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Explaining Developments in Digital Tax in Latin America

Explaining Developments in Digital Tax in Latin America

Economies in Latin America are changing rapidly. One important regulatory development for many countries in the region is digital tax, because it captures services delivered online or electronically. The OECD claims that Latin American economies are making real progress to address the tax challenges arising from the digitization of the economy. This international entity also expects that further digital tax developments in Latin America provides stability and certainty in the international tax system.  Managing your company while keeping a careful watch over new regulations is one of the challenges to overcome while doing business in Latin America.  We provide an explanation of digital tax developments in several emerging and developing economies in Latin America, so your business understands its obligations when offering digital services in these markets. Digital tax developments in Argentina  Latin American countries are adapting to a new digital age with the establishment of digital services taxes across the region. The Argentine government levied taxes for digital services under law 27,430 and on a general basis. This regulation includes services carried out through the Internet network or any adaptation or applications, platforms or technology used by the Internet or other networks through which equivalent services are provided. By their nature, these services are basically automated and require minimal human intervention, regardless of the device used for its download, display or use. The regulation of digital services in Argentina has been in place since 27...

Colombia: A Tropical e-Opportunity For Business

Colombia: A Tropical e-Opportunity For Business

As a target destination for startups in e-commerce and Internet advertising, Colombia is booming. This has led to the development of new and outstanding digital companies. In today's technological age, almost all significant business relationships of the organization, such as customers and suppliers, are made and controlled through technology.  Core processes are completed through virtual networks, such as social networks, web pages or applications, which cover the entire company or are linked to multiple organizations both nationally and worldwide. As with any other country, online services are key to business success in Colombia. However, as a developing country, quality e-commerce is very much in hot demand. Learn about the environment of e-commerce and technology in Colombia and understand the potential for success for investors considering company formation in this sector. E-commerce is a formidable force in Colombia Digital companies offer extraordinary opportunities to establish a more flexible global organization and management. In the month of November 2018, over 10 million visits were made to e-commerce sites. Companies can offer attention to customers at any time of the day, from anywhere in the world. It is increasingly clear that digital marketing and commerce is a focus that drives growth and transformation. As Colombia's main sectors grow and develop, so too does the demand for quick, convenient electronic sales and services. In the digital era, consumers are increasingly turning to websites and apps to fulfill their needs. E-commerce in Colombia helpfully...

Why Fintech is Blossoming in Costa Rica

Why Fintech is Blossoming in Costa Rica

If we look back to 2018, we have seen an impressive year for financial technology or 'Fintech' startups. As an interesting note, the market cap of the Matrix FinTech Index grew 50 percentage points in 2018, which is expected to continue its upward trend. The next wave of value creation from younger startups is expected to be even more prominent in 2019, and Fintech venture-backed organizations will support start-ups with existing financial techniques to assist with automatic payments and cloud-based managing. Latin America – and Costa Rica in particular – is quickly responding to this market development. In 2018, the Digital Readiness Index by Cisco measured the digital preparation of 118 countries, 19 of which are from Latin America. According to the index, Costa Rica ranked third in Latin America. Costa Rica is digitally ready to attract foreign investments in the Fintech industry. Fintech developments in Costa Rica Bill Gates - co-founder of Microsoft – once said: "financial services will always be necessary, but not necessarily banks.’’ This statement is an insightful nod to the future of Fintech. Fintech forms a link between finance and technology and is translated into the use of technology to provide financial services or create innovative products that are not related to a physical financial institution directly. In this way, the business model is changing as everything becomes more oriented towards online financial services. The focus has been on enhancing the value to customers such as: providing straightforward online registration processes. resolving customer...

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