(Q24N) Guatemala’s ne tax law allows authorities to access taxpayers banking information through an order issued by a qualified judge.
The business sector has not opposed the proposal to remove bank secrecy, either in the past nor in the present, provided it is done through means of an order issued by a qualified judge and a substantiated request made by the tax authority.
The financial information on income and assets of companies and their shareholders is sensitive, and unwarranted disclosure or misuse could endanger the competitiveness of the private sector, employment, and therefore the stability of economies in the region. These matters, have arisen in the context of the presentation of the bill to the Congress of Guatemala concerning the Strengthening of Fiscal Transparency and Governance of the Tax Administration.
From a statement issued by the Congress of Guatemala:
The President of the Congress, deputy Mario Taracena Diaz-Sol and members of the Committee on Public Finance and Currency, headed by deputy Jairo Flores, presented the Law on Strengthening Fiscal Transparency and Governance of the Tax Authority, which was agreed in the Interagency Technical Committee coordinated by the First Secretary of the Board of Directors, Carlos Barreda.
The project, which was presented to the Legislative Department, seeks to strengthen and make transparent the actions of the SAT in order to streamline administration and increase tax revenues.