Industries and markets

Publication of version 7.0.5 of the Digital Accounting Bookkeeping (ECD) program

On July 7, 2020, version 7.0.5 of the Digital Accounting Bookkeeping (ECD) program was published, with the following changes:   Improvement of the program’s performance in validation Correction of the DRE validation rule, when there

Brazil: Version 6.0.4 of ECF Program published

ECF is an acronym for “Escrituração Contábil Fiscal” and describes an accounting bookkeeping report that is an ancillary obligation due under SPED. Like ECD, the ECF  submits the data generated for the previous calendar year 

Brazil Zeroes Common External Tariff on Wheat, Sparking Argentine Protests

“Brazilian mills urged the government to expand the quota with free tariff to other markets for fear of wheat shortages in the neighboring country. Argentines deny risk of supply shortages.”

Pressured by Peru’s President, Parliament Passes Anti-Corruption Reform Bill

“Among the political positions that will no longer be exempt from prosecution are judges from the Constitutional and Supreme Courts, Ministers, and even the President himself.”

“Final” Offer Made by Argentina to Creditors; Blackrock Is Reluctant to Agree

“The offer was submitted to the US Securities and Exchange Commission (SEC) and provides for the repayment of US$53.3 for every US$100 of debt incurred during Mauricio Macri’s term of office (2015-2019).”

Mexico: Virus still out of control, another lockdown will be required

“‘Stay-at-home’ measure seen as a failure because many people had no option but to continue working.”

Argentina: New reporting deadlines for transfer pricing reports

The Argentine Tax Authority (AFIP) published a general resolution on July 8, 2020 that extends the deadlines for transfer pricing reports for previous years. By extending the deadline, the tax authorities are trying to meet

Brazil: Separate COFINS regime for digital sector companies

Brazil has introduced a legislative proposal to introduce a separate COFINS tax system for legal entities in the digital economy (Draft Law No. 131/2020). COFINS (Contribuição Para O Financiamento Da Seguridade Social) is a social

Brazil’s President Bolsonaro tests positive for coronavirus

“He said he is taking hydroxychloroquine, the anti-malaria drug that he, like President Donald Trump, has been promoting even though it has not been proven effective against COVID-19.”

Economists Release Manifesto for Post-Pandemic Brazilian Economic and Tax Reform

“In order to sidestep the polarization between so-called “developers” and “liberals”, the authors propose an agenda focused on increasing the efficiency of public policies.”