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."
As part of the agreements signed between the two governments the elimination of double taxation has been established.
From a statement issued by the Government of Guatemala:
Within the framework of an official visit by President Otto Perez Molina which will took place on Friday, the Governments of Guatemala and Mexico signed the following bilateral agreements:
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.
The Organization for Economic Cooperation and Development has released a plan for the design of international standards to prevent abuse of rules such as the one that lets companies avoid paying taxes in two countries.
Nacion.com reports that "The secretary general of the OECD, Miguel Angel Gurría, accompanied by the G20 finance ministers, today in Moscow presented an ambitious plan to combat the shortcomings of countries tax systems and halting tax evasion by multinationals. "
The Government will ask Congress to hasten the adoption of a law on bank secrecy, after an unofficial list of tax havens has been released in France which includes Guatemala.
According to President Pérez Molina, the country's inclusion in the French list "is a unilateral decision" of the French Government, because "Guatemala has not approved bank secrecy."
In the new list of countries which France has categorized as tax havens France does not include Panama nor Costa Rica, however Guatemala remains along with seven other jurisdictions.
In updated list of tax havens, which has not been reviewed since 2010 the following countries were excluded: Anguilla, Belize, Costa Rica, Dominica, Grenada, the Cook Islands, the Turks and Caicos Islands, Liberia, Oman, Panama, St. Vincent and the Grenadines.