Audited financial Statements and SAT in Guatemala
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Audited financial Statements and SAT in Guatemala

Byconsortiumadmn

Since November 2021, the Tax Administration has made some communications with taxpayers requiring some specific forms regarding the presentation of reconciliations and audited financial statements, when applicable. It is important to start by defining who is obliged to submit such financial statements to the Tax Administration. Several legal bodies place this obligation. Income Tax In…

Joint and several liability of the legal representative in tax matters in Nicaragua
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Joint and several liability of the legal representative in tax matters in Nicaragua

Byconsortiumadmn

Nicaraguan law requires companies to register as taxpayers with the General Revenue Directorate (DGI). The Single Registry of Taxpayers includes basic data of the company, such as: shareholder composition, current board of directors, fiscal domicile, economic activity, legal representative, etc. It is the taxpayer’s obligation to keep this information updated, being necessary to carry out…

Equity premium in Guatemala
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Equity premium in Guatemala

Byandresincdustry

The topic of the equity premium has taken off in Guatemala, mainly because of the concern about how ventures can be financed, since: They do not want to be diluted. They need capital. Their venture is valued as nothing more than an income expectation. Essentially, there are two ways in which money can come into…

New Income Tax Law proposed in Costa Rica
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New Income Tax Law proposed in Costa Rica

Byandresincdustry

On May 18, 2023 the Executive Branch submitted five bills to the Legislative Assembly related to fiscal and public finance matters. The aforementioned bills are: File 23759: Modification of the Tax Code regarding joint and several liability in tax matters. File 23760: New Income Tax Law. File 23761: New Vehicle Property Tax Law. File 23762:…

Crimes and Misdemeanors in Migratory Matters in Central America
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Crimes and Misdemeanors in Migratory Matters in Central America

Byandresincdustry

There are several crimes and administrative offenses that may be incurred in immigration matters. Within the Central American region, these offenses are punished in different ways, depending on the seriousness of the case. The regulating and sanctioning entity in the countries of El Salvador, Nicaragua, Costa Rica, and Honduras is the Directorate of Migration and…

The myth of fiscal regressiveness in Honduras
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The myth of fiscal regressiveness in Honduras

Byandresincdustry

Sophists were ancient Greek philosophers who, among other things, taught the art of the use of words. Their methods were not always entirely ethical, and it is said that they practiced the art of presenting the false as true. A sophism, therefore, is an argument that appears to be true, but which at bottom is…

The right to employment for individuals with disabilities in El Salvador
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The right to employment for individuals with disabilities in El Salvador

Byconsortiumadmn

By: Carlos Rodriguez El Salvador ratified Convention 111 of the International Labor Organization (ILO) in 1995, which in its Art 5, establishes that special measures for the protection of vulnerable people, including people with disabilities, are not discriminatory; therefore, it has enacted a diverse legislation that tends to apply these favorable measures for people with…

New guidelines for the exit of children and adolescents from guatemalan territory
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New guidelines for the exit of children and adolescents from guatemalan territory

Byconsortiumadmn

By: Cristina Sandoval Today, some reforms to the General Regulations of the Guatemalan Migration Code were published in the Official Gazette, which stipulate, among other issues, new guidelines for the exit of children and adolescents from Guatemalan territory. Guatemalan children and adolescents who leave the country must do so in the company of their parents…

Self-Employed workers law in Costa Rica
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Self-Employed workers law in Costa Rica

Byconsortiumadmn

In the absence of publication in the Official Gazette La Gaceta, the “Law of the Self-Employed Worker” is already a reality. The new regulation is composed of only two articles and two transitory articles; however, its content brings substantial changes in favor of thousands of independent workers. The first article of the law defines an…

How to choose witnesses for an arbitration in Guatemala?
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How to choose witnesses for an arbitration in Guatemala?

Byconsortiumadmn

By: Elías Arriaza It is possible that the story told by the plaintiff in its claim is in direct contradiction with the version of the facts asserted by the defendant. In such cases, the Arbitral Tribunal will have a special interest in the evidence provided in order to discover the truth, i.e., what really happened….

Global Taxes: The OECD’s Plans in El Salvador(part 2)
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Global Taxes: The OECD’s Plans in El Salvador(part 2)

Byconsortiumadmn

By: Gonzalo Manzano In a previous installment (see here), we discussed the evolution of the Organization for Economic Trade and Development (OECD) in reducing competition between different tax jurisdictions through the global standardization of tax rules, and in changing the policy that determines where companies must pay their taxes. The creation of the “BEPS Plan”…

Tax penalties in Guatemala
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Tax penalties in Guatemala

Byconsortiumadmn

By: Mario E. Archila In tax matters it is customary, in a cold and objective manner, to apply a penalty by “default“. However, this position must be rejected every time there are external elements that would make the penalty rule inapplicable, in this way, effectively, it is understood that we are in a system of…