LatAm
Chilean IRS (Servicio de Impuestos Internos) issued new instructions to implement the registration under the Registry of Foreign or International Financial Institutions
On August 13, 2021 the Chilean IRS (Servicio de Impuestos Internos) issued Exempt Resolution No. 95 (Resolución Exenta No. 95), establishing the instructions to implement the registration under the new voluntary Registry of Foreign or International Financial Institutions as well as establishing the format by which a lender must provide the Borrower a statement confirming that it has not entered into a structured agreement (acuerdo estructurado) in accordance with Article 59 N°1 (b) of the Chilean income tax law (Ley de impuesto a la renta).Red lines in cooperation agreements between competitors in Colombia
Companies competing in the same market must analyze whether a possible alliance between them is in compliance with the country’s antitrust legislation. To do so, they should bear a number of factors in mind which could be anti-competitive or which, on the contrary, could generate enhancements or efficiencies under the agreement. We analyze below all key points in relation to this type of transactions in Colombia.NPLs and REOs: LatAm, Spain and Portugal wake up to debt market new normal
Transactions with non-performing loans (NPLs) started to take off in the second quarter of 2021, especially in Spain and Portugal. The gradual fading in continental Europe of the health impact of COVID-19, combined with the progress made in vaccinations, have allowed various “sleeping” transactions to be brought back into motion and new transactions to be closed between the first and second quarters of 2021. Meanwhile, in the global arena, there have now been numerous alerts from regulators over the deteriorating quality of financial institutions’ loan assets. The coming to an end of governmental relief or forbearance measures, combined with the heightened impact of COVID-19 on very specific business sectors, are likely to hasten the pace of NPL transactions over coming months.Software as a Service (SaaS): a challenge posed by highly complex tax rules in a digital and interconnected world
Software as a Service or SaaS, which allows remote technological support to be offered across borders, raises various questions in tax matters in an interconnected world. In this article, Garrigues tax experts analyze the tax treatment of SaaS in different Latin American countries, in a graphic and simplified way.Garrigues recieves first prize as the best local legal adviser of the year in Latin America from the international publication ‘IJ Global’
Garrigues has been awarded first prize as the best Latam Local Legal Adviser of the year by the publication specializing in project and infrastructure finance IJ Global, which acknowledges the work of legal advisers in large transactions every year in North and Latin America. Five projects advised by Garrigues in the transport and power sectors were also awarded prizes.Andean Community arbitrators need to request a preliminary interpretation in order to apply community laws
The Andean Community Court of Justice (Tribunal de Justicia de la Comunidad Andina or TJCA) has clarified the cases in which arbitrators can request a “preliminary interpretation” (interpretación prejudicial) in the arbitration proceedings they conduct, where they are required to establish, create or apply a statutory principle for the interpretation of Andean legislation in order to settle a dispute submitted for arbitration. The TJCA issued this clarification in a decision handed down in proceeding 01-IP-2021, published in the Official Gazette of the Cartagena Agreement (Gaceta Oficial del Acuerdo de Cartagena) of May 6, 2021.Peru: Indecopi approves Guidelines for the Calculation of Notification Thresholds under the Merger Law
The Antitrust Commission of Indecopi (AC) has approved the final version of the Guidelines for the Calculation of Notification Thresholds, through Resolution 022-2021/CLC-INDECOPI published on June 1, 2021, as part of the implementation of the Peruvian merger control law ("Law 31112"), which will become effective this June 14, and its Regulations. The Guidelines are available here.