Guatemala: Pharmaceutical Company Intercepted

For the possible commission of the crime of Tax Fraud, the Superintendence of Tax Administration intervened the commercial company J.I. Cohen.

Tuesday, April 27, 2021

The intervention was authorized by the Pluripersonal Court of First Criminal Instance in Tax and Customs Matters of the Municipality and Department of Guatemala, informed the Superintendence of Tax Administration (SAT).

See "Pharmaceutical products: Purchases exceed $2.6 billion"

According to the statement dated April 26, 2021, "... the action is within the objectives of the Tax Administration in terms of ensuring proper compliance with tax obligations, within a framework of legality and respect for the legal principle of due process."

According to CentralAmericaData's research, during 2020 in the Guatemalan market, J.I. Cohen S.A. continued to be one of the main suppliers of medicines to public institutions.

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More on this topic

Tax Amnesty: Law Sanctioned in Panama

April 2021

President Laurentino Cortizo sanctioned Law 208 of April 6, 2021, which extends until December 31 of this year the validity of the tax amnesty, which initially arose in 2019.

With this initiative of the Executive, enacted in Official Gazette and which is part of the Economic Recovery Plan (phase 1), taxpayers will have until August 31, 2021 to make payments or enter into payment arrangements with respect to tax obligations not fulfilled until January 31 of this year, official sources informed.

Tax Fraud: New Cases in Guatemala

March 2021

Chang y Compania and Mag Alcoholes, are two companies that during March were audited by local authorities, after the detection of the possible crime of tax and customs fraud.

Representatives of the Superintendencia de Administración Tributaria (SAT) informed that on March 10, the Juzgado Pluripersonal de Primera Instancia Penal en Materia Tributaria y Aduanera ("Pluripersonal Court of First Criminal Instance in Tax and Customs Matters") ordered the intervention of the company Mag Alcoholes, and on March 22, the Juzgado Quinto de Primera Instancia Penal ("Fifth Court of First Criminal Instance") ordered the intervention of the warehouse Chang y Compania.

More Taxes: An Idea That Appeals to Governments

September 2020

In this scenario of economic crisis, falling tax revenues and the need to finance recovery programs, in Guatemala and Costa Rica it is already proposed to increase current taxes and create new ones.

Guatemalan authorities are already beginning to discuss the fiscal policy they will apply in 2021, when the economy will have to face the effects of the economic crisis generated by the covid-19 outbreak.

Panama: Intervention in Reinsurer

December 2016

An intervention have been ordered into the Istmo Compañía de Reaseguros, Inc. for not having the required equity, among other violations.

From a statement issued by the Insurance and Reinsurance Superintendency of Panama:

THE BOARD OF THE SUPERINTENDENT OF INSURANCE AND REINSURANCE OF PANAMA, reports that through Resolution No.

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