The French government reported that it removed Guatemala from the list of countries that do not cooperate with the exchange of fiscal information, but kept Panama.
The European country's authorities reported that Guatemala was removed from the list because it ratified the convention on mutual administrative assistance in tax matters of the Council of Europe and the Organization for Economic Cooperation and Development (OECD).
Arguing that it does not comply with the standards on transparency and exchange of information for tax purposes, the OECD evaluated Guatemala negatively and recommended working on direct access to taxpayers' banking information.
As planned, following the temporary suspension by the Constitutional Court (CC) of the article of law facilitating access to taxpayers' bank information, the Organization for Economic Cooperation and Development (OECD) decided to include Guatemala in the list of countries that do not comply with their fiscal information commitments.
In its next evaluation, the OECD could lower Guatemala's rating, because in August last year access to bank information with a court order was suspended, which could lead to an increase in the credit price.
The government is warning that if the agreement on Mutual Administrative Assistance in Tax Matters is not ratified, the country is at risk of being included in the lists of non-cooperating countries.
The Guatemalan Ministry of Finance describes as "indispensable" the ratification by legislative of the Convention on Mutual Administrative Assistance in Tax Matters adopted by the Council of Europe and member countries of the Organization for Economic Co-operation and Development (OECD)
Central Americans and other Latin Americans are feeling more concerned about what Trump can say or do, than over the only thing that can really change the fate of poverty in the region, which is education.
The quality that the school system has today will determine the quality and development that the economy can achieve tomorrow.
Panama's decision to re-join the group of countries which every three years submit their education systems to the PISA test run by the Organization for Economic Cooperation and Development (OECD) will determine any lags that may exist in the model of education in respect to developed countries, and lay the foundation for analyzing the changes that need to be made to increase the capacity of analysis and understanding of students today, for better socio-economic development in the future.
Legal tax engineering is a mandatory business practice for anyone who wants to be competitive in today's globalized world, and only those who are not entrepreneurs can afford to refuse to acknowledge this fact.
EDITORIAL
With the same firmness that we criticize businesspeople who evade taxes or bribe officials to get a contract, we must defend every business practice which is framed within the law to pursue the best use of available resources to generate wealth through the production of goods and services, which is what businesses do.
Gaps in GDP per capita between different countries are directly related to the productivity gaps between their respective economies, with education being the main factor in these differences.
The OECD report "Promoting inclusive growth of productivity in Latin America" says that although the region made progress in reducing poverty over the past 20 years, it still stands out at the global level, because of the unequal income its inhabitants.
The G20 finance ministers gave full support to the project that would prevent corporate profits from "disappearing" or being artificially transferred to jurisdictions with low or no taxation.
From the press release issued by the G-20:
During a meeting chaired by Turkish Deputy Prime Minister Cevdet Yilmaz, the G20 finance ministers expressed strong support for the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project, which provides governments with solutions for closing the gaps in existing international rules that allow corporate profits to « disappear » or be artificially shifted to low/no tax environments, where little or no economic activity takes place.
As the region gets ready to start complying with the US law FATCA, OECD countries are already working on a Single Global Standard for automatic exchange of information.
FATCA could now be joined by the European OECD countries Single Global Standard for Automatic Clearing of CRS Information (Gatca), "... allowing tax information on their residents to be shared between them."
The asymmetry of investment flows makes the application of the concept of world income inevitably generates more revenue to the states of powerful economies than those of small ones.
In his opinion piece in Elfinancierocr.com, Manrique Blen points to the difficulties that countries with small economies face when they sign double taxation treaties, as, depending on the characteristics of the signed agreements, they can stop receiving tax revenues that they could have received had they not joined the treaty.
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) ".
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