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Guatemala Signs Tax Information Treaty with Several Countries

Article Summary:

The Ministry of Finance in Guatemala has signed seven agreements to exchange tax information with Norway, Sweden, Finland, Iceland, Denmark, Greenland, and the Faroe Islands. Meanwhile, Guatemalan government officials are debating a bank secrecy law in congress, aimed to remove Guatemala from money laundering black lists.

Photo Credit: Prensa Libre

Original Article Text From Prensa Libre via Google Translate :

Guatemala Signs Tax Information Agreements

The agreements were signed with Norway, Sweden, Finland, Iceland, Denmark, Greenland and the Faroe Islands, said the Finance Minister Pavel Centeno, who also chairs the board of the Tax Authority (SAT).

With these agreements may exchange tax information, for example if there are companies working in these countries, commercial transactions, including transfer pricing which may make it easier to collect taxes, to Rye said Free Press by telephone from Paris.

He said: “Guatemala can begin to emerge as one of the countries that may become the OECD gray list”, but is pending in Congress approved the opening of bank secrecy for tax issues, he recalled.

The Organization for Economic Cooperation and Development (OECD) to Guatemala in its gray list as one of the non-cooperating countries on tax matters.

Centeno said there are another 23 agreements under negotiation, which could end next month two more, one in Mexico and one with France.

Respect of banking secrecy, said this week spoke with President of the Legislative, Gudy Rivera, to take into account the initiative, but unfortunately there was no meeting yesterday.

“By accepting access to bank information of potential evaders may increase investment because foreign investors would see it positively,” he explained.

Emmanuel Seidner, president of the Economic Committee of Congress, said the proposed law on bank secrecy “will not succeed this time”, because that body adjourned for half a year.

“We should lift bank secrecy for the SAT can access banking information of taxpayers who are not fulfilling their tax obligations,” said Rep. Jose Alejandro Arevalo, a member of the Finance Committee.

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From Prensa Libre

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