Just eight months ago, the president of the Central Bank insisted in Congress on the need to eliminate bank secrecy in order to minimize tax evasion and improve tax collection.

Barquín said that "... a law for the removal of bank secrecy, which has not been discussed since the last government, if approved would significantly improve tax revenues in the medium term by up to one percentage point of GDP, which is equivalent to Q4 billion annually. "

"... Almost all countries in the world have it and Guatemala is a country that is falling behind in this area not only for tax purposes but also in order to comply with the international commitments we have. Unfortunately it has not been on a priority for deputies. "

Source: lahora.com.gt

More on this topic

Guatemala: Insistance on Regulating Banking Secrecy

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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.

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."

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 "...

Guatemala: Another Project to Eliminate Bank Secrecy

August 2012

An initiative presented by the Unidad Nacional de la Esperanza (UNE) has technical consensus from the Superintendency of Banks and Tax Administration, the Banguat and the Ministry of Finance.

Deputy Carlos Barreda, a member of UNE, said that if it is not approved, tax revenue losses could reach about $38 million.

Costa Rica: Discussion on Bank Secrecy Relegated

July 2011

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The removal from the list of countries classified as tax havens, and the priority that the government has given other issues has meant that the discussion and approval of the Law on Fiscal Standards and Transparency, which contemplates the possibility of lifting the secrecy in banking in certain cases has been relegated.