Central & South America

CARF: Health plans offered to employees need not be identical to enjoy social security exemption

CARF recently decided that it is not possible to tax amounts paid by the company as medical assistance offered to its employees, even if the coverage is not identical for all employees and managers. This understanding is in line with the legal requirement of Law No. 8,212 / 91, which was recently approved by the labor reform. The decision draws attention, as it may represent a new change in the positioning of CARF.

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CARF cancels assessment involving tax planning with reduction of capital and return of shares abroad

A civil construction company was assessed for having carried out a share sale transaction preceded by a capital reduction, with consequent repayment of the shares that would be sold to companies based in Uruguay, which ultimately figured as sellers of the equity interest . As a result of the design of the operation, the capital gain was taxed at a rate of 15% (non-resident gain), instead of 34%, as preferred by inspection.

The tax planning was understood by the fiscalization as simulation of operation of alienation of shares to the foreign company. As a result, a tax assessment notice was issued that required the positive difference of IRPJ and CSLL due on the alleged disposal operation carried out by the Brazilian holding company.

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Quijano & Associates in Relay for Life 2017

Quijano & Associates participated, on our second consecutive year of Relay for Life 2017; supporting children with leukemia and cancer of the Republic of Panama.

This year is, undoubtedly, just the second one of many years to come supporting the Foundation of Friends of Children with Leukemia and Cancer (FANLYC).

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KLA is finalist in the “Boutique or Regional Investigations Practice of the Year” Award of GIR 2017

The KLA is among the five finalists of the 2017 Global Investigations Review “Boutique or regional investigations practice of the year” award.

The award recognizes the researchers and anti-corruption and compliance practices that have impressed the most in the past year.

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Proposed resolution on cybersecurity

On September 19, 2017, the Central Bank of Brazil published Public Notice No. 57/2017, announcing a resolution on the implementation by financial institutions of cybersecurity policy and the requirements for contracting services data processing and storage, and cloud computing.

The proposal provides for the minimum content of the cyber security policy and establishes requirements for contracting data processing and storage services and cloud computing, including minimum contractual requirements. In addition, requirements regarding the handling of incidents related to the cyber environment are established. Institutions should also develop actions to share information about these incidents.

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Amendment of the standard dealing with the prohibition on loans and advances

The National Monetary Council Resolution 4,599 was published on September 13, amending the recently published Resolution 4,596, dated August 28, 2017, which deals with loans or advances to financial institutions and other institutions authorized to operate by the Bank Central Brazil.

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Arturo Costabal, socio en la firma Aninat Schwencke & Cia., habla con TTR acerca del mercado transaccional chileno

TTR: Sr. Costa bal, como experto en el área de M&A, ¿cuál sería su diagnóstico sobre la marcha del mercado chileno en lo que llevamos de 2017? Costabal: En nuestra experiencia, el año 2017, ha sido un año complejo, puesto que es un año en que ha entrado en vigencia casi íntegramente la reforma tributaria del año 2014 modificada el año 2016, ha comenzado a operar la nueva norma sobre control preventivo de operaciones de concentración, y además es año electoral. Hemos visto que a partir del segundo semestre ha existido un mayor dinamismo en cuanto a operaciones de M&A, lo que puede estar motivado en parte por la expectativa de cambios políticos e institucionales que fomente más enérgicamente las inversiones.

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¿Cuáles fueron los mejores estudios y abogados chilenos según Chambers and Partners Latinoamérica 2018?

Como hace tres años, esta última versión de la guía Chambers and Partners tuvo novedades para Chile con la apertura de una nueva categoría: Compliance o cumplimiento, que se une así a Derecho Público y Ciencias Biológicas, las últimas inauguradas en nuestro país. De esta forma, ya son 17 las secciones nacionales, además de cuatro subsecciones, las que conforman este ranking, considerado como uno de los más importantes del mundo en lo que a movimiento de abogados y firma legales se refiere.

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New rules regarding disclosure of material act or fact

On September 11, CVM Instruction 590 was promulgated, promoting specific changes in CVM Instruction 358, which provides for disclosure of a material act or fact, and CVM Instruction 461, which regulates regulated securities markets.

There were no fundamental changes in the principles governing procedures for disclosure of material acts or facts, but rather specific changes.

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CMED opens public consultation on draft resolution regulating sanction procedures

The Medication Market Regulation Chamber (CMED) opened yesterday, September 13, 2017, public consultation on a resolution that provides for the administrative process for the determination of infractions and the application of penalties arising from conduct that violates the market regulatory norms of medicines.

The proposed resolution defines the applicable infractions and penalties, including specifying how fines are determined, through the use of predefined formulas. The intention is to optimize the management and analysis of administrative processes, outlining the steps of establishing and instructing sanctioning procedures, as well as providing for the possibility of voluntary reparation prior to the initiation of administrative proceedings and subsequent redress, important innovations of the CMED. In addition, this resolution also institutionalizes the Commitments for the Adjustment of Conduct to be concluded on the initiative of CMED itself or at the request of the interested party.

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