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So Long 12% VAT on Real Estate; Tax Reform Law Approved in Guatemala

Article Summary:

Guatemala has published its new tax reform laws which take effect 2013. However, effective mid-March taxpayers will pay a 3% stamp duty for second and subsequent purchases of real estate, which will replace the original 12% VAT.

Photo Credit: El Periodico

Original Article Text From El Periodico via Google Translate :

Published Tax Reform
Yesterday was published the Decree 10-2012 that contains the tax reform approved by Congress a national emergency on 15 February.

The Government published yesterday in the official Decree Law Tax Update 10-2012, which shall be effective within 8 days the new National Customs Act, amendments to the Value Added Tax (VAT) and Stamp Tax Stamped Paper Tax and Special Protocols.

The new income tax (ISR), First Registration (Iprima) and changes to the tax on circulation of vehicles have to wait until 2013.

Immediate effect
One of the changes to take effect next week will be paying 3 per cent stamp duty for second and subsequent purchases of real estate, which will replace the 12 percent in VAT.

Moreover, fixing a period of four years to claim back the tax credit prior to verification of the Tax Authority.

Until 2013
Tax Reforms to the Vehicle and Traffic, as the new income tax will take effect from 1 January 2013 and set out changes to the system of workers as employees, independent professionals, businesses and capital income.

Decree 10-2012, containing the tax package approved in February by Congress must now pass the test of unconstitutionality that could pose some sectors consider that this affects their interests.

Link to Original Article:

From El Periodico

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