Thanks to its proximity to the United States, Mexico has become an attractive investment hub. Mexico’s manufacturing capabilities align well with this trend, positioning the country favorably to seize the opportunity. We hope that this guide will give you an initial perspective into the fundamentals of ramping up operations in Mexico.
On 15 March 2024, Ministerial Resolution No. 000069-2024-PRODUCE was published, approving the Annual Plan for Environmental Assessment and Control (PLANEFA) for the fisheries subsector and the aquaculture subsector of the Ministry of Production for the year 2025. The PLANEFA is a planning instrument through which each Environmental Audit Entity (EFA) schedules the environmental audit actions to be carried out during the corresponding calendar year. This plan is essential to strengthen coordination between the Peruvian Environmental Assessment and Enforcement Authority (OEFA) and the EFAs in the formulation, execution and evaluation of their respective environmental auditing plans.
The Brazilian Institute of the Environment and Renewable Natural Resources (IBAMA) established a new way of calculating the Environmental Control and Inspection Fee (TCFA) and, as of the first quarter of 2024, the economic size to be declared by subsidiaries will be the economic size of the parent company and the subsidiary jointly, considering the annual gross income of the legal entity as a whole for the basis for calculating this fee.
By means of Decree No. 302/2024, published in the Official Gazette on 10 April 2024 (“Decree”), the National Executive Branch (PEN for its acronym in Spanish) has amended Argentine Digital Law No. 27,078 and repealed Decree No. 690/2020.
The Decree’s main purpose is to free the market and to develop Information and Communication Technology Services, allowing licensees to freely set prices, which shall be fair and reasonable; cover the operation costs; and aim at efficient provision and a reasonable operating margin.
On 13 March 2024, Ministerial Resolution No. 104-2024-MINEM/DM (“Resolution”) was published. It approves the administrative measures that are subject to the prior consultation process in the electricity subsector. This Resolution annuls the regulations contained in Ministerial Resolution No. 209-2015-MEM/DM, only with respect to the electricity subsector.
The rise of conscious consumerism has led to consumers actively seeking out sustainable, environmentally friendly and ethically produced goods. In response to this growing demand, many consumer goods and retail (CG&R) companies have embraced sustainability and green credentials as a marketing tool, but is this greenwashing? Baker McKenzie produced this guide to outline the legal landscape, regulations and key actions CG&R companies can take to mitigate the risks associated with greenwashing claims in Latin America.
On 13 March 2024, the Brazilian IRS published Normative Instruction 2.180/24 (“IN 2.180/24”), which provides for the taxation of income earned by individuals resident in Brazil from non-interest-bearing deposits abroad, foreign currency held in kind, financial investments, controlled entities and trusts abroad, as well as the option to update the value of assets and rights abroad.
The long-awaited IN 2.180/24 regulates Law 14,754/23, which was passed on 12 December 2023 and brought important clarifications regarding the taxation by Income Tax of individuals (IRPF) with assets abroad.
On 27 March 2024, Decree No. 281/2024 (“Decree”) was published in the Official Gazette. The Decree extends the deadline for repatriating financial assets of at least 5% of the total value of assets located abroad from 31 March 2024 to 30 April 2024, inclusive.
As a reminder, the applicable personal assets tax rates for assets located abroad will be the same as those applicable to assets located in Argentina if, before 31 March of each year, taxpayers repatriate financial assets of at least 5% of the total value of assets located abroad and if certain additional requirements have been met.
On 19 March 2024, the Public Notice of Special Settlement Agreement No. 1/2024 was published, which provides for the opening of the Zero Litigation Program 2024, a new special settlement agreement for tax debts in administrative litigation within the scope of the IRS of Brazil, the value of which, per litigation, is up to BRL 50,000,000.00. Discounts and payment terms will be determined according to the degree of recoverability of the debts. The deadline for joining the Program is 1 April 2024 to 31 July 2024.
On 3 April 2024, the Federal Revenue of Brazil (RFB) issued Normative Instruction No. 2184/2024, which regulates the tax transaction provided in Article 14 of Law 14789/2023. This transaction aims to encourage companies to pay IRPJ and CSLL (corporate income taxes), resulting from the exclusion of investment subsidies made in disagreement with Article 30 of Law No. 12973 of 13 May 2014, provided that they have not been subject to assessment.