Month: May 2020

El Salvador: Official guide for implementing the temporary law to facilitate compliance with tax obligations under the national covid-19 pandemic emergency

Written by: William Escobar   The Tax Administration has published on the website of the Ministry of Finance, the “APPLICATION GUIDE OF THE TEMPORARY LAW TO FACILITATE THE VOLUNTARY FULFILMENT OF TAX OBLIGATIONS UNDER THE NATIONAL EMERGENCY OCCASIONED BY THE COVID-19 PANDEMIC“.   The objective of this tax guide is for taxpayers to have a …

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Guatemala: Insolvency law in Guatemala: a necessary tool to alleviate the negative economic effects of COVID-19

The current Covid-19 pandemic is affecting the economy worldwide, and the countries of the Central American region are no exception. In recent months we have seen how the governments of Central American countries have adopted a series of plans and programs to mitigate the negative effects on their economies and thus protect, as much as …

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El Salvador: Extension of the suspension of the judicial and administrative periods in the framework of the quarantine by COVID-19

Written by: William Escobar   By means of Legislative Decree No. 644 dated May 14, 2020, published in the Official Bulletin No. 99, Volume No. 427 dated May 16, 2020, the TEMPORARY PROVISION FOR THE EXTENSION OF JUDICIAL AND ADMINISTRATIVE TIMES WITHIN THE FRAMEWORK OF THE LAW REGULATING ISOLATION, QUARANTINE, OBSERVATION AND SURVEILLANCE BY COVID-19 …

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El Salvador: Temporary law to facilitate compliance with tax obligations under the national emergency of COVID-19 pandemic

Written by: William Escobar By means of Legislative Decree No. 643 dated May 14, 2020, the “TEMPORARY LAW TO FACILITATE THE VOLUNTARY FULFILLMENT OF TAX OBLIGATIONS UNDER THE NATIONAL EMERGENCY OCCASIONED BY THE COVID-19 PANDEMIC” was approved, which we will hereinafter refer to simply as the “temporary law“, which was published in the Official Bulletin …

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Frequently asked questions on Labor Law in the face of COVID-19 in Central America

Can the employer suspend the employment contracts of his staff? In Guatemala, employers may suspend the employment contracts of their personnel, provided that the economic activity of the employer does not fall within the exceptions established in the government provisions due to COVID-19. In the case of El Salvador, for activities that can operate, it …

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Frequently asked questions on Tax Law in the face of COVID-19 in Central America

Is there an extension for filing tax returns? In the case of Guatemala, the Tax Administration has not published any other extension, for the compliance of tax obligations, apart from the one published in April. Therefore, tax obligations must be paid according to the deadlines established by law. On the contrary, in El Salvador, tax …

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Corporate Law FAQs before COVID-19 in Central America

Can I suspend the fulfilment of contractual obligations due to the economic slowdown? In Guatemala, you cannot unilaterally suspend the fulfillment of contractual obligations. However, through Decree 12-2020, the Emergency Law to protect Guatemalans from the effects caused by the Coronavirus pandemic, it is decreed that, in case of non-payment of fees to educational centers …

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Consortium Legal is recognized for Excellence at the IFLR Awards

The International Financial Law Review (IFLR) announced the winners of the IFLR 2020 Awards, which recognize transactional excellence of law firms in the Americas. Consortium Legal has been recognized with the following awards:   Central America Firm of the Year Central America Banking and Finance Firm of the Year Central America Capital Markets Firm of …

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Guatemala´s 2020 Sovereign Bond Issuance

Consortium – Legal (Guatemala) acted as Local Counsel for BofA Securities, Inc. as Global Coordinator, Sole Bookrunner and Social Bond Structuring Agent on the Republic of Guatelmala’s US$1.2 billion sovereign dual-tranche bond issuance, comprised of:(i) US$700,000,000 aggregate principal amount of additional 6.125% Notes due 2050, through a reopening of the Republic of Guatemala’s original 2050 …

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Honduras: Electronic Signature Law Reforms and Contracts Through Online Means

Written by: Karla Andino   In the context of the crisis caused by COVID -19, electronic contracting becomes increasingly important and necessary due to the series of restrictions that individuals and societies face and that impede the ordinary course of business. Although it is true that Honduras already had a legal framework that recognizes the contracting …

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