Guatemala Lowers Tax Collection Target by 9.3%

The SAT lowered its tax collection goal for 2009 by $441.

Wednesday, March 25, 2009

For 2009, the Tax Administration Superintendent (SAT) in Guatemala had planned to raise $4.758 billion, but it reported yesterday that the target was adjusted to $4.32 billion, a decrease of 9.28%.

Prensalibre.com reported that the Finance Minister, Juan Alberto Fuentes Knight, addressed the impact on the fiscal deficit: "It would have to be covered by a decrease in operating expenses, plus donations and debt grants pending approval, but it is expected that the aforementioned deficit will remain at 2%."

According to what La Prensa Libre reported in its article, the decline in revenue will cause a "reorganization of the state budget, which includes transfers and reductions in the number of units assigned to some dependencies, and modification in expenditures in items such as food, travel, fuel and vehicles."

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