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


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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.

"Tax Advisor Gladys Monterroso, recommends not to include contributions to saving fund accounts in banks, because the Constitutional Court could issue a final verdict that would have retroactive effect," informed Elperiodico.com.gt.

More on this topic

El Salvador: $4.4 billion in pension funds

November 2008

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.

15% of this amount is used for required purchase of Contingency Investment Certificates (CIP) issued by the Multi-sector Investment Bank (BMI) for the payment of pensions for public institutions.

Employers Question Pension Law Reforms

April 2012

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%.

The Legislature increased from 30 to 45 percent the ceiling on which government funds can be used to pay for INPEP and ISSS pensions, and decreased from 2.7 to 2.2 percent commissions to the AFP on Thursday when approving reforms to the Law on Pension Savings System (SAP in Spanish).

Less Investors, But More Active Ones

January 2010

In Costa Rica, investment funds grew 16% in 2009, in spite of losing almost 10% of their investors.

During the past financial crisis, the Costa Rican market turned out to be more stable than international markets, making it a relatively safer place for storing capital. Because of this, assets managed by investment funds grew to $2.48 billion.

Restrictions Lifted on Long-term Funds in Costa Rica

November 2010

A court decision removed the obligation to collect commission on early fund recovery or to enforce minimum periods of investment for those funds.

The measure had been adopted by the Supervisory Board of the Financial System (CONASSIF), amending the General Rules on Mutual Funds Investment to prevent investors without the appropriate profile from entering into long-term funds.

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