Removal of Bank Secrecy Applies

Since November 26, the Guatemalan authorities have the power to access taxpayers' bank information for tax purposes, so they can now corroborate that the bank income of companies coincide with the payment of their taxes.

Wednesday, November 27, 2019

After the resolution of the Constitutional Court was published in the Diario de Centroamérica on November 25, in which the appeal of unconstitutionality filed by Escalas Mercantiles S.A., which was intended to prevent the authorities from having access to the banking information of companies and individuals, the law that empowers the Superintendence of Tax Administration (SAT) to investigate taxpayers has come into effect.

The matter has been on hold since August 2018, when the country's highest court temporarily suspended the article of the law that in Guatemala facilitated access to banking information of companies with a court order at the request of the tax authorities. However, after the ruling of the CC, the rule came into force.

After it became known that the elimination of banking secrecy was a reality, the business sector announced weeks ago that it will be vigilant to respect due process and the confidentiality of taxpayers.

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More on this topic

Bank Secrecy: What Concerns Businessmen?

September 2019

As a result of the elimination of banking secrecy in Guatemala, the business sector announces that it will be alert to "respect due process and the confidentiality of taxpayers.

One year after having suspended access to taxpayers' bank information for fiscal purposes, at the beginning of August the Constitutional Court ruled definitively and revoked the suspension, so that in the coming weeks the changes will begin to apply.

Bank Secrecy: Can the Court's Decision Be Reversed?

August 2019

Experts and authorities believe that the ruling by the Guatemalan Constitutional Court revoking the suspension preventing access to taxpayers' bank information for fiscal purposes could be reversed with another legal action.

In recent days, the issue has become more relevant in the country, because after a year of being suspended access to banking information for tax purposes, on August 6 the Constitutional Court finally ruled, authorizing the Superintendence of Tax Administration (SAT) to review the accounts of taxpayers.

Court Decision Eliminates Bank Secrecy

August 2019

One year after the suspension of taxpayers' access to bank information for tax purposes, the Guatemalan Constitutional Court ruled definitively and revoked the suspension.

The issue had been on hold since August 2018, when the country's highest court temporarily suspended the article of the law that in Guatemala granted companies access to banking information with a court order at the request of the tax authorities.

Guatemala: Access to Companies Banking Information

August 2016

In January 2017 a rule will come into effect which allows the lifting of bank secrecy by court order at the request of the Tax Administration.

Decree 37-2016 Law to strengthen fiscal transparency and governance for the SAT was published today in Diario de Centroamerica, along with the dates for when each of the amendments adopted in the reform becomes effective.

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