Guatemala: Changes to VAT Refunds

Changing how tax credits are returned is one of the proposals put forward in the reform of the rules for the VAT Act proposed by the tax authority.

Monday, November 28, 2016

Three years after the last modification to the regulations of the Law on Value Added Tax came into effect, it has been proposed that it be re-edited, in order to improve and streamline the audit processes.

Abel Cruz, Intendent of Revenue, told Diario de Centroamerica that "... the changes would be designed to streamline and improve fiscal processes, such as returning tax credits, creating mechanisms for the implementation of version 2 of electronic invoicing and reducing paperwork, which would be the result of not requiring unnecessary documentation."

Cruz added that "... according to the procedure, the first entity to see the regulations and who must issue a ruling on them will be the Intendent of Fiscalization, and after that it will be seen by the Board of the SAT and then be transferred to the office of Julio Héctor Estrada, head of the Treasury."



More on this topic

Costa Rica: Details of VAT and Income Tax Projects

August 2015

Among the new features are VAT refunds to those who pay for private medical practices with cards and the establishment of a new fiscal year, from January 1 to December 31.

From a statement issued by the Ministry of Finance:

Bill on value added tax (VAT):

New Features

- This project establishes a value added tax (VAT) levied on sales of goods and provision of services in Costa Rica.

Nicaragua: Protests Over Self Transfer of VAT

March 2013

Employers indicate that for some companies, the inadequate implementation of an administrative ruling of the Department of Revenue increases costs by 15%.

"Where the provision of services in general and the use or enjoyment of goods is provided by natural or legal persons or an entity, either resident or nonresident, which are not responsible for collecting VAT (IVA in Spanish), the payer of the service shall make a self transfer of the VAT incurred, which constitutes a tax credit under accreditation rules. "

New in Costa Rica: Value Added Tax

March 2012

The tax reform, recently approved on its first reading, introduces Value Added Tax (or IVA in Spanish) to replace the existing Sales Tax (IV in Spanish).

An article by Carlos Cordero in Elfinancierocr.com, has the professional technical support of Mario Hidalgo, a tax partner at Deloitte.

Machinery Imports Would Be Taxed

October 2009

If the tax reform proposed by the Salvadoran government is enacted, machinery imports would pay 13% value added tax.

Additionally, expenditure reimbursements and tips would pay value added tax.

Economist Luis Membreño told newspaper Prensagrafica.com: "This, in addition to the elimination of the 'drawback' benefit, does not foster investment nor job generation.

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