A bill will be presented to the Congress of the Republic of Guatemala to require public accountants, auditors, lawyers and notaries to report their transactions.
The bill seeking to broaden the scope of regulated persons’ subject to money laundering control, which will be presented by the Superintendence of Banks (SIB), is aimed primarily at professionals as individuals, but will also include real estate companies, vehicle agencies and casinos.
From May 2019, foreign customers will have to declare to local system banks that their funds meet their country's tax requirements.
The Superintendence of Banks of Panama (SBP) approved Agreement 02-2019, which implements the recommendations of the Financial Action Task Force, which consists of expanding the required due diligence measures of banks with their customers.
The operator of Santo Tomás port in Guatemala plans to tender next year the installation of electronic customs stamps for containers at the port terminal.
The authorities at Empresa Portuaria Santo Tomás de Castilla also plan to acquire 300 cameras for a CCTV service.The purpose of these purchases is to improve controls and security on the premises.
The tax burden grew from 13.4% in 2013 to 14% in 2016, both due to the delayed effect of the tax reforms in Honduras and Nicaragua, as well as better management on the part of tax entities in Guatemala and Panama.
From the Regional Economic Report (IER) 2016-2017: Opportunities and challenges for Central America, by the SIECA:
A court ruling has overturned the SAT resolutions authorizing Empresa Portuaria Quetzal y Terminal de Contenedores Quetzal to operate as temporary customs warehouses.
Although the Superintendency of Tax Administration (SAT) has announced that it will be appealing the ruling given by the Second Administrative Appeals Chamber, the reality is that since June 28, the activities of the customs warehouses in Empresa Portuaria Quetzal (EPQ) have been suspended as well as those at the Terminal de Contenedores Quetzal (TCQ)."...The resolution orders that the SAT no longer has the customs service under its administration, which contravenes the Central American Customs Code CAUCA, therefore the Superintendency will file an appeal against the decision made by the Court."
In two weeks the Ministry of Finance expects to tender two contracts to supply gasoline and software to control fuel consumption.
The objective of this new tender is to better control and reduce gasoline consumption instate entities.The first tender will be made for the Ministry of Finance, and after that other institutions will follow.
A bill against money laundering tightens control of activities such as leasing and factoring and imposes harsher penalties on those not reporting suspicious transactions.
The proposal was prepared by the Superintendency of Banks in Guatemala (SIB), and aims to establish tighter controls and more severe sanctions in order to improve mechanisms for preventing money laundering.
Financial transactions made by state contractors will be supervised under the same scheme that applies to Politically Exposed Persons (PEP).
Jose Alejandro Arevalo, Superintendent of Banks, said that "... the rule is similar to that existing for Politically Exposed Persons (PEP) who are subject to special monitoring by the banking and financial system.
An announcement has been made that in 2016 an integrated system will be used to to carry out fiscal, safety and phytosanitary controls in a single revision.
The Tax Authority will be responsible for deciding the date of the launch of the new system, which will integrate phytosanitary controls, customs and security in the container terminal of Puerto Quetzal.
Approval has been given to the creation of a global system of digital certification to control pests and plant diseases which can spread during international trade.
From a statement issued by the Costa Rican Foreign Trade Promotion Office (Procomer):
The Commission on Phytosanitary Measures (CPM), the governing body of the International Plant Protection Convention (IPPC), consisting of 181 countries, has approved the creation of a new global electronic certification system called E-Phyto, which will help stop the spread of pests and diseases via agricultural products transported in international trade, in a way that is safer and cheaper.
The Tax Authority has announced the implementation of its program of massive audits of firms for March and April.
From a statement issued by the Superintendency of Tax Administration (SAT):
The Tax Authority within its functions to monitor compliance with tax obligations and billing for services and sale of products, is now conducting checks on billing and fixed points at different types of existing businesses.
The FDA now requires calorie information to be included on menus of restaurants, chain, similar retail food establishments and vending machines with 20 or more locations.
From a statement issued by the Food and Drug Administration (FDA) US:
The Food and Drug Administration (FDA) of the United States has finalized two regulations requiring the inclusion of calorie information on menus and menu boards in chain restaurants, similar retail food establishments and vending machines with 20 or more locations, in order to offer consumers greater nutritional information on food eaten outside of the home. The regulations are a requirement of the law on Affordable Health Care and Patient Protection 2010.
The new head of the Superintendency of Banks intends to resume the discussion in Congress of a bill which would regulate banking secrecy in the country by way of tax audits.
With the aim of improving tax controls, the Superintendency of Banks (SIB) seeks to reform national legislation for the regulation of banking secrecy in order to access "... Banking information of taxpayers, under guarantees of confidentiality."
Training is being provided in Guatemala on Central American Technical Regulations for companies exporting food and beverages.
From a statement issued by the Guatemalan Exporters Association:
In order to expand knowledge and provide updates on general and nutritional labeling, and food additives for the processed foods and beverages industry, among other things; the Committee on Food and Beverages at AGEXPORT with support from the Department of Food Control Regulation of the Ministry of Health and Welfare, will be holding a training Workshop on Central American Technical Regulations (RTCA by its initials in Spanish).
As part of the controls to combat smuggling, between May and July 29 companies were suspended from the list of importers, which represents 60% of the total volume of pairs of shoes entering the country.
In order to detect and prevent irregularities in the import of footwear, the General Administration of Federal Tax Audit Tax Administration Service of Mexico carried out 31 audits "...
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