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British Ambassador Jeff Glekin Highlights Opportunities for People and Business in Bolivia

British Ambassador Jeff Glekin Highlights Opportunities for People and Business in Bolivia

Jeff Glekin shares insights on the work of the British Embassy to strengthen connections with Bolivian people, businesses and institutions. As part of our Q&A series, Biz Latin Hub’s Chelsea Heywood reached out to Jeff Glekin, British Ambassador to Bolivia, to hear about his experience developing British relations with the Latin American country. Jeff has an extensive background in diplomatic roles, previous serving as the Deputy Head of Mission in Bogotá, Colombia, Deputy Head of Commercial and Economic Diplomacy for the Foreign and Commonwealth Office, and Deputy Head of Mission in Mumbai, India. In this discussion, Jeff shares insights on the work of the British Embassy to strengthen connections with Bolivian people, businesses and institutions. Bolivia is an economy often overshadowed by its neighbours. What advantages does Bolivia offer British nationals and businesses that people may not necessarily know about? Bolivia has been growing faster than most Latin American countries for the last 10 years with the poverty levels decreasing significantly during that period. Its biggest city and business hub, Santa Cruz de la Sierra, is one of the fastest growing urban conglomerates in the entire emerging world and has strong commercial linkages with Argentina and Brazil, two of the largest markets in the region. In that sense, there are several business opportunities for British firms in Bolivia, both in terms of British exports to Bolivia or profitable investment in the country.  Sectors that deserve particular attention are Mining (lithium, rare earths and other...

Manage Your Business Risks with Due Diligence in Uruguay

Manage Your Business Risks with Due Diligence in Uruguay

Discover the benefits of due diligence in Uruguay to make the best decisions when doing business in the country. Uruguay ranks amongst the top nations of Latin America in the Human Development, Human Opportunity and the Economic Freedom Index. The Stability of Uruguayan institutions and low levels of corruption stimulate a healthy and vibrant business environment. Currently, Uruguay is one of the most attractive destinations for foreign executives looking to do business in the region. Nevertheless, language barriers, local legislation and unknown tax system might represent a challenge for business owners expanding in the country. Therefore, managing your business risks with due diligence in Uruguay is essential to protect your company and ensure success. What is due diligence? Due diligence is essential to protect your company and ensure success. Due Diligence involves an investigation process in which a review of a company's financial, legal corporate, and employment status is carried out to prevent potential business risks. Due diligence also identifies hidden liabilities or other negligences. In Uruguay, by conducting comprehensive due diligence reports, you can rest assured that your investment will be safe and that you are making the right decisions in regards to your business. Standards & Poor's agency confirmed Uruguay as a country with a BBB credit rating -one step above the investment-grade- whilst maintaining and stable outlook. According to the agency, the country's rating is based on "its track record of implementing moderate and predictable economic...

Opportunities for E-Commerce in Bolivia

Opportunities for E-Commerce in Bolivia

Measures taken to prevent the spread of Covid-19 have highlighted the importance of the e-commerce sector in Bolivia. People and companies in the country have increasingly relied on technology to satisfy the large demand for goods and services. Currently, e-commerce is now the 'new normal' way of trading in Bolivia and is rapidly expanding. While there are still many development steps to be taken, Bolivia has made significant strides in the world of e-commerce. With a population of 11 million, the country has the opportunity to become a big regional e-commerce player in the future. Likewise, the increase of e-commerce activity is indeed relevant for local and foreign companies operating in the country, as it is one of the safest routes to maintain sales and avoid closures in the near future. E-commerce developments in Bolivia As internet access grows Bolivia, so does e-commerce opportunities for foreign businesses. As internet access grows Bolivia, so does e-commerce opportunities. Companies and small businesses in Bolivia have started to send virtual catalogs and brochures to their potential clients to offer different kinds of products and services. They are also implementing home delivery using electronic payment methods in order to respect the social distancing and avoid the spread of Covid-19. Furthermore, the government and banking sectors have also 'digitized' their services, in an effort to ensure coverage and simplify processes during these challenging times. Online activity in Bolivia has seen a rise in recent years. From January 2020 there were 7.50 million...

What are Companies’ Accounting and Tax Requirements in the Dominican Republic?

What are Companies’ Accounting and Tax Requirements in the Dominican Republic?

When it comes to setting up a business in the Dominican Republic, you must consider all local regulations, including accounting and tax requirements. In this way, you will ensure a smooth market entry and avoid compliance issues. To support your company incorporation and ongoing operations in the Dominican Republic, be aware of and comply with the following accounting and tax requirements. Accounting and tax requirements Executives doing business in the Dominican Republic must be aware of accounting and tax requirements. The Directorate General of Internal Taxes (DGII) is the main tax authority in the Dominican Republic. Tax obligations and rights are established by law and are allocated based on the taxpayer's turn on activities. These are provided from registration to the national Taxpayer Registry (RNC) and must be presented on the established dates. In the Dominican Republic, there are several tax requirements that companies doing business in the country must take into account, such as: IR2- Annual Affidavit of Corporate Income Tax (ISR): Companies that receive income during the financial year must pay 27% on taxable income from legal entities domiciled in the country, this excludes rebates.IR1- Annual Affidavit of Personal Income Tax: Persons who received an income through wages or investments, loans, property, or services must file for the deadline of March 31st each year. ACT-Taxable Assets: Applicable property assets are taxed by 1% on the total value of the property held by the taxpayer. The tax payable must be paid in two equal instalments. ITBIS-Tax on the...

Peru and the UK Sign Reconstruction Agreement

Peru and the UK Sign Reconstruction Agreement

In June 2020, the UK government won Peru’s bid for the “Integral plan for the reconstruction of the damaged infrastructure of the Northern regions of Peru affected by floods in 2017", also called the Reconstruction Agreement or Programme. This government-to-government agreement involves the reconstruction of Peruvian infrastructure and the construction of preventative measures against natural disasters. Parties involved in the Peru-UK Reconstruction Agreement The Reconstruction Agreement involves an investment of approximately US$2.020 billion. The Reconstruction Agreement was signed on 22 June 2020, between the Peruvian government, represented by the Authority for Reconstruction with Changes (ARCC), and the UK government, represented by the Department for International Trade (DIT). The investment is worth S/7 billion (approximately US$2.020 billion) and will last for 2 years, with allowance for a third year. The project will be carried out by 3 companies forming the UK Delivery Team: Mace Limited, Arup Limited and Gleeds International Limited. The Peru-UK partnership is an enduring one. The UK was Peru’s lead partner while delivering the Lima 2019 Games, the fourth largest sports event in the world. Following the success of this partnership, the Reconstruction Agreement only further strengthens these regional commitments. Reconstruction projects The 2017 Coastal El Niño is a natural disaster that severely affected many Peruvian regions. Heavy rains, landslides, and floods destroyed infrastructure and crops, leaving people homeless. The Peru-UK Reconstruction Agreement...

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...

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