Guatemala: Access to Companies Banking Information

In January 2017 a rule will come into effect which allows the lifting of bank secrecy by court order at the request of the Tax Administration.

Tuesday, August 23, 2016

Decree 37-2016 Law to strengthen fiscal transparency and governance for the SAT was published today in Diario de Centroamerica, along with the dates for when each of the amendments adopted in the reform becomes effective.

From January 2017 the SAT may require entities subject to financial monitoring to provide information on bank movements, transactions, investments, available assets or other transactions and services performed by any individual or legal person, entity or assets.

The standard states that applications will be made "in cases where there is reasonable doubt about activities or operations that warrant a process of investigation, provided that such information is requested for tax purposes, including control measures and supervision under the guarantee of confidentiality".

Other amendments to the law will take effect between eight days and two years after today's publication in the official newspaper.



More on this topic

Court Decision Eliminates Bank Secrecy

August 2019

One year after the suspension of taxpayers' access to bank information for tax purposes, the Guatemalan Constitutional Court ruled definitively and revoked the suspension.

The issue had been on hold since August 2018, when the country's highest court temporarily suspended the article of the law that in Guatemala granted companies access to banking information with a court order at the request of the tax authorities.

U Turn Over Lifting of Bank Secrecy

August 2018

The article of the law in Guatemala, which facilitated access to companies bank information via a court order requested by the tax authorities, has been temporarily suspended.

The decision was taken by the Constitutional Court after a company filed an appeal of unconstitutionality. Based on the arguments put forward, the CC decided to order the provisional suspension of Article 52, which empowered the Superintendency of Tax Administration (SAT) to request that a judge order the lifting of banking secrecy of individuals or companies when there was "... reasonable doubt about the results of the processes or execution of the selective and mass inspection plans'.See "Guatemala: Bank Secrecy Now Lifted"

Guatemala: Bank Secrecy Now Lifted

February 2017

A law has entered into force which facilitates access to individuals and companies' bank information with a court order at the request of tax authorities.

Francisco Solorzano, chief of the Superintendency of Tax Administration (SAT), noted that "...

Guatemala: Access to Companies Banking Information

January 2017

In February a law comes into force authorizing the lifting of bank secrecy of companies and individuals with a court order at the request of tax authorities.

Banks are preparing for the entry into force of legislation in February, modifying their processes in order to respond more quickly to requests from the Superintendency of Tax Administration (SAT).

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