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. 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. Guatemala Puts Finishing Touches on Tax ReformTuesday, January 24, 2012 Among other measures, the bill proposed by the government examines establishing regimes for income tax and eliminating accreditation for VAT returns, a method that has encouraged evasion. The new Guatemalan government has refined its proposed fiscal law reform, which includes proposals such as removing the accreditation of the VAT tax and setting different levels for the deduction of income tax. Guatemala: Businessmen Request Tax ReviewFriday, January 4, 2013 Guild members of the Chamber of Industries are in favor of requesting a revision to the current tax reform which came into effect on January first. The chamber’s president, Andres Castillo said that "some union members" have identified several deficiencies in the tax reform approved by Decree 10-2012, Tax Law Update. "Most of all there is a lack of information and lack of criteria for how authorities will be enforcing this law." Tax Changes Reversed in Automotive SectorMonday, February 13, 2012 The Ministry of Finance in Guatemala has accepted demands made by the Union of Used Vehicle Importers and announced changes to the draft Tax Update. The government has backtracked on its plans for fiscal reform in light of strong reactions from used-vehicle importers. They suggested using the same system for calculating the tax on entry of used cars into the country, and permitting entry of used cars up to 15 years old, rather than the 7 years proposed by the Ministry of Finance. Congress of Guatemala Receives Tax Reform BillMonday, February 6, 2012 A draft submitted by the Executive aims to reform six laws in order to increase tax revenues. A press release by the Congress of the Republic of Guatemala reads: Guatemala: More Tax Regulations SuspendedFriday, February 1, 2013 The suspension by the Constitutional Court of the application of more articles from the Tax Reform Act could cost the state more than $255 million. The Constitutional Court has provisionally suspended two more articles of the Tax Reform Act. The first is Article 4, which includes as earned income "pensions, retirement funds and widows' pensions, in respect of an employment exercised in the country, paid or credited to any beneficiary who is resident in Guatemala", reported Elperiodico.com.gt. Transparency Law in GuatemalaTuesday, April 10, 2012 Employers admit their need to improve transparency and fight corruption, but have requested extensive analysis and discussion of the proposal sent to Congress. Hernán Guerra writes in the Journal by the Guatemalan Chamber of Industry: Salvadoran Tax Reform Now In ForceMonday, January 4, 2010 The new tax rules came into effect today, after being published in the official government newspaper. Changes include new taxes to alcoholic beverages, tobacco, energy drinks and fuels, in addition to new taxes when registering vehicles, boats and planes, either for personal or commercial usage. Banana Production Increases in PriceMonday, August 19, 2019 With the entry into force of the tax reform, banana production costs in Nicaragua have increased between 30% and 35%, because of the rise in the price of agrochemicals. According to the producers, before the Tax Concentration Law approved at the end of February of this year was reformed, agricultural inputs were exempt from 15% of the Value Added Tax. However, with the changes, costs have increased considerably. |
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