Guatemala highlights the improvement of its business climate

By Mayora IP

The implementation of the National Competitiveness Strategy, among other policies, was highlighted by Guatemala’s government as one of the major business related achievements during the 2016-2019 period. During a press conference, the Ministry of Economy showcased the impact of those policies to help develop small and medium-sized enterprises (SMEs), expand business training centers and position the country in global economic environments.

The Evaluation Office of the United Nations Development Programme (UNDP) has noted in Guatemala an increase in productivity and access to markets through strengthening of SMEs, cooperatives and community based organizations. “Nowadays, some private organizations are starting to change their attitude and business culture, subscribing to new value codes that include social responsibility to the community, law and ethics”, a May 2019 report states.

In February 2019 Guatemala became the 54th member of the  Organisation for Economic Co-operation and Development (OECD) Development Centre, a significant stride in support of the country’s development agenda that further strengthens the Centre’s global representativeness and institutional cooperation with Central America and the Latin America and the Caribbean region. The Development Centre supports Guatemala in its ongoing efforts to achieve stronger and more inclusive development, in particular offering comparative perspectives on the country’s structural trends and governance and sharing policy experiences for sustainable economic growth, good governance and social inclusion.

In June 2019 Guatemala deposited OECD’s instrument of ratification for the Convention on Mutual Administrative Assistance in Tax Matters, underlining the country’s strong commitment to greater transparency and international co-operation in tax matters. The convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.