Guatemala: Insistance on Regulating Banking Secrecy

The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.

Wednesday, November 26, 2014

With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."

The head of the SIB, Jose Alejandro Arevalo told that "... The law would allow access to all of the data and there is no limitation. The Superintendency of Tax Administration (SAT) is the one who must be interested in this law advancing in Congress, so it can access information and make cross references with declarations that must be filed in order to comply with tax responsibilities. "

"... A recent analysis by the Central Fiscal Observatory said Guatemala shows little progress in strengthening the tax administration by eliminating bank secrecy regulated in law and the obligation by banks to keep information on file about its customers and that it can not disclose to third parties without authorization. "

"According to estimates by the SAT, there is a 65% evasion on income tax and 38% on value added tax."

More on this topic

Removal of Bank Secrecy Applies

November 2019

Since November 26, the Guatemalan authorities have the power to access taxpayers' bank information for tax purposes, so they can now corroborate that the bank income of companies coincide with the payment of their taxes.

After the resolution of the Constitutional Court was published in the Diario de Centroamérica on November 25, in which the appeal of unconstitutionality filed by Escalas Mercantiles S.A., which was intended to prevent the authorities from having access to the banking information of companies and individuals, the law that empowers the Superintendence of Tax Administration (SAT) to investigate taxpayers has come into effect.

Guatemala: Banking Secrecy Under Discussion Again

July 2015

The tax authority insists that Congress approve the changes to the Tax Code and the Banking Law so that regulated entities provide information to the SAT for tax purposes.

The request by the department of the Superintendency of Tax Administration to Congress aims not only to improve monitoring tools and tax revenues, but also meet one of the conditions required by the OECD for removal from the organization's.gray list.

Costa Rica: Bank Secrecy Under Discussion

December 2014

An initiative that is being discussed in the Legislative Assembly would lift bank secrecy with regards to tax matters, without the need for an order to be given by a judge.

Reform to the Code of Tax Rules and Procedures would allow tax authorities to access client's bank information, if needed. This amendment is part of the requirements for the country to join the Organization for Economic Cooperation and Development (OECD).

Guatemala: Banking Secrecy Once Again

August 2014

Financial authorities insist on the need to eliminate bank secrecy in order to access information on taxpayers accounts where suspicious movements have been reported.

Now it is the Superintendency of Banks (SIB) which is insisting on taking up the bill to eliminate bank secrecy which has been lodged with the Congress of Guatemala since 2012 and aims to "...

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