Guatemala: Income Tax Lowered by 3%

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%.

Thursday, January 8, 2015

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

The head of collections, Omar Franco told that "... All taxpayers who are enrolled in gainful activities are eligible for the scheme on profits or the simplified optional scheme. In this case, the rate on profits has been reduced with the aim of encouraging investment, however, the controls on the side of the verification of costs and expenses has been tightened. "

For its part, the auditor of the firm Asesores Jurídicos y Financieros, Hugo Roberto Calderon said that "... This reduction attends to a tax privilege which only applies to large investors. Those small businesses or businesses that do not have the ability to invest can not benefit from the measure. "

More on this topic

New Special Tax Regime for Agriculture

September 2019

The Guatemalan Congress approved a bill that contemplates the creation of a special tax regime for agricultural activity.

Although this bill was involved in controversy days ago, as the chambers of industry and commerce expressed their opposition, Congress decided to approve the bill. See full bill.

Controversy Over Tax Regime for Agriculture

September 2019

In Guatemala, the chambers of industry and commerce oppose the bill that proposes to create a special tax regime for agricultural activity.

The project "Law on Simplification, Updating and Tax Incorporation", which has been in Congress for more than two years, was scheduled for final discussion until September 10. See full bill.

Proposal to Exempt Startups from Income Tax

April 2015

A bill put forward by Liberal MPs in Costa Rica proposes that during the first three years of operation, new companies would be exempt from paying income tax.

The proposal states that during the first year the new companies would be completely exempt from income, the second year they would be charged 25% of income tax incurred and 50% in the third year.

Costa Rica: Tax Exemptions Revised

February 2015

As part of a plan to reduce the fiscal deficit, the Finance Ministry is preparing a bill which aims to amend the existing tax exemptions scheme.

This project also seeks to create penalties for 1,259 misuse of tax breaks reported by the Technical Services Department up until 2014. It is anticipated that the initiative will be submitted to the Legislature in no more than two weeks.

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