Regulatory efforts in Fintech matters in Guatemala
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Regulatory efforts in Fintech matters in Guatemala

In Guatemala, there is currently no specific legislation or regulation applicable to Fintech. However, due to the rapid growth and evolution of this ecosystem in the country, the Monetary Board, through proposals from the Banking Superintendency (SIB), has issued regulations related to the management of technological risks and even a draft law on electronic money…

Cybersecurity and personal data in the Fintech environment in Costa Rica
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Cybersecurity and personal data in the Fintech environment in Costa Rica

Currently, the issue of cybersecurity is of particular importance for companies operating in the Fintech ecosystem, which, precisely, operate at the intersection between finance, technology, and regulation, coupled with the exponential growth in the use of technological and digital means for the execution of financial transactions. Cybersecurity or information security of an entity or virtual…

Aspects on the implementation of the Electronic Payment Service Provider Entities (EPSPE) regulation in Honduras
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Aspects on the implementation of the Electronic Payment Service Provider Entities (EPSPE) regulation in Honduras

In previous months we wrote about the entry into force of the Regulation of Electronic Payment Service Providers (EPSPE). Now that the deadline has passed for companies in this area to adapt and register in the EPSPE registry, which for such purpose is kept by the Central Bank of Honduras, and based on our experience…

Legal aspects and trends in the use of electronic signature in Central America
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Legal aspects and trends in the use of electronic signature in Central America

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…

Audited financial Statements and SAT in Guatemala
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Audited financial Statements and SAT in Guatemala

Since November 2021, the Tax Administration has made some communications with taxpayers requiring some specific forms regarding the presentation of reconciliations and audited financial statements, when applicable. It is important to start by defining who is obliged to submit such financial statements to the Tax Administration. Several legal bodies place this obligation. Income Tax In…

Joint and several liability of the legal representative in tax matters in Nicaragua
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Joint and several liability of the legal representative in tax matters in Nicaragua

Nicaraguan law requires companies to register as taxpayers with the General Revenue Directorate (DGI). The Single Registry of Taxpayers includes basic data of the company, such as: shareholder composition, current board of directors, fiscal domicile, economic activity, legal representative, etc. It is the taxpayer’s obligation to keep this information updated, being necessary to carry out…

New Income Tax Law proposed in Costa Rica
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New Income Tax Law proposed in Costa Rica

On May 18, 2023 the Executive Branch submitted five bills to the Legislative Assembly related to fiscal and public finance matters. The aforementioned bills are: File 23759: Modification of the Tax Code regarding joint and several liability in tax matters. File 23760: New Income Tax Law. File 23761: New Vehicle Property Tax Law. File 23762:…

Crimes and Misdemeanors in Migratory Matters in Central America
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Crimes and Misdemeanors in Migratory Matters in Central America

There are several crimes and administrative offenses that may be incurred in immigration matters. Within the Central American region, these offenses are punished in different ways, depending on the seriousness of the case. The regulating and sanctioning entity in the countries of El Salvador, Nicaragua, Costa Rica, and Honduras is the Directorate of Migration and…

The myth of fiscal regressiveness in Honduras
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The myth of fiscal regressiveness in Honduras

Sophists were ancient Greek philosophers who, among other things, taught the art of the use of words. Their methods were not always entirely ethical, and it is said that they practiced the art of presenting the false as true. A sophism, therefore, is an argument that appears to be true, but which at bottom is…

The right to employment for individuals with disabilities in El Salvador
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The right to employment for individuals with disabilities in El Salvador

By: Carlos Rodriguez El Salvador ratified Convention 111 of the International Labor Organization (ILO) in 1995, which in its Art 5, establishes that special measures for the protection of vulnerable people, including people with disabilities, are not discriminatory; therefore, it has enacted a diverse legislation that tends to apply these favorable measures for people with…

Law for the promotion of innovation and manufacturing technologies in El Salvador
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Law for the promotion of innovation and manufacturing technologies in El Salvador

By: Suzanne de Tablas The “Law for the Promotion of Innovation and Manufacturing of Technologies” was recently approved by the deputies of the Legislative Assembly with 69 votes in favor. The purpose of this law is the following: Contribute to the economic growth and sustainable development of El Salvador. Accelerate innovation and technological manufacturing such…

Self-Employed workers law in Costa Rica
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Self-Employed workers law in Costa Rica

In the absence of publication in the Official Gazette La Gaceta, the “Law of the Self-Employed Worker” is already a reality. The new regulation is composed of only two articles and two transitory articles; however, its content brings substantial changes in favor of thousands of independent workers. The first article of the law defines an…