, we will expose some of the largest industries in Guatemala.  Investors recently have planned a new highway in Guatemala as a private investment project.  The private sector in Guatemala The private sector is the driving force of the Guatemalan economy. In fact, the private sector is responsible for around 85% of the national GDP. The majority of this sector is active in the following fields: industry, agriculture, and tourism. Being one of Guatemala’s largest industries, this sector is steadily growing and has even taken on some traditionally public services in recent years. This increase in the private sector has led to a decrease in government size. Services such as airports, banking institutions, and even public utilities are now managed by private companies. As an example, private investors recently have planned a new highway in Guatemala as a private investment project.  Manufacture and agriculture sectors The industrial, manufacturing, and agricultural sectors are part of the largest industries in Guatemala. These sectors...

Why are Foreign Companies Choosing to Do Business in Uruguay?

Why are Foreign Companies Choosing to Do Business in Uruguay?

Find out the benefits and incentives to do business in Uruguay in 2020. Despite turbulent economic times in Latin America due to COVID-19 restrictions, Uruguay remains an increasingly popular destination for expanding businesses. Uruguay is a small country with approximately 3,500,000 inhabitants. It is a founding member of Mercosur and for the last decade its political and economic stability has attracted the attention of foreign investors seeking to incorporate a company and do business in Uruguay. In Uruguay, foreign direct investment (FDI) has reached record levels, making the country one of the top receivers of FDI, in terms of GDP in South America. This growth in foreign investment is associated to its attractive free zones, free trade agreements, as well as its participation in Mercosur, ALADI and other regional blocks. Doing business in Uruguay is promising in 2020 given its pro-investment policies. Doing business in Uruguay The country has a pro-investment policy that eliminates restrictions on the use of foreign capital, allowing for free movement of capital and bank secrecy. In September 2019, the creation of a new legal entity, a Sociedad Anónima Simplificada, or SAS, sought to boost business in Uruguay. This new structure minimizes the costs of incorporation, streamlines the process of creating companies in Uruguay by promoting the use of digital platforms in all phases of the process, and allows companies already incorporated in the country to transform their legal entity to a SAS. Laws that promote business in Uruguay The Uruguayan...

Top Sectors for Business Between Canada and Mexico

Top Sectors for Business Between Canada and Mexico

Business opportunities between Canada and Mexico are often overshadowed by trade with the United States. Despite this, according to the World Integrated Trade Solution, Mexico is Canada’s fifth-largest trading partner. Mexico also has the eleventh-largest economy in the world with a population of almost 300 million. Business between Canada and Mexico has strengthened since creating the North American Free Trade Agreement (NAFTA) in 1994. NAFTA is a free trade region between Canada, Mexico and the United States.  We outline top sectors and opportunities for business between Canada and Mexico. Trade and business between Canada and Mexico According to the World Integrated Trade Solution, Mexico is Canada’s fifth-largest trading partner. There are two major trade agreements that have created stronger economic ties between Canada and Mexico. The Canada-United States-Mexico Agreement (CUSMA, also known as T-MEC or USMCA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) provide Canada and Mexico with preferential access to each other’s markets. The best sectors for business between Canada and Mexico have the highest growth potential, policy openness and leverage Canadian strengths. Top sectors include:  AerospaceMiningOil & gasAgriculture, food and beverages Aerospace In this sector, business between Canada and Mexico initiated in 2004 with the establishment of the Canadian aerospace company, Bombardier, in Mexico. This later sparked international interest towards the potential in the aerospace sector in Mexico. Since then, the...

Changes to Accounting Obligations in Ecuador During COVID-19

Changes to Accounting Obligations in Ecuador During COVID-19

Learn how Ecuador has modified some of its accounting obligations for companies due to the current situation and economic uncertainty facing the country. Ecuador, like many other countries, has been affected economically, politically and socially by COVID-19. However, despite the current situation and existing restrictions, companies operating in the country have continued their commercial activities and must comply with the accounting obligations established by the government. The Ecuadorian government has taken a series of measures and issued important resolutions on accounting obligations in Ecuador in order to support entrepreneurs and prevent them from going bankrupt. President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. Economic measures in place During the last months, President of Ecuador Lenin Moreno has announced economic measures focused on outlining the financial steps to sustain business and the economy during the pandemic. These measures include: US$4 billion reduction in public spendingThe single tax on vehicles with an appraisal greater than US$20,000 must pay a contribution of 5% of the appraisal value.Creation of a fund for loaning to small and medium-sized companies at 5% interest, with a 3-month grace period and a 36-month term.Merge the Ministries of Telecommunications and Transport Additionally, Lenin Moreno announced that Ecuador received an international collaboration for around US$60 million as exclusive funds to face the needs that have...

Incentives for Business Between Paraguay and Argentina

Incentives for Business Between Paraguay and Argentina

Like many other Latin American countries, business between Paraguay and Argentina is built upon a foundation of trade agreements and treaties to strengthen economies and regional integration, and provide new investment opportunities to those interested in entering these markets. Paraguay and Argentina have a historically fruitful bilateral relationship with a common goal: bilateral cooperation and the exchange of products and human resources. Paraguay with an emerging economy and a stable political environment has been becoming an attractive economy for investors. Argentina, considered as one of the most important economies in Latin America, constitutes an attractive focus to invest for both local and foreign companies. We outline a general summary of some of the most important trade agreements and agreements between Paraguay and Argentina in order to highlight the commercial opportunities offered by the two countries in the region. Agreements promoting business between Paraguay and Argentina The Yacyreta treaty responded to the world oil crisis by encouraging Paraguay and Argentina to seek a solution for energy supply. Yacyreta Treaty The Yacyreta treaty, signed in 1973, responded to the world oil crisis by encouraging Paraguay and Argentina to seek a mutually beneficial solution for energy supply. The objective of the treaty is to manage “The hydroelectric use of the Paraná River, the improvement of navigable conditions and the mitigation of the environmental effects generated by the Project”. As a result of this agreement, the Yacyreta Bilateral Entity was created....

How to Liquidate a Company in New Zealand

How to Liquidate a Company in New Zealand

It is essential to know the steps to liquidate a company in New Zealand if business operations are not playing out as planned in these challenging economic times. Sometimes, the most beneficial action to take is to close company operations to avoid accumulating further expenses. This makes liquidation a viable option for executives when reorganization or further capital injections are not feasible.There are various ways to liquidate, cancel and dissolve business in New Zealand. As a result, it is wise to appoint a trusted legal services specialist in New Zealand who can support you through the liquidation process.This article outlines the most significant steps on how to liquidate a company in New Zealand. There are several options to liquidate a company in New Zealand: voluntarily, by court order, through receivership or solvent liquidation. 1. Decision and method to liquidate A business can go into liquidation through several methods: Voluntary liquidationSolvent liquidationCourt-ordered liquidationReceivership. The liquidation takes immediate effect. The business must close, and its listing is removed from the Companies Office Register. 2. Appoint a liquidator A liquidator can be appointed by court order, Shareholder meeting, or by resolution of a company's creditors at a 'watershed meeting'. These meetings are for creditors to decide upon the future of the business. The appointed liquidator is responsible for managing the company’s unsecured assets, and must freeze them. They must then sell these assets to repay debts owed to creditors and shareholders. The liquidator...

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