Industries and markets

Brazil: Release of Digital Accounting Bookkeeping (ECD) Version 7.0.0

Version 7.0.0 of the Digital Bookkeeping (ECD) program has been published, with changes to layout 8  which affects calendar year 2019 normal situations and 2020 special situations.   What layout changes ensue? Inclusion of Block

Mexico: New Tax Regulations for 2020

At the end of December 2019, new tax measures for 2020 (Resolución Miscelánea para 2020) were published in Mexico in the Official Journal, which contain provisions on the following tax issues: VAT Income Tax Act

Fernández’s Stance Regarding Maduro Impacts Brazil/Argentina Relationship

“Argentinian President Alberto Fernández has chosen to distance himself from the policy of isolation from Venezuela’s autocratic leader Nicolás Maduro that characterized his predecessor, Mauricio Macri.”

Bolsonaro Cancels Trip to Davos Economic Forum

“According to the President, the issue between the United States and Iran is unrelated to the cancellation.”

Official Inflation in Brazil for the Year 2019 Closed at 4.31 Percent

“Rate is higher than the 3.75 percent observed in 2018 and also above the center of the inflation target, set by the Central Bank for 2019 at 4.25 percent.”

Mercosur summit in Paraguay will address a review of the external tariff

“The revision of the external tariff of the regional bloc, the updating of all institutional organizations, and the validity of norms appear in Paraguay’s agenda for the biannual presidency of the group.”

Brazil: New INSS tax rates for 2020

With the approval of the reform of social security system (constitutional amendment 103, 2019), new INSS tax rates for wages were set in Article 28. The new rates will apply from March 2020. The INSS

Argentina: Immediate Tax Measures in Force

Since December 23, law 27,541 is in effect in Argentina, which introduces numerous immediate tax measures to support the recovery from the economic crisis. The law contains changes related to: Income tax and withholding tax

Challenging second year ahead for Brazilian president Bolsonaro

“Bolsonaro’s most ambitious legislative win, an overhaul to Brazil’s pension system that prior governments failed to achieve, came on a watered down version.”

Brazil’s 2019 trade surplus shrinks 20%, lowest since recession year 2015

“The surplus in 2020 could be even smaller, Lucas Ferraz, trade secretary at the Economy Ministry, said, as strengthening domestic demand lifts overall economic growth to around 2.3% and spurs imports more than exports.”