Companies that pay 31 percent of net profits (the proposal describes this as the "profits from lucrative activities regime") could face serious problems if they incur in shoddy book-keeping.
Expenses will no longer be deductible if they are simply described as "other", "miscellaneous" or "general". Invoices and contracts will be required as proof of expenditure, and workers' social security payments will have to be kept up to date.

Source: prensalibre.com

More on this topic

Costa Rica: Details of VAT and Income Tax Projects

August 2015

Among the new features are VAT refunds to those who pay for private medical practices with cards and the establishment of a new fiscal year, from January 1 to December 31.

From a statement issued by the Ministry of Finance:

Bill on value added tax (VAT):

New Features

- This project establishes a value added tax (VAT) levied on sales of goods and provision of services in Costa Rica.

Guatemala Puts Finishing Touches on Tax Reform

January 2012

Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion.

The new Guatemalan government has refined its proposed fiscal law reform, which includes proposals such as removing the accreditation of the VAT tax and setting different levels for the deduction of income tax.

New Income Tax law comes into effect in Guatemala

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The period for presented audited financial statements and the income declaration (ISR) expires on March 31 for all registered taxpayers.

According to prensalibre.com, "the law, in effect since the start of the year, covers the 2008 fiscal year.

According to Abelardo Medina, head of operations at SAT, there are proposals for reforming these requirements and to required audited statements only from special contributors; however, these were not approved by Congress hence until the modification are approved, the procedure will be applied to all taxpayers (at a rate of 31%)."

New law in Guatemala to govern income tax, rates and controls

June 2008

The Executive Branch of government has proposed a lengthy new income tax law.

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