Memorandum on minimum wages and payment schedule for tax liabilities for December 2016.
From a Memorandum sent by Tezó and Associates:
On 30 December 2016 the Ministry of Labour and Social Welfare published in the newspaper Diario de Centro América Governmental Agreement No. 288-2016, through which the new minimum wages are established for agricultural activities, non-agricultural activities, exports and maquilas, with effect from 1 January 2017.
Memorandum on "Lifting of Bank Secrecy Making Serious Progress" and payment schedule for tax liabilities for November 2016.
From a Memorandum sent by Tezó and Associates:
As mentioned in our Tax Memo Number 11-16, the lifting of "Bank Secrecy" will come into effect from February 27, 2017, which consists of the SAT being able to require entities subject to the supervision and inspection of the Superintendence of Banks, Credit Unions, Nonprofit Micro Finance Institutions, to provide information on bank movements, transactions, investments, assets available or other transactions and services performed by any individual or legal person, entity or assets.The SAT will request such information in cases where there is reasonable doubt about activities or operations that warrant an investigation process.The aim generally is for the SAT to have a fiscal tool to check whether all income of an individual or legal entity, has paid the due taxes.
Memorandum on "Rights of taxpayers' payment schedule and liabilities for October 2016.
From a Memorandum sent by Tezó and Associates:
Rights of taxpayers
Article 50 of Decree No. 37-2016 added Article 21 "A" to the Tax Code, establishing that taxpayers rights, be they acting by themselves, through a legal representative or an authorized third party, among others established by law, are the following:
Memorandum on "Taxpayer Obligations' payment schedule and liabilities for September 2016.
From a Memorandum sent by Tezó and Associates:
Obligation of taxpayers
Article 51 of Decree No. 37-2016 added Article 21 "B" to the Tax Code, which states that obligations of taxpayers, whether they are subject to taxation or not, constitute among other things, as stated in paragraph 1 "Submission of declarations, notifications , self-assessments and other documents required by the tax legislation and tax administration for the performance of their duties." This obligation, in our opinion, when it comes to self - assessments, gives way to the procedure followed by the SAT to request correction of "inconsistencies", presenting rectifications to declarations and paying tax, which often is not omitted, but we pay in order to settle the case and not spend any more time on it. In these cases we must be sure that the right of defense has not been eliminated, instead of rectifying statements, we can request that we be granted Evacuation of a Hearing in order to start a defense process.
Memorandum on "Fiscal accounting will become history" and payment schedule of obligations for July 2016.
From a Memorandum sent by Tezó and Associates:
Tax accounting will become history
In Guatemala, in a very high percentage, companies carry out accounting activities solely for the purpose of complying with the Law on Income Tax and use as an accounting basis some provisions contained in the tax law, therefore it is very common to hear that a particular transaction was not recognized because it has no accounting effect and there is no rule prohibiting and sanctioning these types of accounting omissions.
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 new minimum wage and the payment schedule of liabilities for December 2015.
From a Memorandum sent by Tezó and Associates:
On December 30, 2015 the Ministry of Labour and Social Security published in the Journal of Central America Government Agreement No. 303-2015, by which the new minimum wages for agricultural activities are set, and those for non-agricultural activities, maquilas and exports which are regulated by Decree No.
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.