Two companies are expected to complete certification this month to provide the electronic tax stamps service in Guatemala, and by January 2019 they would be operating throughout the entire customs system.
In July of this year, it was announced that the tender for the service of electronic tax stamps for containers in Guatemalan customs would no longer be carried out, allowing several companies to provide their services independently.
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."
Standardizing procedures and applying administrative silence in favor of the taxpayer, are some of the proposals that Congress has received for reforming the current regulations.
Due to the widespread delay in the tax refunds which is still harming the majority of the companies in the country, the Central American Institute of Fiscal Studies (Icefi), the Center for National Economic Research (Cien) and the Association of Exporters (Agexport), delivered to the Economic Commission at the Guatemalan Congress, a proposal to modify the regulations that are currently applied.
Raising VAT from 12% to 15% and lowering income tax from 35% to 30% are part of the reforms that the Executive Branch is preparing to present to Congress.
Preliminary ideas being prepared by President Morales and a group of advisers also include incorporating the concept of world income.Although a formal document has not yet been submitted, the Executive has already started to give details of the proposal to members of Congress.
Banning state suppliers from financing political campaigns, implementing reverse electronic auctions and technical specifications for medicine purchases, are part of the proposed reforms.
A report from the Central Institute for Fiscal Studies said that mining activities in Guatemala are "far from presenting satisfactory levels of transparency."
With the recent consent given by the Banguat for a new issuance of new debt totalling $1,917 million to finance the 2015 budget, the fiscal deficit could exceed 2.5% of GDP.
The private sector is not looking favorably on the approval given by the Monetary Board of the Bank of Guatemala for the possible issuance of $1.917 million in debt to finance part of the 2015 expenses, because the fiscal deficit would rise to levels above that considered acceptable in economic terms.
A study reveals the state's inability to meet the demands for services and road infrastructure that arise when a mining project is set up.
"Mining in Guatemala's economy in 2011 accounted for 2.8% of the production of goods and services nationwide .... By 2012, the total tax contribution of the mining sector was $62,496,766 equivalent to 5.7% of production of mining and quarrying," indicated the Central American Institute for Fiscal Studies (ICEFI).
The Ministry of Government of Guatemala has awarded $5.3 million in contracts for road signs, via 68 separated purchasing acts.
This practice meant that in almost every event there was just one bidder, and that contracts could be awarded in just three weeks, avoiding the greater transparency and control present in a public tender.
Of the $34.095 billion in Foreign Direct Investment in Central America which arrived in the last 4 years $21.925 million left the region in the form of expenses.
The information comes from a report by the Central Institute for Fiscal Studies (ICEFI), which reveals that the most affected country is Guatemala, where outflows were 1.3 times more than income.
The Central American Institute for Fiscal Studies has highlighted the unsustainability of the fiscal deficit in Costa Rica, El Salvador, Guatemala and Honduras.
Pensalibre.com reports that "... according to the results of a report by the Central Institute for Fiscal Studies (Icefi) submitted yesterday ... Guatemala, El Salvador, Honduras and Costa Rica find themselves with in unsustainable scenarios regarding public debt in the next few years. "
Honduras, Guatemala, Nicaragua and El Salvador attract investment based on the exploitation of natural resources and unskilled, but cheap, labor.
A report by the Central American Institute for Fiscal Studies (ICEF), reveals that Central America recorded last year $9.70 billion in foreign direct investment (FDI), with Panama and Costa Rica being the recipients of about 60% of these flows.
The cause is a contraction in consumption in major markets for Guatemalan exports, mainly sugar, coffee and rubber.
This is mainly due to international market stagnation and decline in prices of commodities such as sugar and coffee. "Among these markets is the U.S., the country's main trading partner. According to statistics from the Bank of Guatemala, during the first three months of the year $1.016 billion was exported to this country, showing a decrease of 2.4% compared to the $1.041 billion recorded last year, ie a loss of $24.5 million," noted an article in Elperiodico.gt.
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