Period of Exemption from Charges Extended

The Guatemalan Social Security Institute (IGSS) has granted an additional 90 days exemption from fines for those companies who do not pay employer and employee contributions on time.

Monday, April 2, 2012

The additional period granted by the IGSS began on Sunday, April 1st, under agreement 1284 published by the public record newspaper Diario de Centro América. The first agreement exemption, 1270, was issued in September 2011 and has now expired, reported Prensalibre.com.

"The exemption allows an increase in debt recovery from contributions that the private sector and the public owe to the Institute, enabling the social security system to be adequately funded", informs the text of the new agreement.

Every employer who voluntarily pays off their unfulfilled obligations, or who signs a document acknowledging the debt, will have a right to 100% exemption. They may make full or partial payments, although the latter are subject to a surcharge of 10% per annum on the principal balance.

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