Guatemala: Incorrect Bookkeeping Practices Pose Fiscal Risks for Merchants

In Guatemala, a critical issue is emerging within the business community regarding the proper authorization and naming of accounting books, potentially exposing merchants to significant fiscal risks. The core of the problem lies in the frequent use of terms like "Diario Mayor General" and "balance general" when seeking authorization for these essential financial records. While these terms might be common in everyday accounting practice, they deviate from the legally mandated nomenclature outlined in Guatemala's Commercial Code.

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Uno de los errores frecuentes que se cometen es autorizar y habilitar el libro, que en la práctica contable se denomina Diario Mayor General, aclarando que tal libro no está así nombrado en la ley, y que con este se sustituyen los libros Diario y Mayor, deficiencia que puede causar riesgos fiscales en virtud de operar un libro no contemplado en la norma legal.

Article 368 of the Commercial Code explicitly defines the required books as: "Inventarios" (Inventories), "De primera entrada o diario" (First entry or journal), "Mayor o Centralizador" (General ledger or Centralizer), and "De Estados Financieros" (Financial Statements). The practice of using "Diario Mayor General" instead of separate "Diario" and "Mayor" books, or referring to the "Libro de Estados Financieros" as "balance general," creates a discrepancy. This discrepancy, though seemingly minor, can lead tax authorities to conclude that the legally required books are not being maintained, even if the Mercantile Registry has authorized them under different names.

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El artículo 368 del Código de Comercio establece que el nombre legal es Libro de Estados Financieros, y este es el que debe consignarse obligatoriamente al realizar los trámites correspondientes.

The implications of this administrative oversight are serious. During a tax audit, the Tax Administration (AT) could penalize businesses for non-compliance. Specifically, Article 94, numeral 4 of the Tax Code stipulates a fine of Q5,000 each time non-compliance is detected. This penalty applies for failing to keep mandatory accounting books up-to-date or using incorrect designations, regardless of whether the underlying financial information is accurate. The risk is that the tax authority might not recognize the books used if they do not strictly adhere to the legal titles, effectively rendering the business non-compliant.

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El riesgo fiscal puede surgir en casos de fiscalización que efectúe la Administración Tributaria (AT), ya que, en una revisión formal de los libros obligatorios, la autoridad podría considerar que el contribuyente no cuenta con los libros legalmente exigidos, si el mismo fue autorizado bajo una denominación distinta a la prevista en la legislación mercantil.

From a Guatemalan perspective, this situation underscores a recurring challenge: the gap between common business practices and strict legal compliance. While the intent behind using familiar terms like "balance general" is often to simplify processes, it inadvertently creates vulnerabilities. Prensa Libre, in reporting this, aims to inform businesses about these potential pitfalls, emphasizing the importance of consulting legal and accounting professionals to ensure adherence to the Commercial Code. The advice is clear: while other auxiliary books may be used, the legally mandated ones must be correctly titled and authorized to avoid unnecessary fiscal scrutiny and penalties, safeguarding the financial health of Guatemalan enterprises.

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por no llevar al día los libros contables u otros registros obligatorios establecidos en el Código de Comercio y las leyes tributarias específicas, da lugar a una sanción de Q5 mil cada vez que se fiscalice al tributario, sin perjuicio de la obligación de operar debidamente los libros respecto de los cuales el ente fiscalizador haya constatado la irregularidad.