Guatemalans Owe $ 705 Million in Taxes

The Superintendence of Tax Administration (SAT) estimates that $ 449 million is owed in taxes and $ 256 million in penalties and interest.

Tuesday, February 22, 2011

However, it clarified that the SAT estimates viable to recover only 10% of that amount, about $ 45 million, through a partial exemption declared by President Alvaro Colom.

The waiver, implemented through the 1946-2011 government decree, grants a 95% exemption for taxpayers who pay their back taxes before March 31, 90% if done in April, 85% between May and June and 75% if between July and August.



More on this topic

El Salvador: Debt Burden Increases

October 2019

Because the Debt/GDP ratio increased from 69.4% to 70.7% between 2018 and 2019, Fitch forecasts that, in the absence of additional fiscal adjustment, the debt burden will continue to grow in the coming years.

A political stalemate leading to the failure of the 2020 budget proposal and the approval of the necessary external financing could lead to pressure on El Salvador's rating (B- / Stable), informed the risk rating agency.

El Salvador: Delays in VAT Refunds

May 2015

Exporters claim that the Ministry of Finance takes up to 10 months to give credit notes for tax refunds, accumulating a debt of $70 million.

To date the Ministry of Finance has issued $41 million in Treasury credit notes (NCTP) to pay off part of the debt. However, representatives from the Corporation of Exporters of El Salvador (Coexport) state that this type of payment represents a loss for exporters, as NCTP's can be sold but wat a discount of up to 5%.

Names of Tax Defaulters to be Published

August 2013

A draft amendment to the Tax Code in El Salvador proposes putting the names of tax debtors in the public domain.

According to Congressman Guillermo Gallegos, this would be a "moral condemnation", because maybe people feel distressed on seeing their names published and pay the taxes they owe.

Penalties for Tax Arrears

May 2012

The SAT in Guatemala could temporarily suspend for 12 consecutive months companies that do not report any activity on their tax returns.

This action by the Tax Authority was approved by a resolution passed this week by the board of the entity.

"Miguel Gutierrez, superintendent of the SAT, said (...) that prior to deactivation, taxpayers will be notified and given a chance to update or change their operations and will have a period of five days in which to decide," reported Prensalibre.com.

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