LATAM conference attracts global audience
Local knowledge is key to exploiting the region’s potential
Praxity’s first ever Virtual Latin America Conference was an instant hit based on initial feedback
The virtual event, held between 7-10 December, united the brightest minds in international tax and cross-border business in the region. Conceived, organised and during the pandemic – the conference provided an opportunity for Praxity member firms and their clients to discuss the dramatic changes taking place in the region, including digitalisation and tax reforms, and the new opportunities this presents to investors.
Event host Raul Montemayor Treviño, Partner and international tax specialist at Mazars Mexico, said: “The conference went well. We had good participation and very good speakers from Praxity member firms in Argentina, Chile, Brazil, Uruguay, Mexico, Colombia and Peru. The Praxity team did a great job; they were amazing, especially getting the speakers together so quickly, some of whom were doing their first virtual conference.”
The online event attracted a large number of delegates from LATAM and further afield, including the USA, India, Croatia and Italy. They included professionals from independent accounting and consulting firms within the Alliance as well as representatives from multinational companies based in, or looking to invest in, Latin America, including Mexico. Raul identified the most important themes of the conference as:
- The advance of the digital economy across the region;
- New tax reforms in Chile, Argentina, Colombia and Mexico;
- Recent changes in government in Brazil, Chile, Argentina and Mexico.
“The digital economy was the main topic and prompted the most questions in the live conference debates,” Raul said. “It’s a very complex topic but generally LATAM and Mexico are following the world trend and the OECD rules.” The conference was aimed at tax, accounting, audit and industry professionals seeking to understand the international tax concepts and challenges facing Latin America multinationals and their employees. Each session combined stimulating presentations and provocative viewpoints from around the globe, with live Q&As with panellists. Topics included:
- Important considerations for expats forced to return home during the pandemic
- Maquila regimes and what they mean for manufacturing operations
- Transfer pricing changes and compliance in 2021
As well as providing insight for member firms and their clients, the conference also provided an opportunity for accounting professionals to acquire CPE credits.
The need for local expertise
Online delegates were reminded that while Latin America offers significant potential for growth, the local tax and business regulations can be challenging, and the importance of local expertise cannot be under-estimated.
Urging investors to get expert advice before moving into the region, Raul said: “Investors who want to go into Latin America and Mexico need to be ready. There are a lot of changes taking place and the rules are hard to follow so there needs to be clarity. Without this clarity, investors will be more hesitant to jump in.” This is where Praxity member firms can excel, collaborating and sharing local expertise to help multinationals looking to move into the Latin America, or LATAM companies looking to expand into other regions.