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In Tax

Brazil: IRS publishes Normative Instruction regulating the taxation of investments abroad

by , and 4 Mins Read

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.

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In Tax

Argentina: Personal assets tax — benefits for the repatriation of financial assets

by and 3 Mins Read

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.

In Tax

Brazil: Internal Revenue Services publishes public notice for special settlement agreement of tax debts in administrative litigation

by , and 2 Mins Read

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.

In Tax

Brazil: The RFB has issued IN RFB No. 2184/2024 regulating the thesis transaction regarding the Investment Subsidies Taxation

by , and 1 Min Read

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.

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In Tax

Venezuela: Administrative Ruling establishes the procedure and regulations applicable to the contribution to the National Fund for Science, Technology and Innovation

by , and 7 Mins Read

The Ministry of People’s Power for Science and Technology, through the National Fund for Science, Technology and Innovation (FONACIT), issued Administrative Ruling No. 015-004-2024 on 9 January 2024, which established the procedure and regulations regarding the assessment, self-assessment, payment and monthly return filing of the contributions for science, technology, innovation and their applications.

In AML & Financial Services Regulatory

Venezuela: Decree exonerates foreign currency debits that generate certain transactions with securities from paying the Large Financial Transactions Tax

by , and 4 Mins Read

The National Executive Power issued Decree No. 4924 on 21 February 2024, which exonerates the following from paying the Large Financial Transactions Tax (LFTT): (i) debits that generate the purchase, sale or transfer of securities issued or guaranteed by the Republic or the Central Bank of Venezuela, (ii) debits or withdrawals related to the payment of their capital or interest, and (iii) securities traded in different stock exchanges or the agricultural stock exchange, made in a currency other than the legal tender.

In AML & Financial Services Regulatory

Mexico: New Regulation improves digital commerce transactions by allowing the use of electronic credit instruments

by , , and 7 Mins Read

Mexican lawmakers have passed amendments to the General Law on Negotiable Instruments and Credit Transactions and the General Law of Credit Organizations and Auxiliary Credit Activities. These amendments allow the issuance of digital versions of credit instruments, such as certificates of deposit, promissory notes, bills of exchange and checks.

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In Brazil

Brazil: Brazillian IRS publishes Normative Instruction regulating the taxation of investments abroad

by , and 4 Mins Read

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.

In Antitrust / Competition

Colombia: The Superintendence of Companies invites companies to participate in sustainability practices

by , , and 3 Mins Read

In the last few days, the Superintendence of Companies ( “SoC”) has begun to invite various companies under its surveillance and control to participate, on a voluntary basis, in a diagnostic exercise on the implementation of sustainable practices. This is in accordance with Chapter XV of the Basic Legal Circular of the SoC: “Administrative Recommendations for the Submission of the Sustainability Report”.

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