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Guatemala to Exchange Information with US Customs

Article Summary:

The Tax Authority of Guatemala has established a Trade Transparency Unit whose function is to exchange information with US to improve customs control on international trade.

Photo Credit: El Periodico

Original Article Text From El Periodico via Google Translate :

Controls on Foreign Trade

The Tax Authority (SAT) yesterday established Trade Transparency Unit (UTC), whose function would be to exchange information with U.S. to improve customs control on international trade.

With this unit strengthens and expands the ability of the SAT to cross data with the Department of Homeland Security U.S. government, said Miguel Gutierrez, head of the collecting agency.

The bilateral project allows the SAT to access technical support and exchange of experiences with the U.S. Customs Service to identify activities such as money laundering using the commercial, and overvaluation or undervaluation of the goods.

The information exchanged between the two countries will remain confidential and used under the laws of each country, said Gutierrez, who plans to extend the agreements with the countries of Central and other Europeans.

Arnold Chacon, U.S. ambassador in Guatemala, said the agreement signed between the Department of Homeland Security and the SAT will detect illegal operations affecting both countries.

They have more control of cash is used, as well as schemes to leverage money and other changes that violate the rules in customs through fraudulent transactions, the diplomat added.

United States launched the international cooperation program in 2004 to detect money laundering schemes and now works with partner countries, including Argentina, Panama, Mexico and Colombia.

A good initiative
For tax consultant Oscar Monroy Chile, Guatemala has not escaped the scourge of money laundering. While it is difficult to eradicate this practice because it changes forever mechanisms, which can be done to strengthen the controls, he added.

The private sector will support the transparency measures that will strengthen the control and the load is not used for unlawful activities, said Fanny D. Estrada, director of competitiveness of the Guatemalan Association of Exporters (Agexport).

Companies must be vigilant in handling their cargo to prevent their use in any unlawful, recommended Chile Monroy.

Estrada said that this is a message for members in which there is trade that the country maintains good business practices.

This control will also facilitate the application of transfer prices that are included in the new Income Tax (ISR) which will come into force on January 1, 2013, to prevent undervaluation or overvaluation of products.

Link to Original Article:

From El Periodico

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