LATAM LAW

Legal insights on issues important to Latin America

By: Diego Noguera, Matías Zegers and Mauricio Halpern On November 20, 2018, Law No. 21,121 was published in the Official Gazette, modifying the Criminal Code regarding bribery, and Law No. 20,393 about criminal liability of legal entities. In addition to increasing the penalties for bribery crimes, the aforementioned amendment of the Criminal Code criminalizes bribery between individuals and unfair administration, setting forth penalties of deprivation of liberty, fines and seizure of the profits that…
By: Alex Jorge, Leonardo Rzezinski, Rosana Gonzaga Jayme, Humberto Lucas Marini, Renato Lopes da Rocha and Marcella Hill The Brazilian Tax Revenue has published Private Letter Ruling No. 91/2018, as a response by the General Coordination of Taxation (COSIT), which revokes Private Letter Ruling No. 62/2017. The Response to Consultation No. 91/2018, issued in August, clarifies the way in which reinsurance companies are taxed, according to their different ways of operation…
By:  Robert J. Gruendel, Mark A. Waite, Deanna R. Reitman   The United States District Court for the District of Delaware has issued an order and supporting lengthy opinion allowing a judgment creditor holding a $1.2 billion judgment against the Bolivarian Republic of Venezuela to attach common stock owned by Petróleos de Venezuela, S.A. (PDVSA), the national oil company of Venezuela. The stock attached by the order is the common stock of PDV Holdings, Inc.,…
By: Renato Lopes da Rocha On September, 21, 2018, the State of Rio de Janeiro published Supplementary Law n° 182, by means of which the state has granted reductions of amounts due as penalties and interest related to debts of ICMS (Brazilian VAT), motor vehicle taxes (IPVA) owed by individuals, and penalties applied by the State Court of Auditors, assessed or not, enrolled or not as overdue tax liability debts, whose expiration dates occurred up…
By: Augusto Nicolás Mancinelli Argentina’s new Law 27,430 introduces a new taxable event: a Value Added Tax (hereinafter VAT) applicable to the importation of “digital services” rendered by a non-resident to a resident individual or entity when the effective use or exploitation of the service is carried out inside Argentina. An earlier regulation, Decree 354/2018 of April 23, 2018, a deficient attempt to regulate the VAT applicable on digital services, was recently repealed. According to…
By: Augusto Nicolás Mancinelli The Argentine executive branch has established new export duties applicable to goods and services. These new export duties were established by a Decree of the Executive Power (Decree No. 793/2018) issued on September 3, 2018 and published at the official Gazette on September 4, 2018, with immediate effect for the export of goods. The effective date for the application of export duties on services is expected to be January 1, 2019,…
By: Marcelo Etchebarne The financial press continues to portray Argentina as another emerging-market casualty. But, to the contrary, there are a number of positive financial signs, for investors, the country and the marketplace, in today’s Argentine economy. In fact, President Mauricio Macri’s Administration has put in place a number of fiscal policies and governmental reforms that will have a positive long-term impact, and the country is already beginning to reap benefits from these changes. In…
By: Felipe Bahamondez and Paulina Farias Published by: Getting the Deal Through What is the relevant legislation regulating the award of public contracts?   Act No. 19,886of 30July2003about the Administrative Contracts Bases for Supply and Provision of Services (Act No. 19,886/2003) (the Act), and its regulation, Decree No. 250of 24September2004, set the basic rules for the procurement of goods and services by public entities. The Act establishes, as a general procurement rule, the public bidding…
Guest post from our friends at Bergstein Abogados Uruguay requires online companies incorporated abroad, with no presence in Uruguay, to pay taxes in Uruguay whenever their clients are located within Uruguayan territory. Online services providers (such as Netflix and Spotify) are subject to VAT at the rate of 22 percent, plus Non-Residents Income Tax (so-called IRNR) at the rate of 12 percent, both assessed over the sales price. Online services intermediaries (such as Airbnb) are…
Brazil has taken a significant step to protect the personal data of Brazilians with the enactment of the first specific law on the subject. Bill of Law 53/2018, approved by the Senate on July 10, 2018, will be sent to the President for signing into law. The President will have 15 business days to sign it, but it is not yet clear whether whether any particular items in the law will be vetoed. After presidential…