Guatemala: Proposal of Tax Exemption for Cooperatives
Two legislative bills were submitted to Congress for a tax exemption on investment income.
Tuesday, June 2, 2009
Mariano Rayo, chairman of the Economy Committee in Congress, reported that the initiative has a favorable opinion from the Superintendent of Banks, but not from the Ministry of Public Finance or the Superintendent of Tax Administration.
Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.
Any company who hasn't justified its tax incentives and benefits will stop enjoying them from April 1st.
Regulators are preparing legislation to supervise credit unions.
Advised by the World Credit and Savings Council and based on the experience in other countries, Fenocoac is interested in establishing alliances with banks.
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