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Regulatory Update: 5 LatAm Offices Report Changes in October 2021


The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Chile, Colombia, the Dominican Republic, and Panama reported the following regulatory updates in October 2021 that could affect your business interests.

Biz Latin Hub’s multilingual corporate support teams are based in Latin America and offer customized packages of back-office services that include legal and accounting services.

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Bolivia

In October, the Bolivian government introduced notable changes to its regulatory framework.

Regulation activity Business outcomes
Law N°1398
Published: October 1, 2021
The Registry of Commerce is a public institution that finances the establishment, organisation, operation, and funding of a new public institution.
Decree Supreme N°4596
Published: September 06, 2021
Creates the Plurinational Trade Registry Service – SEPREC. The entity will be operational on April 1,2022.
Decree Supreme N°4600

Published: October 20th 2021
Creates the National Committee for Trade Facilitation – CNFC, establishing its composition and functions.

Chile

In October, the Chilean government introduced a notable update to its regulatory system:

Regulation activity Business outcomes
Law 21.348
Published: October 21st 2021
To comply with BASILEAIII requirements, authorises the Chile Central Bank to capitalize in order for it to conform to the regulations.

Colombia

Two notable updates to the Colombian regulatory system were made by the government and institutions recently.

Regulation activity Business outcomes
Resolution number 63360 of 2021 issued by the Superintendence of Industry and Commerce.

PublishedSeptember 30th 2021

This is how the Industrial Property rates and other provisions will be set.
Resolution No. DIAN (Tax Authority), Resolution Number.

PublishedYou can find this link: September 11th 2021

Chambers of Commerce are responsible for regulating the Single Tax Registry (-RUT) registration and update procedure.

Dominican Republic

Recently, the Dominican Republic government introduced a notable update to its regulatory framework:

Regulation activity Business outcomes
For the Promotion of Capital Markets, Law 163-21

Published:August 6, 2021

The increase in share capital through the issuing of additional shares by companies does not trigger tax. Capital gains from shares sold by publicly traded companies will be subject to 17% capital gains tax instead of the 27% general rate up until August 2024.

Panama

In October, the Panamanian government introduced a notable update to its regulatory system:

Regulation activity Business outcomes
Bill 153 of 2019  that legalizes the use of medical cannabis

Published:August 20, 2021

President has approved the law. This law regulates medicinal and therapeutic cannabis use, and provides a framework to monitor and control access.

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