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Andersen is a professional

services firm made up

of Public Accountants

and Auditors who have

practiced the profession

for more than 25 years

in Guatemala.

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On March 1, 2024, Decree No. 02-2024 of the Congress of the Republic of Guatemala was published in the Official Gazette, through which the Credit Card Law is decreed.   Below is a summary of it:   The purpose of the law is to regulate credit card operations, the relationships between issuer, affiliate and cardholder, the protection mechanisms for the financial credit card user, as well as its sanctioning regime.   The issuer, the cardholder and the guarantor, if any, will formalize by means of a written contract, the line of credit granted to the cardholder for the use of the credit card for the acquisition of goods, services or withdrawal of money, obligating to cancel the amounts under his charge in accordance with the agreed conditions.   The credit limit may be modified, increasing or reducing it by the issuer during the term of the contract and must be communicated to the cardholder at each opportunity by the means agreed upon by the parties.   The issuer, prior to granting the line of credit and extra financing or modifying the limit of a line of credit, must ensure that the applicant, the guarantor if any, or the cardholder, as appropriate, has the capacity to meet the timely payment of its obligations, within the term of the aforementioned financing.   The issuer must enter into a payment agreement when, with respect to the cardholder:   During the financing period, if the issuer observes that the cardholder cannot pay two or more installments on time, or that their debt has reached 150% of the authorized credit limit, it must inform the cardholder that they can request an agreement payment. The issuer is obliged to enter into this agreement if the holder shows interest in it, using all available means and leaving a record of it. You do not agree with the modification of the interest rate established by the issuer. The conditions of the original contract vary to your detriment, but you are unable to pay the entire debt you have incurred.   In the above cases, the issuer must enter into the payment agreement, by common agreement with the cardholder, within thirty days following receipt of the request, under reasonable conditions that the cardholder can meet.   The interest rate for the execution of agreements will be calculated at the initial amount of the credit balance; in no case may it be calculated proportionally on interest, late payment, surcharges or other services or on the amount owed subject to the payment agreement.   The interest for late payment will be calculated on the capital balance of the capital installment(s) in default, according to the days in default, and a maximum of the agreed financing interest rate will be applied. These interests cannot be capitalized.   The issuer may only charge commissions and other charges that are previously expressly agreed upon with the cardholder, for services actually provided. Said commissions and other charges may not be capitalized or interest charged on them.   Anyone who issues credit cards and manages other accounts of the credit card holder is prohibited from using the monetary or savings funds to be awarded in payment of the debts that the cardholder incurs due to the use of credit cards, except when with express authorization of the cardholder.   Affiliates may not apply surcharges for the acquisition of goods or services that the cardholder makes at their establishment for making payment with a credit card.   When conflicts and controversies arise between the cardholder and the issuer, they must seek an alternative, a conciliatory arrangement, for which they will have a period of 15 days from the complaint, to respond in writing to the resolution and if they do not reach an agreement. agreement, your complaint may be presented to the Directorate of Consumer Care and Assistance, who will resolve in accordance with this Law and the Consumer and User Protection Law.   This law will come into force on September 1, 2024, except for the articles related to Cardholder Supervision and Protection that came into effect on March 1, 2024.   For more information you can contact our offices.     Mario Salazar              Mauro Hernández       Evelyn Guerra             
On December 20, 2022, Governmental Agreement No. 348-2022 of the Ministry of Labor and Social Security was published in the Official Gazette, whereby it was agreed to grant paid leave on Monday, December 26, 2022 and Monday, January 2, 2023, to public servants rendering services in centralized and decentralized entities of the public administration.       As a consequence, it will be considered as a non-working day for the purposes of computation of the deadlines to be observed within the public administration, except for the exception of those who provide essential public services or those who have scheduled activities that cannot be postponed, in which case the appointing authorities must schedule the corresponding shifts to ensure the provision of services.       The Agreement becomes effective on December 21, 2022.
On December 19, 2023, Government Agreement Number 307-2023 of the Ministry of Labor and Social Security was published in the Official Gazette. Below is a brief summary of it: The Executive Agency, through the Ministry of Labor and Social Security, agrees to modify the minimum wages for one daily work day, for agricultural and non-agricultural activities and export and maquila activities, remaining as follows: Agricultural, Non-Agricultural, Export and Maquila Activities of the Economic District One "CE1" delimited to the department of Guatemala MINIMUN WAGES 2024 Economic Activities Ordinary Daytime Daily Wage Monthly Wage Incentive Bonus Total Wage Agricultural  Q.  13.39  Q. 107.11  Q. 3,266.86  Q. 250.00  Q. 3,516.86 Non-agricultural  Q.  13.87  Q. 110.97  Q. 3,384.59  Q. 250.00  Q. 3,634.59 Exportation and Contracted Factory  Q.  12.68  Q. 101.41  Q. 3,093.01  Q. 250.00  Q. 3,343.01   Ø  Agricultural, Non-Agricultural, Export and Maquila Activities of the Economic District One "CE2" delimited for the rest of the departments of the Republic of Guatemala MINIMUN WAGES 2024 Economic Activities Ordinary Daytime Daily Wage Monthly Wage Incentive Bonus Total Wage Agricultural  Q. 12.81  Q. 102.44  Q. 3,124.42  Q. 250.00  Q. 3,374.42 Non-agricultural  Q. 13.23  Q. 105.83  Q. 3,227.82  Q. 250.00  Q. 3,477.82 Exportation and Contracted Factory  Q. 11.98  Q. 95.80  Q. 2,921.90  Q. 250.00  Q. 3,171.90 The amount set to be applied for payment of the minimum wage is governed and determined by the place where the work center is located, in accordance with what is established by law and the employment contract. If it is not possible to determine a work center due to the nature of the service or the execution of the work, the place where the execution or provision of the same is usually carried out will be taken. If it is not possible to clearly determine the situations regulated in the previous cases, it will be determined by the place where the worker usually resides. When, due to the peculiarities and nature of each job, payment of remuneration is agreed per unit of work or for participation in the profits, sales or collections made by the employer, in no case will workers who earn by piece or price be harmed. lump sum or piece rate, in accordance with the Law. Workers may under no circumstances have a minimum wage lower than that established in the Law.   The Agreement enters into force on January 1, 2024. On December 19, 2023, Government Agreement Number 307-2023 of the Ministry of Labor and Social Security was published in the Official Gazette. For more information download here the bulletin.
Regional newsletter on the perspectives of Transfer Pricing at the Latin American level November 2023 that has been prepared by the Andersen Transfer Pricing Services team in LATAM In the publication you will find relevant topics regarding Transfer pricing in some Latin American countries such as: Argentina, Colombia, Mexico, Paraguay, Peru. For more information, download the newsletter .here
On January 15, 2024, was published in the Official Gazette the Governmental Agreement Number 229-2014, the Ministry of Labor and Social Welfare through the Department of Occupational Health and Safety.
The following is a brief summary of the same
On December 29, 2023, Resolution of Superintendence No. SAT-DSI-2189-2023 was published in the Official Gazette.
 The following is a brief summary of the same:
The purpose of this resolution is to facilitate the registration,

Andersen is the Guatemalan member firm of Andersen Global, an international association of member firms comprised of tax and legal professionals worldwide.

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