Taking advantage of the low price of oil the government is discussing increasing the tax base on the distribution of petroleum and petroleum products.
The proposal seeks to raise the fuel tax which is currently around $0.60 for gasoline and $0.17 for diesel. Moreover, the measure would also provide an increase in the rate for petroleum products such as kerosene, naphtha and liquefied petroleum gas.
In order to encourage investment in the country, starting from this fiscal year income tax paid by taxpayers registered in the regime on profits will be reduced from 28% to 25%.
According to the latest amendment of the Law on Tax Update, Decree 10-2012, the rate of income tax (ISR) applied to taxpayers from 2015 will be 25%. The authorities clarified that the rate of 28% will be applied to taxpayers who have not yet completed the liquidation of 2014
In response to approval of a new tax of $0.65 per telephone line, operating companies have returned 6 million lines to the Telecommunications Superintendency.
Representatives from Claro, Tigo and Telefónica each returned 2 million inactive numbers with the aim of adjusting their internal policies to adapt to the new tax which will come into effect next year. The chief of the Tax Collection Authority, Omar Franco, assured Elperiodico.com.gt that "... Companies will have to make the necessary adjustments in order to estimate how much income will be as a result of the new tax. We did not know that this tax would end up being approved in the 2015 Budget. Congress considered and approved a levy based on the 23 million lines assigned, now that this figure has been reduced it will have to be re-estimated. "
The Tax Authority (SAT) owes to domestic exporters about $313 million in tax credit refunds.
This was explained by the superintendent Carlos Muñoz, adding that "... this amount represents the backlog in tax credit refunds of Value Added Tax (VAT) to Exporters and there are cases which have been awaiting payment since 2011," noted an article in PrensaLibre.com.
Being called into question is the establishment of a reduction of income tax payments when calculating as a deductible expense extra benefits given by companies to their employees .
The accusations were made by some MPs who met with the acting head of the Superintendency of Tax Administration (SAT), Omar Franco and Deputy Minister of Finance Durval Carias. During the meeting, the congressmen noted that the initiative "contains 27 articles that attempt to reform the Tax Update Act, in which there are modifications to reduce and exempt from taxes as well as formal errors in the writing", reported Lahora.com.gt.
A two month exemption from fines resulting from the application of the new law is one of the issues being debated by government and business representatives.
The Tax Authority (SAT in Spanish), customs brokers, the business community and carriers are awaiting on Friday March 16th the president's decision to issue a decree for a two month exemption from fines resulting from violations of the newly enforced Customs Act.
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