Tax Reform Bill Canceled in Guatemala
The tax reform law project was officially withdrawn from Congress by the ruling party.
Monday, August 31, 2009
The project suffered modifications that changed its original concept, as a result of complaints and objections by the opposition.
The bill presented to the government by the National Peace Accord Board is aimed at raising the tax bite to 13.2 percent of Gross Domestic Product from its present level of about 12 percent.
The proposal to create the Solidarity Tax, another for vehicle registration and one that will increase the VAT paid on vehicles has encountered resistance in the private sector.
The tax reform recently passed by Congress included modifications to reduce the tax burden on middle and lower income citizens, by transferring it to higher earners.
The Opposition and representatives on the Finance Commission are reluctant to approve the initiatives which are supposed to increase collection of taxes.
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