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Guatemala Makes Leap Forward On Tax Transparency

by Mike Godfrey, Tax-News.com, Washington

27 June 2017


In an effort to improve its international standing in tax matters, Guatemala has signed a multilateral tax convention to provide assistance to other countries in tax matters.

On June 9, 2017, Guatemala deposited its instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters, joining another 110 jurisdictions.

The Convention provides for all possible forms of administrative co-operation between states in the assessment and collection of taxes, with a view to combating tax avoidance and evasion. This co-operation ranges from exchange of information, including automatic exchanges, to the recovery of foreign tax claims.

According to the OECD, the Convention is seen as being the ideal instrument for swift implementation of the Common Reporting Standard for the Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries, as well as for the automatic exchange of country-by-country reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.

The Convention will enter into force for Guatemala on October 1, 2017.

The move is intended to demonstrate that the country now has the required framework in place to meet international standards on tax transparency and information exchange, after being assessed as one of just three territories that have failed to meet international standards as part of a peer review with other states. The country hopes to be removed from tax haven blacklists.

TAGS: tax | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Guatemala | G20 | Tax | BEPS

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