https://blplegal.com/blp-web-2021/wp-content/uploads/2022/12/Articulo-Nueva-ley-para-el-consumo-del-cannabis.png Giancarlo Andreoli Senior Associate Costa Rica [email protected] In Costa Rica, recently, Law number 10.113 called “Cannabis Law for Medicinal and Therapeutic Use and Hemp for Food and Industrial Use” was approved, establishing six months to regulate said Law by the Executive Branch, which has executed those regulations as published in the official newspaper La…
Author Archives: BLP
Banking & Finance, Blog, Costa Rica, Guatemala, News
BLP has advised EVERTEC, Inc. and its subsidiaries on refinancing credit facilities
12
Dec
Dec
BLP has advised EVERTEC, Inc. (EVERTEC, or the Company) in Costa Rica and Guatemala on the refinancing of its existing credit facilities; the new credit lines consist of $200 million of extended revolving credit and a $415 million term loan A, both maturing on December 1, 2027. The new term loan and a $50 million…
Blog, Business Law, Guatemala, News
BLP advises Grupo Tecún on selling its automotive division to Grupo Q in Guatemala.
07
Dec
Dec
As of December 1, the Hyundai, Mazda, and Peugeot brands formerly controlled by different companies belonging to Grupo Tecún became part of the automotive portfolio of Grupo Q in Guatemala. BLP’s advice to Grupo Tecún on selling its automotive division to Grupo Q consisted of due diligence for the seller, participation in the auction process,…
24
Nov
Nov
Michelle Avilés Senior Associate Nicaragua [email protected] A free transfer is when the donor (transferor) bestows a benefit or right without being paid, even though the transfer may be subject to the fulfillment of certain conditions, such as an inheritance, donation, or prize. The taxpayer in this type of conveyance is the party who accepts the…
06
Oct
Oct
On October 4, 2022, the Legislative Assembly approved a new Fire Department Law for El Salvador. The purpose of the law is to modernize the fire department, giving it more institutional independence to enable a faster response to an emergency. This law implements an Ad-Valorem tax of 5% on the contracting, extension, renewal, or modification…
Blog, El Salvador, Labor & Employment, News
Reform to the Labor Code increase fines for labor infractions by employers in El Salvador
06
Oct
Oct
Legislative Assembly reforms the Labor Code to increase fines for labor infractions by employers On October 4, 2022, the Legislative Assembly of El Salvador reformed Art. 627 of the Labor Code to increase the fines for labor infractions against books I, II, and III of the Labor Code and those infractions that do not have…
Anti-money Laundering Compliance, Blog, El Salvador, News
New technical rules for the AML prevention in El Salvador
05
Oct
Oct
The Standards Committee of the Central Reserve Bank has issued new Technical Rules for the Management of Money Laundering and Asset Laundering Risks, Financing of Terrorism and Financing of Weapons of Mass Destruction Proliferation (NRP-36). As approved by the Central Reserve Bank on September 23, 2022, the Rules will enter into effect on October 10,…
Blog, Guatemala, Labor & Employment, News
El Salvador publishes a new orientation guide with preferential tax regimes
03
Oct
Oct
The Ministry of Finance has issued the new “general guide to facilitate the recognition of countries, states or territories with preferential tax regimes and tax treatment,” which will be in effect for the 2023 fiscal year. Under the provisions of article 62-A of the Tax Code, the guide facilitates the recognition of countries, states, or…
Blog, Guatemala, Labor & Employment, News
Modification of contributions to the IGSS for part-time work in Guatemala
29
Sep
Sep
The Board of Directors of the Guatemalan Institute of Social Security issued Agreement 1520 on August 4, in which it modifies the Regulation on the Collection of Contributions to the Social Security Regime, including the regulation of contributions in part-time work. Within the Agreement, the bases on which the quotas applicable to part-time work must…
Blog, Costa Rica, Global Mobility & Relocation, News
Renewal process of migratory identity documents for foreigners in Costa Rica
29
Sep
Sep
The Immigration Office informed*, that upon expiration of the term (September 30, 2022) of the extension of the validity of the documents that accredit the legal permanence of foreigners in the country (known as DIMEX or popularly as cedulas de residencia), foreigners will have a term of three months to carry out the renewal procedure….