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Latin America Investment News on Viva Tropical

Guatemala’s Proposed Constitutional Reforms Put the Breaks on Investments

Article Summary:

The mere announcement of reforms to the Constitution of Guatemala has put the breaks on many investments because of the removal of confidence and legal insecurity for companies that might come to the country.

Photo Credit: El Mundo

Original Article Text From Siglo 21 via Google Translate :

Notice of Investment Scares Reforms

Managers and entrepreneurs who attended the forum of the Association of Managers of Guatemala (AGG) state that the proposed constitutional amendment proposed by the government of Otto Perez Molina, met about his first 180 days of management, drive away investment that could come the country.

As a negative point indicate that the speed with which some laws have been adopted do not necessarily result in benefits to the production plant.

“The exaggerated speed and wanting to carry out many actions caused us problems. The Customs Act and the tax reform are examples of this, “says the executive director of the Chamber of Industry of Guatemala (CIG), Javier Zepeda.

“The proposed amendments to the Constitution is that there is a desire for immediate results, but not necessarily the best way to attract investment,” he added.

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At the discretion of the President of the Coordinating Committee of Agricultural, Commercial, Industrial and Financial (Cacif), Andres Castillo, would be unfair to see only management and vice president, Roxana Baldetti, because “there are other bodies that deal in issue as the legislature, the judiciary and the Public Ministry. ”

“In the first six months have come to change the first rules on the tax issue, and now bring to the table other new rules. This scares the investor, “he emphasizes.

President of the Chamber of Agriculture (Camagro), Jose Santiago Molina said in a statement on competitiveness and managing the Government has a bad grade for the lack of consistency in fiscal actions.

Link to Original Article:

From Siglo 21

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