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NICARAGUA - 2022 ANNUAL INCOME TAX RETURN


In Nicaragua, all companies under the general tax regime and that operate under an ordinary fiscal period are required to file their annual Income Tax return by the upcoming February 28, 2023.   It is important to mention that the information that is presented in the decla...

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NICARAGUA - REDUCTION OF THE FIXED RATE OF THE EXCHANGE OF CORDOBAS WITH RESPECT TO THE US DOLLAR


On January 23, 2023, the Central Bank of Nicaragua ("BCN") announced that its Board of Directors approved the reduction of the current fixed rate of the exchange of Cordobas with respect to the US dollar from 2% to 1% per annum.   This rate will begin to be appl...

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NICARAGUA - REFORMS TO THE REGULATION OF THE ELECTRICITY INDUSTRY LAW


Presidential Decree No. 24-2022, published in La Gaceta No. 237 of December 19, 2022, approved amendments and additions to Decree No. 42-98, Regulations of the Electric Industry Law (hereinafter "the Regulations"), whose main objective is to regulate the details for the...

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GUATEMALA - BOARD OF DIRECTORS OF THE GUATEMALAN SOCIAL SECURITY INSTITUTE ISSUES NEW REGULATIONS FOR REGISTRATION IN THE SOCIAL SECURITY SYSTEM


Governmental Agreement 9-2023 was published in the Official Gazette on January 16th, 2023, through which the Ministry of Labor and Social Welfare approves Agreement 1529 of the Board of Directors of the Guatemalan Social Security Institute, which contains new Regulations for Regi...

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HONDURAS - RENEWAL OF OPERATING PERMITS BEFORE THE CENTRAL DISTRICT MUNICIPAL MAYOR'S OFFICE (AMDC)


In this year of 2023, the Municipal Mayor's Office of Central District has granted a deadline until January 31 to renew the Operating Permits of the companies. It is important to emphasize that it is mandatory to carry out such renewals, if not, it may result in fines of up t...

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ARIAS RECOGNIZED AS "LEADING LIGHTS" FOR 2022 BY LATIN LAWYER AND THE VANCE FOR ITS PRO-BONO WORK THROUGHOUT THE REGION.


Yesterday, January 16th 2023, Latin Lawyer and The Vance Center published the list of outstanding law firms for their work in Pro-bono and social responsibility activities. We have been recognized another year as “Leading Lights” for the year 2022. Since our beginning...

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COSTA RICA - RECOGNITION OF FOREIGN MARKETING APPROVALS COMES INTO EFFECT FOR PHARMACEUTICALS


The Costa Rican Ministry of Health issued an executive decree to recognize in Costa Rica the marketing approval granted to pharmaceuticals by the regulatory authorities members of the International Council for Harmonization of Technical Requirements for Pharmaceutical Products fo...

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AMENDMENTS TO VAT REGULATION IN ORDER TO ISSUE INVOICES AS "FINAL CONSUMER"


Government Agreement No. 12-2023, published January 9th, 2023, on the Official Gazette, amends Article 30 of VAT Regulation, Government Agreement No. 5-2013, which establishes de following: Invoices issued to foreign persons that do not have Tax ID, the invoice must be issued ...

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NICARAGUA - MUNICIPAL REGISTRATION RENEWAL 2023


Having a valid registration is a fundamental requirement for the operation of businesses or establishments within each municipality; in order to obtain such document, the payment of the registration tax must be complied with, in the terms and terms indicated in the regulations ca...

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EL SALVADOR - JAIME RODRÍGUEZ, HAS BEEN ELECTED AS SECRETARY OF THE BOARD OF DIRECTORS OF CEA


  Our partner Jaime Rodríguez, recognized in national and international arbitration procedures, has been elected as secretary of the board of directors of the Spanish Arbitration Club (CEA) Salvadoran chapter for the period 2023 2024.   The Spanish Arbitrati...

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COSTA RICA - PAYMENT OF CORPORATE TAX


The annual Corporate Tax for 2023 fiscal year must be paid during this month of January and should be done on January 31st at the latest.   The Corporate Tax must be paid by any company, branch of a foreign company or its representative, as well as any individual limi...

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CENTRAL AMERICAN IMPORT TARIFF APPLICABLE MODIFICATIONS IN 2023


Through Ministerial Agreement No. 571-2022 of the Ministry of Economy, published in the Official Gazette on 19 December 2022, establishes the new tariff schedules corresponding to the International Trade Agreements ratified by Guatemala.   Based also on Ministerial Agreem...

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NICARAGUA - CAPITAL SHARE UPDATE IN THE GENERAL WAREHOUSES


Last November 22, 2022, the Superintendency of Banks and Other Financial Institutions (SIBOIF) published Resolution No. CD-SIBOIF-1346-1-NOV22-2022 (revoking Resolution No. CD-SIBOIF-1215-2-NOV17-2022), by which a new minimum amount required for the capital share of national and ...

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GUATEMALA WILL CONCLUDE ARBITRATION OF MORE THE 12 YERS WITH TECO HOLDINGS LLC


On November 18, 2022, the Governmental Agreement 282-2022 of the Ministry of Economy was published in the Central American Newspaper, el Diario de Centroamérica, which establishes the settlement agreement whereby Guatemala shall pay approximately US$46 million to Teco Hold...

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COSTA RICA - NEW SALARY TAX BRACKETS WILL BE EFFECTIVE AS OF JANUARY 1ST, 2023


As of January 1st, 2023, new brackets of income tax will be applicable to salary, retirement payments and pensions.   The updated brackets and rates were published in Executive Decree No. 43852-H, in the national newspaper La Gaceta on December 23rd, 2022.   Th...

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DISTRIBUTED GENERATION AND SELLING OF ENERGY BY PRIVATE ACTORS IN COSTA RICA: LEGAL NOTES


Costa Rica has a monopoly by law on the commercialization of energy, adopted along with the Costa Rican Electricity Institute (ICE) in 1949. This monopoly is still in force, and the ICE with a reduced and specific group of State-owned distribution companies are currently the only...

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PUBLIC CONSULTATION ON THE FILING FEE FOR MERGER CONTROL PROCESSES


The Costa Rican Antitrust Authority (“COPROCOM”) launches the public consultation on the Regulations “TECHNICAL REGULATION THAT IMPLEMENTS THE METHODOLOGY FOR THE CALCULATION OF THE FILING FEE FOR THE MERGER CONTROL PROCESS”, as required by Law N° 9736...

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GUATEMALA MINIMUM WAGE 2023


Today, December 23, 2022, Government Agreement No. 353-2022 of the Ministry of Labor was published in the Official Gazette, which establishes the minimum wage applicable to employers according to their economic activity and district where the workplace is located, which will be i...

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COSTA RICA - TRI-ANNUAL INCREASE OF THE IVM SCHEME FOR 2023


As part of our social constitutional obligations, the Costa Rican Government through the CCSS (Costa Rican Social Security Fund) has implemented certain administrative measures to ensure the survival and proper functioning of the institution in the years to come.   Among t...

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NEW PENSION SYSTEM – INTEGRATED PENSION SYSTEM LAW (LISP)


On December 20th , 2022, the Congress approved the Integrated Pension System Law (LISP), with the purpose to create a new Pension System for employees in the private, public and municipal sectors. According to the LISP, the Pension Fund Administrators (AFPs) will continue to mana...

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