Up to August, the external and internal public debt amounted to $18.463 billion, equivalent to 23.4% of the country's Gross Domestic Product.
According to figures from the Ministry of Public Finance, in the last nine years the debt to GDP ratio has slightly varied, between 23.3% and 24.8%.
Regarding the country's indebtedness level, Abelardo Medina, senior economist at the Central American Institute of Fiscal Studies, said to Dca.gob.gt that "... It is interesting to note that, although Guatemala reports the lowest level of debt in the region and one of the lowest in the world, the evaluation given by risk rating agencies does not reach investment level. This is a product of political instability but, especially, it is due to the limited size of its fiscal revenues."
In order to compensate for the resources that the government will not receive from taxes vetted by the Constitutional Court, the Tax Authority will increase audit pressure.
The decrease of $64 million in revenue, has led the Tax Authority of Guatemala (SAT by its initials in Spanish) to strengthen its control plan with which it supervises companies.
Before the end of 2012 the largest contributors are required to issue electronic invoices according to the disposition of the Guatemalan Tax Administration.
The obligation extends to companies that emit more than 1 million invoices per year. Gradually those with between 1501 and 3,000 a year will be incorporated . The process ends in March 2013 with the addition of issuers of between 0 and 500 invoices per year.
The Guatemalan Superintendent of the Tax Administration is investigating income tax return irregularities.
Since the month of April, the Superintendent of the Tax Administration (SAT) has been reviewing Guatemalan bookkeepers who manage and submit the financial statements for the accounts of more than 215,000 businesses.
Controls will be increased in the livestock, exporting and transport sector as a way to increase collection.
In the first two months of the year, the Superintendent of Tax Administration has raised $671 million, $55 million below set targets.
In the face of this situation, the Superintendent will increase controls on some sectors that, according to Superintendent Rudy Villeda, "have not been audited in previous years." These sectors are "livestock farmers, exporters and transporters, Non-Governmental Organizations (NGOs) and soccer players."
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%)."
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