Salarial increase for the private sector starting in 2023 in Costa Rica
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Salarial increase for the private sector starting in 2023 in Costa Rica

On Monday, October 24, 2022, the National Wage Council (CNS) agreed on a wage increase for minimum wages in the private sector, effective January 1, 2023. The increase will be 6.62% for all salary categories. An additional 2.33% will be granted to domestic service salaries. Likewise, the adjustments determined in the salary homologation process will…

Criminal liability of legal representatives in Honduras
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Criminal liability of legal representatives in Honduras

By: Grossnie Velásquez Have you ever found yourself wondering about the criminal liability of legal representatives? In this article we will try to explain the different legal concepts and principles involved when it comes to the criminal liability of legal representatives. We will explore how these principles apply in various scenarios and understand their importance…

Fiscal Trends in Central America
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Fiscal Trends in Central America

The Central American region has been characterized by a very dynamic economic, political and social development, which has permeated the design of fiscal policies in each country. Under this reality, the tax component is consolidated as one of the most important elements of analysis for those who do business in the region, given the development…

New technical regulations for risk management of money laundering, terrorist financing and financing of weapons of mass destruction in El Salvador
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New technical regulations for risk management of money laundering, terrorist financing and financing of weapons of mass destruction in El Salvador

By: Marcela Zelaya The purpose of the Anti-Money Laundering Law is to prevent, detect, sanction and eradicate the crime of money laundering, as well as its concealment, expressly stating that financial entities must adopt policies, rules and mechanisms of conduct, as well as develop and implement programs, standards, procedures and internal controls to prevent activities…

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Update of data in the taxpayer registry of the general directorate of revenues in Nicaragua

By: Jean Paul Aguirre Following the tax reforms that came into effect in 2019, the obligation to update the taxpayers’ data in the Single Taxpayers’ Registry (RUC) every two years was established, under penalty of fines. The General Revenue Directorate has an inspection plan to verify compliance with this obligation, therefore, taxpayers are notified Tax…

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The validity of the electronic signature on a promissory note and its enforcement in an executive judgment

By: Melissa Morán The promissory note is a credit instrument that entails an unconditional promise to pay a determined sum of money and must comply with certain general and specific requirements in order to be valid, pursuant to the Code of Commerce, Decree 2-70 of the Congress of the Republic and its amendments (the “Code…

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Amendments to the Value Added Tax Regulations in Guatemala: Can CF invoices be issued?

By: Mario Estuardo Archila Regarding the amendments to the VAT law regulations published on October 14, 2022 that restrict the possibility of issuing “final consumer” invoices above certain amounts, we can comment on the following: The VAT law regarding invoice issuance obligations establishes: “ARTICLE 29. Mandatory documents. The taxpayers subject to the tax of this…

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Questions and answers on data protection in Central America

Is there general legislation related to the right to privacy and/or informational self-determination? In Central America, the Political Constitution of each country regulates the right to privacy and/or informational self-determination. In the case of Guatemala, the Constitutional Court, with respect to the recognition and protection of the rights to intimacy and privacy, has indicated that…

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Cryptoassets market bill in Costa Rica

On October 24, a bill called “Cryptoassets Market Law” was submitted to the Legislative Assembly of Costa Rica, under file No. 23.415. The proposal seeks to generate greater financial inclusion and modernize Costa Rica’s digital economy through the promotion and regularization of the mining, commercialization, exchange, transfer, holding, establishment, use and taxation of cryptoassets. In…

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Contractual recommendations on the disappearance of the Libor rate in financing contracts entered into in Central America

Regional Banking and Finance Team Introduction By virtue of the discontinuation of the Libor rate for one (1) day, one (1), three (3), six (6) and twelve (12) month terms, as of June 30, 2023, as communicated by the authorities in charge[1], banks and other financial institutions worldwide, have decided to modify by means of…

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Aspects of the auditing process in Honduras

By: Aida Sierra The Revenue Administration Service (SAR), has within its attributions to carry out procedures of Determination to the taxpayer that consist of verifying the existence of a generating fact or the information presented by the taxpayer in its declarations. These procedures may be integral or partial, the ex officio determinations are also called…

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Collective management entities in El Salvador

By: Suzanne de Tablas Collective Management Societies represent an effective tool for protecting authors and other holders of intellectual property rights. Through Collective Management, authors seek to receive economic compensation for the use and enjoyment of their works. The first Collective Management Society was created in France in 1850. Collective management represents an option within…