The Garrigues office in México has, for the sixth consecutive year, received the Empresa Socialmente Responsable (ESR® 2021) award granted by the Mexican Center for Philanthropy (Centro Mexicano para la Filantropía or Cemefi) and the Alliance for Corporate Social Responsibility (Alianza por la Responsabilidad Social Empresarial or AliaRSE) to enterprises that comply satisfactorily with the standards established in the areas of corporate social responsibility.
February 1, 2022 is the key date, when the new Regulation for the temporary performance of activities in innovative new models will come into force.
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).
La Norma de Carácter General (NCG) N° 457, de 19 de julio de 2021, de la Comisión para el Mercado Financiero (CMF), implementa de forma permanente disposiciones de la NCG N° 443 de junio de 2020 que simplificaban la inscripción de títulos de deuda en el Registro de Valores hasta el 30 de junio recién pasado. Asimismo, ciertas emisiones efectuadas por entidades bancarias deberán ahora acogerse a las normas generales para emisores. Se dictan también otras normas sobre información al mercado.
Companies competing in the same market must analyze whether a possible alliance between them is in compliance with the country’s antitrust legislation. To do so, they should bear a number of factors in mind which could be anti-competitive or which, on the contrary, could generate enhancements or efficiencies under the agreement. We analyze below all key points in relation to this type of transactions in Colombia.
The Andean Community Court of Justice (Tribunal de Justicia de la Comunidad Andina or TJCA) has clarified the cases in which arbitrators can request a “preliminary interpretation” (interpretación prejudicial) in the arbitration proceedings they conduct, where they are required to establish, create or apply a statutory principle for the interpretation of Andean legislation in order to settle a dispute submitted for arbitration. The TJCA issued this clarification in a decision handed down in proceeding 01-IP-2021, published in the Official Gazette of the Cartagena Agreement (Gaceta Oficial del Acuerdo de Cartagena) of May 6, 2021.
Transactions with non-performing loans (NPLs) started to take off in the second quarter of 2021, especially in Spain and Portugal. The gradual fading in continental Europe of the health impact of COVID-19, combined with the progress made in vaccinations, have allowed various “sleeping” transactions to be brought back into motion and new transactions to be closed between the first and second quarters of 2021. Meanwhile, in the global arena, there have now been numerous alerts from regulators over the deteriorating quality of financial institutions’ loan assets. The coming to an end of governmental relief or forbearance measures, combined with the heightened impact of COVID-19 on very specific business sectors, are likely to hasten the pace of NPL transactions over coming months.
Software as a Service or SaaS, which allows remote technological support to be offered across borders, raises various questions in tax matters in an interconnected world. In this article, Garrigues tax experts analyze the tax treatment of SaaS in different Latin American countries, in a graphic and simplified way.