On average, companies in the region pay 45.8% tax on profits, while companies in OECD countries pay 41%.
From the study Evolution of the fiscal situation in Central America, by the Federation of Chambers of Commerce of the Central American Isthmus (FECAMCO):
FECAMCO has carried out a study with the objective of showing the fiscal situation in Central American countries and raising awareness in governments about the efficient use of taxes that are collected from the payment of citizens to guarantee solvency of the states.
The proposal raises income tax from 25% to 29% for profits of over $38 billion a year, royalties for extracting gold and silver from 1% to 10%, taxes on fuels and a tax of $0.65 tax per bag of cement.
Seedocumentby the Ministry of Finance of Guatemala with details on each tax increase.
In the absence of a law to renew tax incentives, some 1,223 companies in the maquila sector and the free zone will have to pay income tax in 2016.
After the lapse on December 31 of tax benefits for companies working under these special arrangements, the Superintendency of Tax Administration of Guatemala will officially begin charging ISR, a measure that will bring in revenue to the state in the order of $258.4 million (a Q2 billion).
Tax Memorandum by Tezó and Associates regarding verification of the information presented in the annual declaration of income tax.
Tax Memorandum by Tezó and Associates:
In March 2015 the SAT sent an email containing a reminder to some Special Taxpayers in respect to the maturity of the annual Income Tax affidavit (ISR). This email includes he notice with the following paragraph: "In April 2015, the SAT will verify the information presented in the annual ISR affidavit, for which reason it asks, among other things, for the integration of non-deductible expenses and receivables reported and declared. "
Tax Memorandum by Tezó and Associates on Transfer Pricing and schedule for payment obligations in February 2015.
Tax Memorandum by Tezó and Associates:
Under Articles 54 and 55 of Decree No. 10-2012, effective from January 1, 2015, the tax authorities can check whether transactions between related parties (an entity resident in Guatemala with a resident abroad), are rated according to the principle of free competition and make adjustments when the valuation agreed between the parties results in less tax being paid in the country or deferred taxation; if adjustments are made an audience must be conferred within the Process for Determination of Tax Liability by the Administration, established in the Tax Code. It is understood for tax purposes, under the Principle of Free Competition, that the price or amount for a particular operation that independent parties may have agreed in conditions of free competition should be comparable to those performed operations.
With entry into force once again of the rule on transfer pricing, companies must take into account all the requirements in order to avoid penalties and adjustments to income.
The regulations in force since January 1 require taxpayers to adequately demonstrate and justify "... the amounts of payments and / or profit margins in their transactions with related parties" in order to ensure fair competition and collection of taxes.
Payment schedule of obligations corresponding to August 2014 and Memorandum on Tax Regulation on Occupational Health and Safety.
Tax Memorandum August 13th to 14th, 2014.
Regulation of Occupational Health and Safety
The Ministry of Labor and Social Welfare published in the official newspaper La Gaceta of August 11, 2014 Governmental Agreement No. 229-2014 through which issues the "Regulation of Occupational Health and Safety" must be observed by all employers. Its validity is from February 11, 2015, ie there are six months to implement the measures for occupational health and safety, required by this Regulation.
Calendar of payment obligations for July 2014 and Memorandum Tax on banking secrecy.
Tax Memorandum August 12nd - 14th 2014
Is bank secrecy is over?
All OECD countries as well as others such as Costa Rica have committed to the automatic exchange of tax information.
Because of the importance of this topic, the following is transcribed from a statement issued by the Organization for Economic Cooperation and Development (OECD):
An announcement by the SAT relating to audits on quarterly income tax payments and payment schedule of obligations corresponding to April 2014.
Tax Memorandum May 7-14 2014
Quarterly income tax payments and supervision of the Superintendency of Tax Administration (SAT):
The SAT has recently announced that it will oversee statements on Quarterly Payments of ISR, especially the deductibility of expenses and is also asking for integration of expenses reported as nondeductible.
Employers are complaining that the lack of clarity over how the income tax law is applied is generating legal uncertainty.
The law on income tax that arose from the tax reforms two years ago is still raising doubts among private entrepreneurs, who believe that the lack of clarity on how it should be implemented not only casts doubts and causes legal uncertainty, but also generates more informality.
Mario Brol Samayoa has been convicted of money laundering, tax fraud, special case of tax fraud and customs fraud.
According to investigations by the Prosecutor, Brol Samayoa exported gasoline to countries such as Taiwan, Mexico, Honduras and El Salvador, without paying Value Added Tax (VAT). "Because of this fraud the government failed to receive $91 million," according to the Superintendency of Tax Administration (SAT) ".