Guatemala aims to tighten up on taxes
Guatemala's proposed new tax regime will put pressure on companies to keep much stricter accounts.
Friday, July 18, 2008
Companies that pay 31 percent of net profits (the proposal describes this as the "profits from lucrative activities regime") could face serious problems if they incur in shoddy book-keeping.
The Executive Branch of government has proposed a lengthy new income tax law.
Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion.
The period for presented audited financial statements and the income declaration (ISR) expires on March 31 for all registered taxpayers.
Among the new features are VAT refunds to those who pay for private medical practices with cards and the establishment of a new fiscal year, from January 1 to December 31.
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