The Guatemalan Social Security Institute (IGSS) has granted an additional 90 days exemption from fines for those companies who do not pay employer and employee contributions on time.
The additional period granted by the IGSS began on Sunday, April 1st, under agreement 1284 published by the public record newspaper Diario de Centro América. The first agreement exemption, 1270, was issued in September 2011 and has now expired, reported Prensalibre.com.
As of October 1st the Social Security Institute will exempt up to 100% of charges for payments in arrears.
Agreement Number 1270 by the board of the Social Security Institute (IGSS), will run for 15 months and allows for the exemption of 100% of charges for payments in arrears, defaults, administration costs and interest.
"... Employers with outstanding obligations to the IGSS will receive the exemption only if they pay the principal due or sign an acknowledgment of the debt with the institution," writes Lorena Alvarez in Elperiodico.com.gt.
Asomif will submit a plea for unconstitutionality at the Supreme Court of Justice.
René Romero, president of Asomif, the Nicaraguan Association of Microfinance Institutions, assured that despite presenting this plea, they will observe the new law known as “Moratory Law”, which sets conditions for negotiating debt covenants between debtors and microfinance institutions.
The so-called "Moratorium Law", passed yesterday in Nicaragua, could have a strong negative effect on the availability of credit for the productive sector.
One of the criticisms of the new regulation is that it sets interest rates by law. Opponents argue that the cost of money changes with the variations of the international financial markets.
José Adán Aguerri, President of the Private Enterprise Council, stated that the passing of the law carries dire consequences for the country's production, as it risks the capacity of micro-financing institutions to offer loans.
The institution will forgive accumulated and delinquent payments for those lands purchased with the Land Fund (Fondo de Tierras).
The measure to forgive all interests on surcharges for delinquencies and 99% of accrued interests applies to loans requested between 1998 and March 2009. The charges will be reset after January 1, 2011. "Therefore, the amnesty also includes interest on loans between 2009 and 2010."
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