News

Defending Brazil's new Tax Law

16 January 2000

On 16 January, the Brazilian government was preparing to defend legislation aimed at reducing tax evasion after it was challenged in the courts by business associations and political opposition.

Latin American investment company acquires Paraguayan financial institution

08 January 2000

Vouga & Olmedo advised Grupo Vélox in its acquisition of 100 per cent of the shares of Financiera Parapití SAECA, which closed on January 8.

First legislation to establish a legal framework for franchises

07 January 2000

Resolution No. SPPLC-038-99 of July 9, 1999 came in to effect on January 7, 2000.

UK mobile phone giant enters Mexican market

05 January 2000

On January 5 the UK mobile phone giant Vodafone, advised by Creel, García-Cuellar y Müggenburg and Pillsbury Whinthrop, took its first stride into the fast-developing Latin American wireless market with the US$973.4 million purchase of a 34.5 per cent stake in Grupo Iusacell from the Peralta family.

New law on procurement of construction and related goods and services

04 January 2000

On January 4, 2000 the Government of Paraguay promulgated Law Nº 1533 which establishes the procedures for Government construction which is to be supplemented by rules and regulations that are yet to be published.

New government contracting law 323

03 January 2000

A new law on government contracting was published in the official gazette at the beginning of January.

Skadden and Claro y Cía advise AES in Chile's first hostile takeover

02 January 2000

On January 2, 2001 AES, the US-based power company, announced the completion of its acquisition of 96.4 per cent of Gener SA, Chile's second-largest electricity producer with assets in Argentina, Peru and Colombia.

Port privatisation

01 January 2000

On 1 January, private operators took over the operation of terminals in Chile’s three main ports, San Antonio and Valparaiso, in central Chile, and San Vicente-Talcahuano in the south.

E-mail and criminal protection

01 January 2000

On the grounds of charges brought against reporter Jorge Lanata alleging he had misappropriated information transmitted by email to another person and further proceeded to have it published, Criminal and Appellate Court # IV of this City ruled that the so-called "e-mail" or electronic mail enjoys the same criminal protection as private papers and traditional correspondence. (in re: "Lanata, Jorge s/Desestimación,", 03/04/99, "La Ley" published on 06/16/99).

Withholding tax rates on remittances abroad

01 January 2000

The Brazilian Tax Authorities have published Law No. 9959/00, increasing the withholding tax rates on remittances abroad as of January 1st, 2000. Some tax rates applicable to such remittances increased from 0% to 15% or 25% when made to countries considered as "tax havens".Each remittance shall be analyzed individually in order to verify if there is any applicable special treatment under Brazil's existing Tax Treaty network.