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Latin America Investment News on Viva Tropical

Guatemala Eliminates Import Tariff on Vehicles

Article Summary:

The Council of Ministers of Economy of Central America (Comieco) approved the request of Guatemala for the elimination of tariffs on imported vehicles, which the country may apply to the First Registration Tax.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

Give green light to Iprima

Sergio de la Torre, economy minister, said during a meeting Monday in Tegucigalpa, the Comieco gave a favorable opinion of Guatemala’s proposal to eliminate tariffs in question. “So, you can enter into force on Iprima” he said.

He said during the week shall be notified to the Ministry of Finance and the General Secretariat of the Presidency on the resolution, to be sent to the Journal of Central America and to come into force.

The Iprima was created with the decree 10-2012, Tax Update Act to replace the import tariffs on vehicles and the Minfin argues that the discretion is removed Iprima and gives legal certainty to define the basis for calculating the tax.

However, Nelson Escalante, executive director of the Union of Importers of Used Vehicles, said they already have ready a constitutional complaint against Article 109 of the decree, believing that will remove the import business.

In the mentioned decree establishes the limitations for importing vehicles. Subsection c) prohibits the entry of vehicles with damage not allow its circulation.

You can not import used car with collision damage or the 2006 models to 2012.

The Iprima be applied to the invoice amount to the latest new cars, but used to be charged based on the value tables issued by the SAT each year. Is expected to generate Q350.5 million in 2012 and Q462 million in 2013.

New tariff
The Iprima taxed at rates ranging from 5% to 20% ground vehicles imported into the country, or those who join in the national territory.

The tractors will be taxed at 5%. These currently have 0%.

Like hybrid vehicles would increase the transport of persons, goods, refrigerators, water tanks, garbage or special uses.

Freight transport, with maximum load greater than 2.5 tonnes, tank vehicles, refrigerators and garbage collectors are taxed at 10%, whereas now pay 5%.

Link to Original Article:

From Prensa Libre

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