Article 63 of the Social Security Law of 1982, in accordance with the provisions of article 83 of the Labor Code of 1945, established the definition of occupational accident as death or any organic injury or functional disturbance, permanent or transitory, immediate, or subsequent, produced by the sudden action of an external cause arising out…
The legal directory International Tax Review (ITR) recognized Consortium Legal as “Central America Tax Firm of the Year” at the annual gala held last Thursday, September 14 in New York City, United States. The event brought together the best law firms in the continent to highlight their work in the most innovative transactions of 2022,…
Under good business practices, a company can implement and design systems, policies, and procedures for the preventive control of regulatory risks of companies. Generating a culture of prevention for the sake of regulatory and procedural compliance in the operation of a company will determine the success, since it will allow an early visualization of possible…
Article 103 of the Tax Code of the Republic of Nicaragua and its amendments (CTr) regulates the obligation of all taxpayers to register and keep their information updated in the Single Taxpayers Registry (RUC) of the General Revenue Directorate (DGI) of the Ministry of Finance and Public Credit (MHCP). For such purposes, the Tax Administration…
On December 14, 2022, the Central Bank of the Republic of Nicaragua (“CBN”) approved Resolution CD-BCN-LXXX-1-22 “Check Truncation Regulation” (hereinafter, the “Regulation”) with the in order to regulate and establish the requirements and procedures that must be met in the process of truncation of bank checks by the participants of the Nicaraguan Interbank System of…
On July 25, 2023, the Supreme Court of Justice through the National Council of Administration and Judicial Career, approved Agreement Number 577, which amends the Operating Regulations of the Registry of Final Beneficiaries of Commercial Companies in Nicaragua. This instrument established new articles and guidelines to comply with the Final Beneficiary Registry. In this partial…
The terms of commercial transactions are set by the parties according to market trends. In this reality, lawyers play the role of legal architects during the transactional design process. To the extent that the parties have at their disposal one or more talented, strategic, and experienced legal architects, the conditions are more favorable for any…
It may sound obvious, but historically, economics has recognised that the profits of any business are obtained after selling or transferring an asset, at a higher value than the cost of acquiring it by the transferor. This profit margin, or greater value, has always represented income and indicates that the recipient has gained something (hence…
In accordance with Art 82 of Law No. 562 “Tax Code of the Republic of Nicaragua” (CTr) and its reforms, in any procedure before the Tax Administration, the taxpayer may act personally or through a legal representative duly accredited with sufficient power of attorney. In this sense, Art 103 determines that it shall be the…
Introduction In our different jurisdictions we saw that the application and implementation of electronic signatures was accelerated during the pandemic and in recent years, Central American countries have passed legislation that gives the same legal validity and effectiveness to electronic signatures as handwritten signatures. Today, we are beginning to hear of some precedents from regulatory…
Nicaraguan law requires companies to register as taxpayers with the General Revenue Directorate (DGI). The Single Registry of Taxpayers (DGI) contemplates basic data of the company, such as: Shareholder composition. Current Board of Directors. Tax domicile. Economic activity. Legal representative. It is the taxpayer’s obligation to keep this information updated, being necessary to carry out…
In Nicaragua, not in all geographical areas there is the possibility of obtaining drinking water for human consumption through a network of aqueducts that guarantees, in addition to its accessibility, the quality of the water resource. The need or demand to obtain water for human consumption also becomes palpable depending on certain dates or times…