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CHILEAN GOVERNMENT PROPOSES AMENDMENTS TO THE PENSION SYSTEM IN CHILE

Recently, the Chilean Government introduced a bill to the Congress that intends to amend the Chilean Pension System.

The proposed amendments have the following purposes: (i) to expand current and future benefits of the so called “Solidary Pillar”; (ii) to enhance future pensions derived from the employees’ mandatory savings; (iii) to improve women and middle classes current and future pensions; (iv) to promote competition in the Pension Funds Managers (“PFM”) industry; (v) to encourage pension education and to foster pension information; (vi) to increase PFM’s transparency system; (vii) to strengthen the Pension System oversight, and (viii) to create a dependency subsidy and a dependency insurance designed for people over 65 years old that are in a dependency situation.

For more information, please download the following PDF:

Felipe Dalgalarrando H. is recognized by the 2019 edition of Leaders Laegue as an outstanding lawyer in Chile in the area of Banking and Finance.

Felipe Dalgalarrando H. is recognized by the Chambers & Partners 2019 Latin America edition as one of the leading lawyers in the fields of Banking & Finance and Corporate/M&A in Chile.

Óscar Corvalán A., a leading lawyer in Competition/Antitrust Law, Pharmaceutical Law, Regulatory Issues and Litigation, has joined Dalgalarrando, Romero y Cía. as head of its Competition/Antitrust Department, enabling our firm to further expand our areas of expertise and therefore deliver the best legal advice for all business areas and activities of our clients.

Óscar has a J.D. from the Pontificia Universidad Católica de Chile (1996), and a Master in European Union Law, from the Carlos III University of Madrid, Spain (2005). He worked between 2004 and 2005 at the Belgian firm Van Bael & Bellis, in Brussels.

CHILEAN CENTRAL BANK ISSUES NEW CHAPTER OF ITS FINANCIAL COMPENDIUM REGARDING THE ACKNOWLEDGEMENT AND REGULATION OF BILATERAL DERIVATIVES.

On April 5, the Central Bank of Chile, (“Central Bank“), through Board Agreement No. 2143-02-180405, approved new rules (the “Rules“) applicable to the acknowledgement and regulation of master agreements for bilateral derivatives (the “Agreements“), thereby incorporating a new Chapter III.D.2 to its Financial Compendium.

Regarding the foregoing, in October 2017, the Central Bank started a public consultation process concerning its proposed rules for bilateral derivatives. In order to improve the proposed rules, some of the comments received were included therein.

Dalgalarrando, Romero y Cía sponsored the Biennial IBA Latin American Regional Forum Conference held in México D.F. on March, 14, 15, 16.

https://www.int-bar.org/Conferences/conf829/binary/LARFMexicoCity2018_Programme.pdf

THE CHILEAN INTERNAL REVENUE SERVICE PUBLISHES A NEW VERSION OF THE TAX SCHEMES CATALOGUE

 On November 23, 2017, the Chilean Internal Revenue Service (“SII”) published a new version of the Tax Schemes Catalogue (the “Catalogue”), a consultation guide originally issued by the SII in 2016 in order to grant legal certainty to all market players as well as ensuring payment of applicable taxes under the Chilean Law.

For more information, please download the following PDF

 

 

 

 

If you have questions about this article or need more information on this subject please contact Felipe Dalgalarrando H. by email to fdalgalarrando@dryc.cl or phone + 56-2-23830000.

 

Dalgalarrando, Romero y Compañía Abogados Limitada – Todos los derechos reservados.

 

All the information and opinions contained in this article are for information purposes only and should not be construed or relied upon as legal advice or to create a lawyer-client relationship.

Dalgalarrando, Romero y Cía. responds the Chilean Chapter of the 2017 Private Equity questionnaire published by Latin Lawyer.

Link:

http://latinlawyer.com/jurisdiction/1004588/chile

 

 

Dalgalarrando, Romero y Cía successfully advised Paperless Holding S.A., the largest electronic receipts and electronic document management company in Latin America and its shareholders in their stock sale to Sovos Compliance LLC., a Boston global leader company in tax compliance and business-to-government reporting software.

Paperless processes over two billion documents per year for global enterprise businesses. For more than 14 years, Paperless has provided long term, scalable solutions that are easily implemented into over 40,000 systems. As a comprehensive Clean Technologies solutions provider, Paperless offers eInvoicing, eReceipts, eContracts, eBookkeeping, eFactoring, and advanced electronic signature solutions including biometry. Its solutions support global retailers and manufacturers like HP, InBev and Cencosud, the second largest retailer in South America.

Sovos safeguards businesses from the burden and risk of compliance around the world. The Sovos Intelligent Compliance Cloud combines world-class regulatory analysis with a cloud software platform to create an adaptable, connected and global compliance solution that keeps businesses ahead of the ever-changing regulatory environment. Sovos supports 4,500 companies, including half of the Fortune 500, and integrates with a wide variety of business applications. Based in Boston, Sovos has offices throughout North America, Latin America and Europe. With the acquisition, Sovos will expand its presence in Brazil and extend Latin American operations into Chile, Colombia and Peru.

The addition of Paperless makes Sovos the first software provider to offer a global solution for real-time business-to-government reporting, a highly disruptive form of regulatory compliance that has now spread to more than 60 countries.

This is Sovos’ second major acquisition within the past year in Latin America, known as the most challenging regulatory environment in the world. In 2016, Sovos acquired Invoiceware International, a regional eInvoicing and eAccounting compliance solution, to support its more than 500 multi-national clients that are facing increasingly complex requirements in the region where eInvoicing requirements are predicted to hit 98 percent adoption by 2024.

