Guatemala: Only Authorized Pension Funds to Deduct Taxes
The Superintendence of Tax Administration (SAT) clarified that it will only accept deductions on income tax from pension funds authorized by the Social Security Institute (IGSS).
Thursday, January 13, 2011
Omar Franco, collection manager of SAT, stated that under current law, banks and financial institutions do not have approved pension funds or retirement plans, and that those are investment funds or future schedule plans, but not pension funds.
The Pension Fund Association revealed during a forum held by El Diario de Hoy newspaper that the funds administered by the PFA have reached $4.4 billion.
The reform voted in in El Salvador raises the ceiling rate on the amount of government funds that can be used to pay Social Security pensions to 45% and reduces commissions for the AFPs to 2.2%.
In Costa Rica, investment funds grew 16% in 2009, in spite of losing almost 10% of their investors.
A court decision removed the obligation to collect commission on early fund recovery or to enforce minimum periods of investment for those funds.
- Daily Update
- Government Purchases
- Classified Ads
- Indexes & Statistics
- Press Releases
- Events Calendar