Guatemala: Proposal of Tax Exemption for Cooperatives

Two legislative bills were submitted to Congress for a tax exemption on investment income.

Tuesday, June 2, 2009

Mariano Rayo, chairman of the Economy Committee in Congress, reported that the initiative has a favorable opinion from the Superintendent of Banks, but not from the Ministry of Public Finance or the Superintendent of Tax Administration.

L. Alvarez wrote in "The sponsors of both initiatives seek to add a new subsection to Decree 26-96 of the Law on Financial Product Taxes and its reform, decree 44-2000, where it is established that savings and credit cooperatives are exempt from paying this tax."

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El Salvador: Unions Oppose Greater Financial Regulation

September 2016

Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.

In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L.

Financial Cooperatives in Costa Rica

October 2012

For the volume of assets and loan portfolios they manage, cooperatives together make up the fourth largest financial operator ivn the country.

In Costa Rica, the 30 cooperatives under the supervision of the Superintendent of Financial Institutions (Sugef) exceed in value the assets and loan portfolio of the "private bank BAC San José and are below the banks, Banco Nacional, Banco de Costa Rica and Banco Popular which are funded by public capital. "

Guatemala: Credit Unions To Be Supervised

February 2011

Regulators are preparing legislation to supervise credit unions.

The new rules apply to all credit unions associated with Micoope (brand which brings together the Credit Unions Federated Cooperatives throughout Guatemala).

Lorena Alvarez from writes, "The proposal seeks to integrate financial cooperatives which provide services within the regulated system, as in most Latin American countries, said Eduardo Soto, supervisor of the regulations development department of the Superintendence of Banks (SIB).”

Guatemalan cooperatives seek alliances with local banks

November 2008

Advised by the World Credit and Savings Council and based on the experience in other countries, Fenocoac is interested in establishing alliances with banks.

The alliances would be in the sense that the members of the cooperatives can make deposits or withdrawals from bank branches countrywide.