One of the main components of financial statements of company´s with industrial or commercial activities are inventories, which are usually made up of goods available for sale or consumption and inventories of production processes.
The company Management, at the end of the accounting period must ensure that the inventory quantities that may exist in their stores, warehouses or any other collection site correspond to the economic reality by carrying out physical counts in order to ensure that the amounts of inventories are kept in good shape and are valued in accordance with the IFRS.
Memorandum on Tax Bancarization and obligations for payment schedules corresponding to April 2016.
From a Memorandum sent by Tezó and Associates:
The regulation on Tax Bancarization is included in Articles 20 and 21 of Decree No. 20-2006, articles which were amended by Articles 27 and 28 of Decree No. 04-2012, specifically in order to change the amount of banking penetration from Q50,000.00 to Q30,000.00.
Memorandum on the implementation of the rules on transfer pricing 2015 and payment schedule for obligations in January 2016.
From a Memorandum sent by Tezó and Associates:
Taxpayers who pay ISR (income tax) who carried out transactions in 2015 with related foreign companies, including imports, exports, services provided and received such as management services, legal, accounting, financial, technical or any other services; and where these operations had an impact on the determination of the income tax payable, are required to have a Transfer Pricing Study.
Tax Memorandum by Tezó and Associates on Transfer Pricing and schedule for payment obligations in February 2015.
Tax Memorandum by Tezó and Associates:
Under Articles 54 and 55 of Decree No. 10-2012, effective from January 1, 2015, the tax authorities can check whether transactions between related parties (an entity resident in Guatemala with a resident abroad), are rated according to the principle of free competition and make adjustments when the valuation agreed between the parties results in less tax being paid in the country or deferred taxation; if adjustments are made an audience must be conferred within the Process for Determination of Tax Liability by the Administration, established in the Tax Code. It is understood for tax purposes, under the Principle of Free Competition, that the price or amount for a particular operation that independent parties may have agreed in conditions of free competition should be comparable to those performed operations.
A Memorandum has been issued by Tezó y Asociados on the Transfer Pricing Study and obligations for the payment schedule corresponding to September 2013.
Tax Memorandum 12 to 13 October 2013
Transfer Pricing Study
The purpose of the transfer pricing study in Guatemala, is to determine whether transactions by a local company during a fiscal tax year, with related subjects living abroad, were agreed and at prices similar to those established between independent parties, which is defined as "Principle of Free Competition", and taking into account in this new standards established by Decree No. 10-2012, Act Income Tax (Articles 54 to 67) and in the Regulation (Articles 37 to 66).
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