Calendar of payments of obligations corresponding to December 2017 and Tax Memorandum on the minimum wages in effect as of January of this year.
From a Memorandum sent by Tezó and Associates:
On December 29, 2017, the Ministry of Labor and Social Welfare published Government Agreement No. 297-2017 in the Diario de Centro América, whereby the new minimum wages for agricultural, non-agricultural and export and maquila activities are established, effective as of January 1, 2018.
Memorandum on Physical Inventories and payment schedule for obligations in May 2016.
From a Memorandum sent by Tezó and Associates:
Physical inventories: Counting properly
One of the main components of financial statements of company´s with industrial or commercial activities are inventories, which are usually made up of goods available for sale or consumption and inventories of production processes.
The company Management, at the end of the accounting period must ensure that the inventory quantities that may exist in their stores, warehouses or any other collection site correspond to the economic reality by carrying out physical counts in order to ensure that the amounts of inventories are kept in good shape and are valued in accordance with the IFRS.
Memorandum on Tax Bancarization and obligations for payment schedules corresponding to April 2016.
From a Memorandum sent by Tezó and Associates:
The regulation on Tax Bancarization is included in Articles 20 and 21 of Decree No. 20-2006, articles which were amended by Articles 27 and 28 of Decree No. 04-2012, specifically in order to change the amount of banking penetration from Q50,000.00 to Q30,000.00.
Memorandum on the Emerging Act for Conservation of Employment and payment schedule of obligations in March 2016.
From a Memorandum sent by Tezó and Associates:
In the Diario de Centro América dated March 30, 2016, Decree No. 19-2016 was published which contains the "Emergent Act for Conservation of Employment"; which aims to amend Decree No. 29-89 "Law on Promotion and Development of Export and Maquila Activities and Decree No.
Memorandum regarding the Annex to the annual affidavit of income tax and related parties and payment schedule for obligations in February 2016.
From a Memorandum sent by Tezó and Associates:
Article 64 of the Rules of the "Book 1 Income Tax" Decree No. 10-2012 as amended, states that "Pursuant to Article 65 paragraph 1 of the Act, taxpayers who manifest in their affidavit of annual Income Tax performing transactions with related parties abroad must attach an annex containing information so that tax authorities have access to this information. "
Memorandum on the implementation of the rules on transfer pricing 2015 and payment schedule for obligations in January 2016.
From a Memorandum sent by Tezó and Associates:
Taxpayers who pay ISR (income tax) who carried out transactions in 2015 with related foreign companies, including imports, exports, services provided and received such as management services, legal, accounting, financial, technical or any other services; and where these operations had an impact on the determination of the income tax payable, are required to have a Transfer Pricing Study.
Memorandum on the agreement of the G20 against tax evasion and payment schedule of liabilities for October 2015.
From a Memorandum by Tezó and Associates:
Agreement in the G20 Against Tax Avoidance
On October 8 of this year in Lima, Peru, the finance ministers of the member countries of the G-20 approved and announced the final package of measures to conduct a comprehensive, coherent and coordinated reform of international tax law, called the BEPS Plan.
Payment schedule for October 2015 and Memorandum on Transfer Pricing Tax.
Tax Memorandum of Tezó and Associates:
If your company imports, exports, provides services, receives services, or receives funding grants, among other things, with related companies located abroad, Special Valuation Rules Between Related Parties apply, as set out in Articles 54 to 67 of Decree No.
Tuesday 14
Monthly income tax deductions for employees -
Deductions for capital income on property and goods (interest)
ISR Declaration on income from capital from property and goods (if not retained)
ISR Declaration on income from capital gains
Payment schedule for the most relevant obligations, corresponding to June 2015.
From a statement issued by Tezó and Associates:
Friday, June 12
ISR monthly Employee Retention
-Retention for income from real estate and assets (interest)
-Declaration of Income tax on income from real estate and assets (when not retained)
-Declaration of Income tax on income from capital gains
Payment schedule of liabilities for April 2015 and Tax Memorandum on Fiscal Solvency.
Tax Memorandum by Tezó and Associates:
After several suits claiming the unconstitutionality of Article 57 "A" of the Tax Code which establishes fiscal solvency, this rule is in force, except the paragraph that reads "The Tax Administration will determine the requirements, characteristics and other necessary conditions for obtaining it." , which was declared unconstitutional.
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.