Guatemalan Businesses Opposed to Tax Reform
98.28% of surveyed businessmen opposed increased taxes and a potential tax reform.
Monday, November 8, 2010
The survey was conducted by the Chamber of Commerce of Guatemala, and included managers and business owners of the agricultural, commercial, industrial and service sectors.
The reforms include provision for a fine for non payment of partial income taxes, facilitation of tax refunds, and streamlining of tax collections on luxury homes.
The proposal raises income tax from 25% to 29% for profits of over $38 billion a year, royalties for extracting gold and silver from 1% to 10%, taxes on fuels and a tax of $0.65 tax per bag of cement.
Raising VAT from 12% to 15% and lowering income tax from 35% to 30% are part of the reforms that the Executive Branch is preparing to present to Congress.
Despite several announcements of new taxes, the government will focus on controlling tax evasion and leave the decision to implement a tax reform to future administrations.
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