The Guatemalan Congress approved Decree number 14-2009 which limited the types of companies that must file audited financial reports.
According to this new provision, small and medium sized businesses are not required to audit their reports, while special contributors and those inscribed under the in-bond industry, export activity and free zone schemes will have to do so.
The article in sigloxxi.com also reported that the Constitutional Court "temporarily suspended the audits, but it did order the financial statements to be presented no later than March 31."
The Federation of Small and Medium-Sized Businesses in Guatemala has opened a training and business center.
The center will train its clients in the tools and practices of management, technology, legal and financial issues, and marketing.
Ernesto Morales Pinzón, the center's manager, said, "The center will allow participants to spend the day dealing with real world themes, so that they can do a better job of managing their own businesses in an marketplace of increasing competitiveness."
The level of consumption in the sector has fallen between 15 and 25%, as a result of the decrease in exports and a smaller local demand.
Elperiodico.com.gt reports: "The most affected industries are food and beverages, maquila, plastics, and construction, including some materials used by that sector, added Ernesto Morales, president of the Federation of Small and Medium Business (Fepyme).
Central America receives 80% of the exports by small and medium businesses in Guatemala.
"Central America is the region to which they export the most due its proximity; however, we are interested in completing the customs union, because not having it reduces competitiveness," explained Ernesto Morales Pinzon, president of the Guatemalan Federation of Small and Medium Businesses (Fepyme).
BASE4 is a collection of talented architects, engineers, project managers and construction managers from around the world designing exciting hospitality projects. Job Description: BASE4 is looking for several architects...