Industries and markets

Brazil: Confaz published 9 new ICMS Agreements

The National Council of Economic Policies (Confaz), published 9 new ICMS agreements on February 6, 2020:   ICMS AGREEMENT No. 1 Amends ICMS Agreement 190/17, which concerns tax credits arising from tax or financial-tax exemptions,

Colombia: New special import declaration for “zonas francas”

Zonas francas are free zones that profit from special tax treatments. Through Resolution 000007 of January 28, 2020, the Colombian tax authority DIAN created the Special Import Declaration requirement and repealed Resolution 059 of 2019

Brazil: Alignment with the OECD transfer pricing guidelines

A recently published joint report by the OECD and the Brazilian tax authority Receita Federal do Brasil (RFB) provides that the OECD expects Brazil to fully align with the OECD transfer pricing standards. This is

Social Tensions Halve Chile’s Economic Growth in 2019

“The Central Bank has revised its 2019 increase in GDP downward from 2.5 to 1.2 percent, the worst result in ten years.”

Mexican migrants send home $36 billion, remittances rise 7%

“It was the highest level of remittances on record, and is higher that the $25 billion in income Mexico receives from foreign tourism or the country’s $22.4 billion in annual petroleum exports.”

Uber ready to take dispute with Colombia to international arbitration

“Citing violation of a trade deal with the United States for escalating the dispute, the ride-hailing firm said its initial calculations suggest damages from suspending its service in Colombia will exceed $250 million. “

GeoPark Announces New Gas Field Discovery in Chile

“GeoPark Limited, ein führender unabhängiger lateinamerikanischer Öl- und Gasexplorer, -betreiber und -konsolidierer mit Betriebs- und Wachstumsplattformen in Kolumbien, Peru, Argentinien, Brasilien, Chile und Ecuador, gab heute die Entdeckung des neuen Jauke Oeste-Gasfelds im Fell-Block bekannt

Brazil: New INSS tables published

The Special Social Security and Labor Secretariat, through SEPRT Ordinance No. 914 of 1/13/2020, disclosed the percentage of readjustment of benefits paid by the National Social Security Institute – INSS. The contribution tables of the

Brazil willing to discuss with OPEC, but not prepared to join the cartel

“Brazil has decided to stay out of OPEC for the time being as it seeks to expand its oil production, according to media reports quoting energy minister Bento Albuquerque. “The idea is just to increase

Reformist Brazil: government procurement contracts will be open to foreign companies

“The new rules will mark a bold change in how foreign companies can operate in a country that has been plagued by corruption.”