Industries and markets

With local elections looming, Brazilian congress overturns Bolsonaro veto on social spending

“Brazil’s Congress overturned a presidential veto on Wednesday in an ongoing battle over appropriations with President Jair Bolsonaro, doubling social assistance for elderly and disabled people that will cost an extra 20 billion reais (US$

Panama: e-Invoicing duty and new provisions on tax equipment

In Panama, the new e-Invoicing Decree 115 has been signed on January 30, becoming effective as of July 30, 2020. Thus, Panama is following the lead of its Latin American counterparts such as Brazil, Argentina

Germany’s Thyssen and Embraer to build four frigates for the Brazilian Navy

“The companies did not disclose the price tag. The Brazilian navy website said the four-ship program will cost about US$ 2 billion.”

Petrobras Shares Record Worst Drop in 34 Years; Oil War Threatens Government Revenue

“The dispute between Saudi Arabia and Russia should adversely impact Petrobras’ revenues, pre-salt exploration, ethanol production, and government revenue.”

Central Bank Sells US$3 Billion of Reserves to Counter Bullish Dollar

“The US currency hit R$4.80 on Monday morning amid an oil crisis that dropped as much as 30 percent; in the afternoon, another dollar auction was held.”

Mexican president says BlackRock interested in investing in ‘Mayan train’ project

“The 1,470 km (913 miles) project is designed to link tourist hot spots and spur development on the Yucatan Peninsula. The cost of the project is estimated to be just under $8 billion.”

Mexico: New SAT format

Mexico has introduced a new tax reporting format for legal entities. What are the characteristics of the new SAT format? In recent weeks, the Mexican Tax Administration Service (SAT) announced the new format of the

Argentina: Another Deadline delay for Transfer pricing compliance rules

In 2018, Argentina had introduced new transfer pricing compliance rules by Law N° 27.430 and by Decree N° 1.170. These were supposed to come into effect by late 2019. These changes affect transfer pricing rules

Latin American currencies weakened on Thursday’s; Brazil Real slides to a record low

“Brazil’s real continued its slide, down 0.6% to a new low of 4.6114 to the dollar, while Mexico’s peso lost more than 1% in what could be its third straight session of losses. Colombia’s currency

Brazil and Argentina disputing the presidency of the Inter American Development Bank

“Brazil plans to push for its own candidate to lead the Inter-American Development Bank, vying with Argentina for the regional lender’s top job, as President Jair Bolsonaro seeks to capitalize on the political alliance with