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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...

May 2020 Regulatory Update: Bolivia, Colombia, Costa Rica, Panama, Paraguay

May 2020 Regulatory Update: Bolivia, Colombia, Costa Rica, Panama, Paraguay

Our senior legal and accounting experts deliver monthly updates on regulatory and other changes in their respective countries in Latin America. Find out regulatory changes occurring across Latin America that may impact you and your business. Extension for Registry of Commerce renewal in Bolivia Bolivia's response to the COVID-19 includes an extension of the deadline for commercial renewal with the Registry of Commerce. In Bolivia, the government’s response to the COVID-19 pandemic has included an extension of the typical deadlines for companies to provide certain documents to government agencies out to 29 May. These documents include: Annual Financial Statements,the company’s Annual Report 2019, andIncome Tax Declaration. As such, the deadline for commercial renewal with the Registry of Commerce (Registro de Comercio) will be rescheduled. The official due date is pending confirmation from government officials. Colombia reduces contributions from employees and employers In Colombia, Decree 558 of 2020 reduced the required pension contributions from employers and employees in order to increase business cash flow and disposable income for individuals. This is part of Colombia’s overall initiative to prevent mass job loss. These pension contributions are reduced from 16% to 3% - 2.5% from employers and 0.5% from employees). Other Decrees and Circulars announced by Colombia during their COVID-19 Pandemic response include: Circular 021: outlines options for flexible working arrangements, and options to take vacations in advance to avoid further layoffs.Circular 022: confirms...

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...

Could Mexico’s Manufacturing Sector Overshadow China’s?

Could Mexico’s Manufacturing Sector Overshadow China’s?

Find out how Mexico's manufacturing sector offers the right benefits and a favorable business environment for expanding companies and those seeking cost-effective manufacturing components. Prior to the current global contingency planning caused by COVID-19, Mexico was already a well-known, strong performer in manufacturing. The country offers certain advantages and tax benefits and simplification of processes in some government procedures. While China and the US remain entangled in trade disputes - and as both countries grapple with COVID-19 issues - Mexico proves itself as a key alternative supplier of manufacturing goods to the rest of the world.  Factors boosting Mexico’s manufacturing sector Mexico's manufacturing sector has great potential and is more attractive at this time due to 2 main factors: The USMCA (United States-Mexico-Canada Agreement) Moving manufacturing to Mexico will create more job opportunites in the country. This recently signed USMCA agreement will most likely come into effect during the course of this year. The USMCA is set to benefit Mexico's manufacturing sector due to the interest that both Canada and the United States have in engaging with those industries. This can lead to higher profits, reduced time and lower risks. Mexico's proximity to the US compared to China's also gives the sector an extra competitive edge. Another factor that makes Canada and the United States especially interested in establishing their factories in Mexico, and further develop Mexico’s manufacturing sector, is that it can trigger job creation in Mexico. This can lead...

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