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Regulatory Update: 7 LatAm Offices Report Changes in November 2021


The legal and accounting teams at Biz Latin Hub’s offices in Bolivia, Brazil, Colombia, the Dominican Republic, Ecuador, El Salvador, and Mexico reported the following regulatory updates in November 2021 that could affect your business interests.

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Three notable changes to Bolivia’s regulatory framework were made by the government and institutions in November.

Regulation activity Business outcomes
Decree Supreme N°4616

Published: November 10th
Establishes conditions for the application  investments’ incentives in Hydrocarbon Exploration and Exploitation.
Law 1407

Published: November 10th
Plan for Economic and Social Development 2021-2025
Law 1409

Published: November 14th
Law No. 1386 of August 16th, 2021, “Law of National Strategy to Combat the Legitimation of Illicit Profits and the Financing of Terrorism”


One notable regulation update was introduced by the Brazilian government in November.

Regulation activity Business outcomes
Federal Decree 10854 /2021

Published: November 10th 2021

Rules governing labor legislation. This includes outsourcing.ThSalary, and other provisions.


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

Regulation activity Business outcomes
Law 2157

PublishedDate: Oct 29th 2021

Regulations of Habeas Data pertaining to information, financial and credit services from third-country.
Decree 1399

Published: September 29, 2021

Regulation of the tax incentives for new jobs creation

Dominican Republic

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

Regulation activity Business outcomes
Law 338-21

Published:November 4, 2021

Law 338-21 amends Law 189-11 to the Development of the mortgage market and trusts. It provides that trusts established to construct low-income homes are exempt from corporate income, capital gains, and property taxes, as well as any other fees and taxes related to construction activities.


One notable regulation update was made by the Ecuadorian government in November.

Regulation activity Business outcomes
For organic law
Economic Development
Financial sustainability
Following the COVID-19 pandemic

Published:November 29th 2021

Tax reforms that will be important in 2022.
Reform and elimination of taxes

El Salvador

El Salvador’s government, along with its institutions, introduced a notable update in November.

Regulation activity Business outcomes
Foreign Affairs Committee gives favorable verdict on Foreign Agents Law

Published:November 16th 2021

Congress proposed the Law on Foreign Agents in El Salvador: law would oblige any person or organization in El Salvador that carries out activities “that respond to interests, are controlled or financed, directly or indirectly by a foreigner” to register as “foreign agents”. In the event that the agency fails to register, the government can shut it down. Additionally, all registered foreign agents are prohibited from participating in activities that could compromise the stability and security of the country.


In November, the Mexican government and institutions made four important regulatory changes.

Regulation activity Business outcomes
Federal Income Law, Fiscal Year 2022

Published: November 12,, 2021
Mexico’s government projects that it will earn 12.59% more revenue in 2020 than 2021. That means they will apply stricter tax compliance inspections, as well as other income-generating mechanism.
Spanish translation of Income Tax Law: Amendments, Reforms, and Repeals

Published: November 10th
The previous “Tax Incorporation Regime” is eliminated and replaced with the so-called “Trust Regime” for the fulfillment of tax obligations.

Certain rules governing personal deductions can be modified or eliminated, such as those relating to onerous gifts.

The Law incorporates new rules for legal representatives foreign persons. It will require supporting documentation regarding the payment of taxes by the principal. This document must be available for five years starting from the date they were filed. After the declaration is submitted, you can voluntarily accept joint and multiple liability. This will not exceed contributions the foreign principal must make and your assets should be sufficient to answer as joint obligor.

Spanish: Reforms, additions, and repeals of the VAT Law (LIVA).

Published: November 12, 2021
Now, both animal and human foods will have the same 0% VAT rate.
Precepts are added to define the concept of “not subject to tax”.
The Federation Tax Code: Reforms, additions and abrogations (CFF) in Spanish

Published: November 12, 2021

Some rules for issuing “Digital Tax Receipts” (Digital Invoices) are modified for both the issuer and the recipient.
Some of the rules governing the inspection of tax authorities have also been modified.

Biz Latin Hub will help you to do business in Latin America

At Biz Latin Hub, our multilingual company formationOur team of legal, recruiting, accounting and financial professionals is ready to assist you in Latin America and Caribbean business. With our complete range of back-office and market entry services, clients can rest assured that they are compliant with all current regulations and have their commercial bases covered.

Contact us nowFind out more about how to comply with regulatory requirements in Latin America and Caribbean.

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