By acquiring Paperless, Sovos builds on the value of its Intelligent Compliance Cloud, a unique global compliance platform that helps more than 4,500 companies, including more than half the Fortune 500, reduce the burden and risk of tax compliance and business-to-government reporting.

“Over the last several years, we’ve helped our clients deal with a wave of disruptive tax reporting regulations across Latin America and Europe, and eReceipts, which has quickly become a significant burden for businesses that sell directly to consumers, is the latest example of that,” said Andy Hovancik, president and CEO of Sovos. “Paperless is the clear leader in the eReceipts space and the only solution capable of handling these high-volume transaction scenarios globally. That makes it the perfect solution to enhance our Intelligent Compliance Cloud – and a critical solution for enabling our clients to stay ahead of eReceipts regulations as they spread around the world.”

With the rapid pace of globalization, governments across the globe are leveraging technology to close tax loopholes. Though each country differs in specific requirements, the shift toward real-time, detailed tax reporting is transforming business-to-government compliance at every point in the supply chain – and leaving businesses scrambling to replace outdated tax compliance processes and systems.

The Sovos Intelligent Compliance Cloud currently supports a wide range of business-to-government reporting requirements, including eInvoicing in 10 Latin American countries and, most recently, SII reporting for businesses operating in Spain. The addition of Paperless expands those capabilities to business-to-consumer transactions for the first time.

Sovos is owned by London-based HgCapital and Vista Equity Partners.

http://www.erienewsnow.com/story/36031065/sovos-acquires-largest-ereceipt-compliance-solution-paperless-creating-first-global-solution-for-business-to-government-reporting

http://www.finanzas.com/noticias/economia/20170802/sovos-lider-preparacion-impuestos-3667769.html

Actualización: Sovos adquiere Paperless en operación asistida por varios escritorios

https://www.lawyer-monthly.com/issue/issue-09-2017/#106

On February 23, 2017 Act No. 21,000 (the “Act“) was published in the Official Gazette. The Act creates the Financial Market Commission (the “Commission”), which replaces the current Superintendency of Securities and Insurance (“SVS”).

The Commission is a technical public service, with legal personality, which will oversee the financial and securities markets with broader powers than the SVS. Unlike the SVS, who was governed by one person holding the position of Superintendente, the Commission is governed by a Council of Directors comprised of five members.

For more information, download the following PDF.



 

 

 

 

 

 

  • CHILEAN GOVERNMENT PROPOSES AMENDMENTS TO THE PENSION SYSTEM IN CHILE Recently, the Chilean Government introduced a bill to the Congress that intends to amend the Chilean Pension System. The proposed amendments have the following purposes: (i) to expand current and future benefits of the so called “Solidary Pillar”; (ii) to enhance future pensions derived from […]

  • Felipe Dalgalarrando H. is recognized by the 2019 edition of Leaders Laegue as an outstanding lawyer in Chile in the area of Banking and Finance.

  • Felipe Dalgalarrando H. is recognized by the Chambers & Partners 2019 Latin America edition as one of the leading lawyers in the fields of Banking & Finance and Corporate/M&A in Chile.

  • Óscar Corvalán A., a leading lawyer in Competition/Antitrust Law, Pharmaceutical Law, Regulatory Issues and Litigation, has joined Dalgalarrando, Romero y Cía. as head of its Competition/Antitrust Department, enabling our firm to further expand our areas of expertise and therefore deliver the best legal advice for all business areas and activities of our clients. Óscar has […]

  • CHILEAN CENTRAL BANK ISSUES NEW CHAPTER OF ITS FINANCIAL COMPENDIUM REGARDING THE ACKNOWLEDGEMENT AND REGULATION OF BILATERAL DERIVATIVES. On April 5, the Central Bank of Chile, (“Central Bank“), through Board Agreement No. 2143-02-180405, approved new rules (the “Rules“) applicable to the acknowledgement and regulation of master agreements for bilateral derivatives (the “Agreements“), thereby incorporating a […]

  • Dalgalarrando, Romero y Cía sponsored the Biennial IBA Latin American Regional Forum Conference held in México D.F. on March, 14, 15, 16. https://www.int-bar.org/Conferences/conf829/binary/LARFMexicoCity2018_Programme.pdf

  • THE CHILEAN INTERNAL REVENUE SERVICE PUBLISHES A NEW VERSION OF THE TAX SCHEMES CATALOGUE  On November 23, 2017, the Chilean Internal Revenue Service (“SII”) published a new version of the Tax Schemes Catalogue (the “Catalogue”), a consultation guide originally issued by the SII in 2016 in order to grant legal certainty to all market players […]

  • Dalgalarrando, Romero y Cía. responds the Chilean Chapter of the 2017 Private Equity questionnaire published by Latin Lawyer. Link: http://latinlawyer.com/jurisdiction/1004588/chile    

  • Dalgalarrando, Romero y Cía successfully advised Paperless Holding S.A., the largest electronic receipts and electronic document management company in Latin America and its shareholders in their stock sale to Sovos Compliance LLC., a Boston global leader company in tax compliance and business-to-government reporting software. Paperless processes over two billion documents per year for global enterprise businesses. […]

  • On February 23, 2017 Act No. 21,000 (the “Act“) was published in the Official Gazette. The Act creates the Financial Market Commission (the “Commission”), which replaces the current Superintendency of Securities and Insurance (“SVS”). The Commission is a technical public service, with legal personality, which will oversee the financial and securities markets with broader powers […]

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