Tag: brazil

Vitor Torres, Contabilizei: Helping Brazilian SMEs with Tax Compliance, Ep 106

Category : Crossing Borders Podcast
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You can now find the full show notes of the Crossing Borders podcast on LatamList.com’s new podcast section. I’ll still post the audio of the podcast on my blog and I’m planning to start writing more again on my blog, like I used to.

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Thanks for listening to Crossing Borders all these years! If you have any feedback or questions, please feel free to reach out here, or contact me on social media.

Outline of this Episode:

  • [1:19] –  Tech ecosystem in Curitiba
  • [3:12] – About Contabilizei
  • [5:24] – Benefits of tech-enabled accountants
  • [8:15] – From Porto Alegre to London
  • [14:56] – Lessons learned from the military
  • [16:13] – Starting from scratch in the UK
  • [17:24] – Reaction of friends and family
  • [19:37] – Finding the product-market fit
  • [22:01] – Inflection point for Contabilizei
  • [24:24] – Evolution of Brazil’s tech ecosystem
  • [25:24] – Advice to Vitor’s younger self
  • [26:43] – Doing business in Brazil
  • [27:57] – Recommendations on books, blogs, or podcasts
  • [29:19] – What’s next for Contabilizei?

Show notes on LatamList.com.

How Latin America is Using Technology to Reform the Tax-Paying Process

Category : Latin America Startups and Investing
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As the calendar turns toward April 15th, everyone in the US knows what’s coming: tax day. While the Internal Revenue Service (IRS) has updated their systems, and there are dozens of tax management tech products, many people still have to file via a paper 1040 form that takes 6-8 weeks to process. Compare that to Chile,  a less “developed” country according the most of the world, where paying taxes is as simple as logging on to the Servicios de Impuestos Internos (SII, Chilean IRS) website to see all your paychecks and spending from the year. On Chilean tax day, people can immediately if they’ll get a refund and how much it will be, which then shows up in your bank account automatically in 1-4 weeks.

Electronic tax filing systems are not unique to Chile. Colombia, Argentina, and Mexico allow people to pay taxes online or even via app, using a personal identification number like a Social Security number.

However, not all of Latin America is so progressive when the time comes to pay taxes. According to the World Bank, Brazil’s tax policy is one of the most complex in the world, so much so that doing taxes requires over 2000 hours per year, compared to 291 in Chile,  311 in Argentina, and Colombia with just 239. Latin American countries also have Value Added Tax (IVA in Spanish) that you have to pay monthly included in their totals.

Across the region, government ministries are rapidly introducing new methods to simplify and speed up the taxpaying process. Here are some of the ways Latin American governments are working to improve the often-painful process of paying your taxes.

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An Overview of the Insurtech Industry in Latin America

Category : Latin America Startups and Investing
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The insurtech industry worldwide received over US$2.3B in investment in 2017, a 36% increase from the year before. From 2014 to 2017, the Latin American share of the insurtech market grew from 1% to 7.6%, and the number of insurtech startups increased by 114% in 2017. This uptick is logical as insurance plays a vital role in stabilizing emerging economies and minimizing risk.

Latin America is underinsured, despite steadily growing incomes over the past two decades. Currently, insurance penetration, calculated as the ratio between insurance premiums written and GDP, hovers between 2-4% across the region compared to 6.2% globally and 7.3% in the US, the world leader, in 2015. Latin America still lags behind the rest of the world in insurance coverage.

As Latin America’s most developed economy, Chile is also the most developed insurance market in Latin America. Earthquake insurance is required for all mortgages and after Chile’s 2010 earthquake, a group of mostly international insurers paid out claims that reached around 4% of Chile’s GDP.

Compared to the rest of the region, Chile has a relatively open and well-regulated insurance industry. While Brazil has become a top player in insurtech, the insurance industry in Brazil is mired in complex regulations. Still, growing middle classes across Latin America have yet to invest heavily in comprehensive insurance policies for a host of reasons.

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How Brazil is Trying to Fight Corruption via Blockchain

Category : Brazil
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Blockchain and cryptocurrency initiatives in Brazil are a double-edged sword. While startups and government agencies work to implement blockchain technologies to increase compliance and reduce corruption, Brazil’s 35th President, Lula da Silva, is on his way to prison in part for a Bitcoin-based money-laundering scandal.

Brazil, like the rest of the G20, sees cryptocurrencies as assets rather than legal tender. However, one of São Paulo’s most prestigious universities debuted a Cryptocurrencies Masters’ program this year, so it is unclear where Brazil will land on this contentious debate. What’s more, Brazil’s private and public sectors are rapidly adopting blockchain technology to manage the political and economic challenges of a population of 210 million people.

Here are some of the ways governments and businesses are implementing blockchain and cryptocurrencies in Brazil.

Blockchain and the Brazilian government

The Brazilian government already uses blockchain in a variety of ways for their operations. Two of the most prominent initiatives include a way to regulate land titles in the Amazon as well as a management system for Brazil’s ‘popular petition’ electoral process.

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