The National Banking and Insurance Commission (CNBS) has introduced significant changes to Articles 5 and 20 of the Minimum Guidelines for the Prevention of Unrecognized Transactions involving debit cards, credit cards, and financing products. These reforms aim to strengthen security and transparency in financial transactions. Key Highlights of the Reform 1.Notification to Cardholders Financial institutions…
Category Archives: Blog
17
Dec
Dec
On November 15, 2024, Legislative Decree No. 144, which contains the Law for the Protection of Personal Data, was published in the Official Gazette. Purpose and scope of application The purpose of the law is the protection of personal data, establishing the essential requirements for its legitimate and informed treatment, and guaranteeing the right to…
Blog, Cybersecurity & Data Protection, El Salvador, News
Cybersecurity and Information Security Law in El Salvador
17
Dec
Dec
On November 15, 2024, Legislative Decree number 113 was published in the Official Gazette, which contains the Cybersecurity and Information Security Law. The purpose of the law is to establish the guiding principles and the legal framework to structure, regulate, and supervise the cybersecurity and information security measures of the information systems of the entities…
Analysis, Blog, Costa Rica, Free Trade Zones
The importance of advancing toward a paperless cross-border trade in Costa Rica
11
Dec
Dec
Author https://blplegal.com/wp-content/uploads/2024/12/Articulo-Comercio-sin-papeles_FOTO.png Jocelyn Vargas Customs Consultant Costa Rica E-mail Costa Rica has made significant strides in pursuing a paperless cross-border e-commerce system driven by market demands and its inherent benefits. The paperless cross-border trade initiative established under the framework of the World Trade Organization’s (WTO) Trade Facilitation Agreement aims, among other objectives, to digitalize the…
06
Dec
Dec
On December 3, 2024, Executive Decree No. 44772-H was published, updating the income tax brackets applicable for the 2025 fiscal period, as detailed below: Salary Tax Gross salary from: To Rate $0.0 ₡922.000,00 ($1,814.00 Approx.) 0% ₡922.000,00 ($1,814.00 Approx.) ₡1.352.000,00 ($2,660.00 Approx.) 10% ₡1.352.000,00 ($2,660.00 Approx.) ₡2.373.000,00 ($4,668.00 Approx.) 15% ₡2.373.000,00 ($4,668.00 Approx.) ₡4.745.000,00 ($9,334,00…
Agribusiness, Blog, Guatemala, News, Tax
New Framework Law for the Integration of the Primary and Agricultural Sector in Guatemala
05
Dec
Dec
The Congress of the Republic has approved Decree 31-2024, the Framework Law for the Integration of the Primary and Agricultural Sector. This innovative legislation consolidates the tax collection framework for the primary and agricultural sectors into a single legal text. The initiative aims to address economic distortions in the tax chain caused by a lack…
Blog, Costa Rica, Free Trade Zones, News, Sanitary Registration of Products
New Regulation Streamlines the Entry of Raw Materials for Free Trade Zones into Costa Rica
02
Dec
Dec
The Ministry of Foreign Trade and the Ministry of Health have issued regulations under Decree No. 44696-S-COMEX, allowing the admission of products of sanitary interest or their raw materials into the free trade zone and active improvement regimes without requiring sanitary registration or authorization notification, considering the following: The products of sanitary interest or their…
Banking & Finance, Blog, Environmental, Social and Governance (ESG), Honduras, News
BLP advises on Honduras’ first foreign currency sustainable green bond issuance
02
Dec
Dec
BLP is proud to have acted as local legal advisor for Santander US Capital Markets LLC and Citigroup Global Markets Inc. in the Republic of Honduras’ first sovereign green sustainable bond issuance. This historic transaction, carried out in the international capital markets, marks a significant step for the country in advancing projects focused on sustainability…
Banking & Finance, Blog, Costa Rica, News
BLP advised IFC on a $20 Million Investment in Grupo Farmanova Intermed (GFI)
28
Nov
Nov
BLP advised the International Finance Corporation (IFC), a member of the World Bank Group, on an investment of up to USD 20 million in Grupo Farmanova Intermed (GFI), a regional leader in marketing, sales, distribution, and logistics. This investment aims to expand access to high-quality, effective, safe medicines in Central America and the Caribbean. The…
27
Nov
Nov
On November 20, 2024, the Congress of Guatemala urgently approved Decree 32-2024, the “Competition Law.” This approval marks a significant milestone for the country, aiming to promote a competitive market, attract foreign investment, and boost national economic growth. The new law seeks to prevent anti-competitive, monopolistic practices or practices that limit market access for small…