españolGuatemala: Finance Minister ResignsTuesday, March 20, 2012 Pavel Centeno resigned by leaving a questioning session in Congress, ongoing since February 16th. The Minister told reporters at the exit of the Legislative Palace "a minister can not be challenged within 15 days of assuming office. It is a waste of time and I came here to perform technical work, not political. This congress doesn’t make any sense. " New Extension for Customs Fines in GuatemalaTuesday, March 12, 2013 The exemption for fines established under the National Customs Act will be extended until June 15 of this year. According to Pavel Centeno, the Finance Minister of Guatemala, the deadline is March 15, however, it will be extended, for the fifth time, until 15 June. Guatemala Owes $445 million to Real Estate DevelopersThursday, June 21, 2012 This debt has dragged on for two governments, and now the Minister of Finance Pavel Centeno has promised to pay it off. An article in Elperiodico.com reports that "Jose Luis Aguero, president of the Chamber, said that will grant the executive a little more time, while Perez said that he will talk to the Finance Minister Pavel Centeno about the mechanism for paying the debt. " The Pros and Cons of the Tax Reform in GuatemalaThursday, January 26, 2012 The bill provides that no amounts may be deducted from VAT on purchases, and increases the tax base for the payment of income tax. The Guatemalan government’s tax reform law is ready, and contains several new points: employees ability to deduct VAT from annual purchases from their taxes has been eliminated, the tax base has been increased, and the road tax for vehicles has been doubled. Employers Promise to Support Tax Reform BillThursday, January 26, 2012 Cacif, leader of the Guatemalan private sector, said that "we must all do our part" and promised a consensus with the government. The presidents of business chambers of Guatemala met on Wednesday with President Otto Perez and Finance Minister Pavel Centeno, to hear a proposal for tax reform law, and adopted a positive approach to the coming changes. Tax Exemptions to be Replaced with IncentivesThursday, February 9, 2012 In Guatemala, in order to meet WTO requirements, exemptions will be eliminated gradually, and instead economic benefits will be awarded. The exemptions are to be applied to sectors such as maquila industry, through Law 29-89, and the Free Zones Act. Cancellation of Contracts and Controversy over PharmaceuticalsWednesday, February 15, 2012 The Union of Pharmaceutical Manufacturers in Guatemala is protesting over the cancellation of purchases processed at the end of the previous government, and the start of the current one. The Union of Pharmaceutical Manufacturers (Grefarma) declared its opposition to the rescindment of open contracts for drug purchases by the Finance Minister Pavel Centeno. Decision Reversed on Drug PurchasesWednesday, February 22, 2012 The Finance Minister has rescinded a resolution which annulled the awards for four major drug purchases, which were awarded without having been part of a tender process. The pressure exerted by the Social Security Institute (IGSS in Spanish) was instrumental in Finance Minister Pavel Rye’s u-turn, in the case of contracts totaling $256 million. Guatemala Sells Bonds for $700 millionWednesday, May 30, 2012 The bonds have a term of 10 years and an interest rate of 5.8% and there are still $60 million to be issued. After an absence of eight years, Guatemala has returned to the international debt market, managing to place $700 million in 10 year bonds with an interest rate of 5.8%, said Finance Minister Pavel Centeno. Suspended Medical Purchases ReactivatedTuesday, June 26, 2012 The Ministry of Finance in Guatemala has reactivated procurement procedures for medicines which had been suspended due to allegations of improprieties in the process. On the basis of a possible shortage of medicines in the Social Security Institute (IGSS), the Ministry of Finance (Mifin), has revived the purchase of medicines, rejecting appeals by several companies that had reported defects in the process. Guatemala: Crédito Hipotecario Nacional Bank CapitalizedMonday, August 20, 2012 In order to improve the bank’s financial position, the Guatemalan government has transferred $12.7 million and expects to disburse another $6.3 million in the short term. Pavel Centeno, the finance minister, said the decision was made this year to capitalize on the effects of the fiscal deficit not increasing in the coming year 2013. Guatemala to Issue Bonds worth $432 millionWednesday, September 26, 2012 The proceeds of the issue will be used to settle obligations maintained by the Ministry of Communications, Infrastructure and Housing (CIV), with construction companies. "What is still unclear is the technical procedure to register the issue in the Budget of Revenues and Expenditures of the Nation, as they are analyzing the possible impact on this year, and therefore the projected fiscal deficit for the current period", reported Siglo21.com.gt. New Extension of Exemption from Customs FinesFriday, September 13, 2013 The exemption of fines for customs offenses will be extended, for the sixth time, until December 15. The exemption which was to expire on 15 September will be extended until 15 December. Guatemala: Minister of Economy StaysWednesday, March 21, 2012 President Otto Perez Molina has not accepted the resignation of Finance Minister Pavel Centeno, who will reconsider his resignation. From an article in Diario de Centroamérica by Maby Lopez: Government Changes Technical Agreement on TaxThursday, March 7, 2013 Guatemala's business associations are asking for explanations about the government's decision not to accept the changes already agreed on by a bipartisan technical committee. "Andres Castillo, president of the Committee of Commercial, Industrial and Financial Associations (Cacif), explained that the technical committee formed by the Ministry of Finance, the Tax Authority, the Vice President and the private sector" reached agreement on 28 items which were drafted with the preamble, "which were rejected by Perez Centeno", reported Siglo21.com.gt. |
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