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.
The Opposition and representatives on the Finance Commission are reluctant to approve the initiatives which are supposed to increase collection of taxes.
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.
For a third consecutive time, Congress was unable to approve the tax reform.
The House of the Congress of the Republic of Guatemala has approved Decree 10-2012, the "Tax Law Update."
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