Accounting in Guatemala: standards, taxes and GoSoft
Accounting guide for Guatemala: Tax Administration Superintendency (SAT), IVA 12 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | Tax Administration Superintendency (SAT) |
| Currency | GTQ · quetzal |
| Tax ID | NIT |
| Consumption tax | IVA · 12 % |
| Income tax | Income tax on profits (25 %) or the optional simplified regime on gross income (5 % and 7 %). |
| Fiscal year | Calendar year (January 1 to December 31). |
| E-invoicing | Online Electronic Invoice (FEL), certified by an authorized certifier. |
Accounting framework
IFRS for SMEs (IASB); public-interest entities apply full IFRS.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Guatemala the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Statement of financial position
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Books authorized by SAT (Journal, Ledger, Inventories, Financial Statements) and the VAT purchases and sales book.
Periodic tax returns
Monthly VAT, ISR payments on account and the annual ISR return.
What you need to know
- VAT withholding agents withhold a share of the tax from their suppliers.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Guatemala. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVA12 | VAT 12% | VAT | sales and purchases | 12 % |
RET-ISR | ISR withholding (simplified regime) | Income | payments to suppliers (withholding) | 5 % |
RET-IVA | VAT withholding (withholding agent) | VAT | payments to suppliers (withholding) | 15 % |
How to set up GoSoft for Guatemala
In My company, choose the country Guatemala and the currency GTQ.
When you log in again, GoSoft shows Updating the accounting setup for Guatemala: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at Tax Administration Superintendency (SAT) and with your accountant.