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.
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.
The Opposition and representatives on the Finance Commission are reluctant to approve the initiatives which are supposed to increase collection of taxes.
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
For a third consecutive time, Congress was unable to approve the tax reform.
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