In its next evaluation, the OECD could lower Guatemala's rating, because in August last year access to bank information with a court order was suspended, which could lead to an increase in the credit price.
In August 2018, the article of the law that in Guatemala facilitated access to banking information of companies with a court order at the request of the tax authorities was temporarily suspended
n authorities, this factor could affect the next assessment by the Organization for Economic Cooperation and Development
(OECD), whose report will be presented at the end of the month or in July.
For Victor Manuel Martinez, Finance
Minister, "... There is serious concern about the country's qualification for international commitments, and that is because of the suspension of the Constitutional Court (CC) to no longer access bank information directly from taxpayers for tax purposes.
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Juan Carlos Zapata, executive director of Fundesa, explained to Prensalibre.com that "... the country is in danger of diminishing a degree of qualification with the OECD and that this would have repercussions in the economy, but above all in the financial sector that attends to foreign trade (imports and exports). Guatemala has an OECD rating of four, but in this next evaluation, because of the banking secrecy factor, it could reach five, which would mean increasing the cost of credits or lines of credit (letters) for commercial exchange.
The issue of banking secrecy in the country resurfaced weeks ago, because after the last visit of the International Monetary Fund (IMF) to Guatemala, the international organization warned that reversing the decrease in tax collection means strengthening the control of large taxpayers, improving the use of tax information to reduce non-compliance, reallocating resources to risk-based audits, and reconsidering the lifting of banking secrecy for tax audit purposes.
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