SMEs exempted from audited financial statements

The measure that forced the submission of audited financial statements for the payment of income tax was limited to big enterprises.

Friday, March 13, 2009

The Guatemalan Congress approved Decree number 14-2009 which limited the types of companies that must file audited financial reports.
According to this new provision, small and medium sized businesses are not required to audit their reports, while special contributors and those inscribed under the in-bond industry, export activity and free zone schemes will have to do so.

The article in sigloxxi.com also reported that the Constitutional Court "temporarily suspended the audits, but it did order the financial statements to be presented no later than March 31."



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More on this topic

Nicaragua: Tax Exemptions for SMEs

December 2014

Exemption from VAT and income tax for SMEs operating under the fixed quota regime will be retained in the Tax Act Coalition whose reform is being proposed by the Executive.

There are about 200,000 small and medium enterprises (SMEs) operating under the so-called fixed quota regime, contributing 40% to gross domestic product (GDP).

Guatemala: Demand for industrial products drop

February 2009

The level of consumption in the sector has fallen between 15 and 25%, as a result of the decrease in exports and a smaller local demand.

Elperiodico.com.gt reports: "The most affected industries are food and beverages, maquila, plastics, and construction, including some materials used by that sector, added Ernesto Morales, president of the Federation of Small and Medium Business (Fepyme).

Small and medium businesses in Guatemala look to Central America as prime market.

October 2008

Central America receives 80% of the exports by small and medium businesses in Guatemala.

"Central America is the region to which they export the most due its proximity; however, we are interested in completing the customs union, because not having it reduces competitiveness," explained Ernesto Morales Pinzon, president of the Guatemalan Federation of Small and Medium Businesses (Fepyme).

Guatemala opens new small business center

July 2008

The Federation of Small and Medium-Sized Businesses in Guatemala has opened a training and business center.

The center will train its clients in the tools and practices of management, technology, legal and financial issues, and marketing.
Ernesto Morales Pinzón, the center's manager, said, "The center will allow participants to spend the day dealing with real world themes, so that they can do a better job of managing their own businesses in an marketplace of increasing competitiveness."

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