Guatemalan Tax Reform Could Leave Congress This Week

The "oficialismo" political party will try to pass the tax reform law this week. In their own words, the reform is "absolutely consented".

Tuesday, August 18, 2009

Some of the changes included in the reform include a tax to the first circulation plate of vehicles, doubling the Vehicle Circulation Tax for 2011 and eliminating added value tax to the second and additional ownership changes for real estate.

Mario Taracena, president of the finance committee at congress, assured in a Prensalibre.com article that "there are 144 articles, 22 amendments, and we have the necessary votes".

More on this topic

No agreement on Fiscal Reform in Guatemala

October 2008

The Opposition and representatives on the Finance Commission are reluctant to approve the initiatives which are supposed to increase collection of taxes.

Even though the Finance Commission is yet to issue a resolution, the main forces in Congress are said to be opposed to the increase in the Solidarity Tax rate to 1.25 and to the new registration tax for new vehicles.

Guatemala: Fiscal reform sent to Congress

August 2008

The Executive Power sent the first part of the fiscal modernization project to the Congress of the Republic without the proposal for the new income tax (IRS) and VAT retencions.

The modernization project will be implemented over a period of two years, and includes reforms in public expenditure, the creation of citizen's observatory, a new set of regulations for the administration of trusts, and a Vice-Minister of Transparency at the Treasury.

Guatemalan Tax Reform Still Waiting

August 2009

For a third consecutive time, Congress was unable to approve the tax reform.

The lack of agreement is centered around a proposed tax on a vehicle's first plate, and the implementation of a bluebook.

Implementation of a bluebook has been rejected by car dealerships, "because it would increase auto taxes up to 300%", reported Prensalibre.com.

Updated Tax Law Approved

February 2012

The House of the Congress of the Republic of Guatemala has approved Decree 10-2012, the "Tax Law Update."

A statement from the Congress of the Republic of Guatemala reads:

Due to a national emergency and with votes from 122 ministers, the House of Congress has approved decree 10-2012, the "Tax Law Update," on its final reading and with revisions included, which was put forward by the Executive in order to increase tax collection by at least Q4.5 billion ($575.4 million) over four years.

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