Guatemala: Fiscal reform sent to Congress

The Executive Power sent the first part of the fiscal modernization project to the Congress of the Republic without the proposal for the new income tax (IRS) and VAT retencions.

Tuesday, August 12, 2008

The modernization project will be implemented over a period of two years, and includes reforms in public expenditure, the creation of citizen's observatory, a new set of regulations for the administration of trusts, and a Vice-Minister of Transparency at the Treasury.

More on this topic

Guatemala: New taxes create controversy

September 2008

The proposal to create the Solidarity Tax, another for vehicle registration and one that will increase the VAT paid on vehicles has encountered resistance in the private sector.

Minister of Finance, Juan Alberto Fuentes Knight, defended the fiscal modernization proposal and explained that if new taxes are not created and if the existing ones are not modified, they run the risk of leaving a "fiscal hole" for next year.

No agreement on Fiscal Reform in Guatemala

October 2008

The Opposition and representatives on the Finance Commission are reluctant to approve the initiatives which are supposed to increase collection of taxes.

Even though the Finance Commission is yet to issue a resolution, the main forces in Congress are said to be opposed to the increase in the Solidarity Tax rate to 1.25 and to the new registration tax for new vehicles.

Tax for first-time registration of vehicles in Guatemala

December 2008

The minister of Finance asked that the second initiative for fiscal reform be approved; said initiative includes the tax for the first-time registration of vehicles

"At times it seems that the interests of some 25 thousand people, who are the ones that buy new vehicles each year and who argue that they will be affected by the tax for first-time registration, are more important than the interests of a greater number of Guatemalans who will benefited from the resources that will generated," said the Minister, during the presentation of the Code of Ethics and Conduct for the Superintendence of the Tax Department.

Guatemalan Tax Reform Still Waiting

August 2009

For a third consecutive time, Congress was unable to approve the tax reform.

The lack of agreement is centered around a proposed tax on a vehicle's first plate, and the implementation of a bluebook.

Implementation of a bluebook has been rejected by car dealerships, "because it would increase auto taxes up to 300%", reported Prensalibre.com.

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