As part of the economic reactivation measures proposed by the Government of Guatemala before COVID-19, on April 17th, Decree 18-2020 came into effect, through which the Congress approved the loan granted by the Central American Bank for Economic Integration – BCIE (for its acronym in Spanish)- for an amount of USD$ 193,200,000.00 for the execution…
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Blog, News
Legislative Assembly of Costa Rica suspends sanctions for lack of registration of final beneficiaries
01
Jan
Jan
Moratorium on sanctions is established for 3 months. The fines that were suspended amount to 2% of gross income of the previous fiscal year, with a minimum of 3 base salaries and a limit of 100 base salaries. On January 29, 2020, the plenary of the Legislative Assembly approved a moratorium for the application of…
01
Jan
Jan
BLP has advised the International Finance Corporation (IFC) on its participation with Banco La Hipotecaria in a $50 million funding to support the growth of residential mortgage lending to low and middle-income families in Panamá and El Salvador. In this cross-border transaction, governed by the laws of New York, Panamá, and El Salvador, the firm…
01
Jan
Jan
GAZETTE SUMMARY BILLS OF LAW Strengthening of Public Finances This bill of law intends to transform the current Sales Tax into a Value-Added Tax that would apply to all services. In addition, it presents important amendmentsto the Income Tax Law, such as the tax on capital gains. (Published in the Digital Appendix No. 120 of…
01
Jan
Jan
GAZETTE SUMMARY EXECUTIVE DECREES Incentives for Electric Vehicles The Regulations under the Law of Incentives and Promotion for Electric Transportation have been issued. The economic incentives for electric vehicles included in the Law are the following: Exemption from the General Sales Tax, proportional Exemption from the Excise Tax, proportional Exemption from the customs duties, proportional…
01
Jan
Jan
From a legal perspective, it is considered that the laws are constantly changing, which requires that the Companies frequently update their knowledge and internal regulations. Nevertheless, the evolution of technology is faster than the evolution of the laws that regulate the labor relationships, because they do not go head to head and this is reflected…
01
Jan
Jan
Weekdays: Restrictions applicable Monday to Friday from 5:00 am to 7:00 pm (with exceptions – see attached communication): Monday – Vehicles with a license plate or AGV permit ending in 1 and 2 do not circulate. Tuesday – Vehicles with a plate or AGV permit ending in 3 and 4 do not circulate. Wednesday – Vehicles…
Blog, News
Publication of the Regulation of the Fund for Employment Protection due to COVID-19 in Guatemala.
01
Jan
Jan
On April 17th, 2020, the Governmental Agreement no. 58-2020 was published on the Official Gazette of Central America, which includes the Regulation for granting the benefit of the fund for employment protection, which establishes the conditions and requirements to access the economic benefit that the State will grant to workers in the private sector, whose…
At BLP, Blog
BLP offers the Private Clients & Estate Planning practice area in Central America to its clients and friends
01
Jan
Jan
As we face the worldwide COVID-19 crisis, the need to document the fate of an individual’s estate through the corresponding legal formalities is now more important than ever. After the effort of years of work, the accumulated assets that make up a person’s heritage merit careful consideration on how to preserve and eventually distribute the…
01
Jan
Jan
Costa Rica, a country of 51,060 square kilometers (19,714 sq. mi.) with a population of approximately 5 million, has recently appeared in the media for its achievements on the management of the COVID-19 health crisis. The fact is that Costa Rica has been doing things differently for a while, and this small country has taken…