The new minimum wages will become effective from January 1, 2012.
-------------------------------------Per Day ------ Monthly
Agricultural activities------------ Q 68.00---- Q 2,068.33
Non agricultural activities ------ Q 68.00---- Q 2,068.33
Activities under decree 29-89--- Q 62.50---- Q 1,901.04
The memo states that “The monthly salary is determined by multiplying the daily wage for 365 days and then dividing it by 12 months".
According to the Memo, the purpose of the minimum wage is to get a greater number of workers earning wages above the minimum. Accordingly the executive promotes policies that encourage companies to adopt better systems of remuneration so workers may have a better quality of life. Employers are encouraged to seek and implement remuneration methods that allow them to be competitive and improve their workers' income.
More on this topic
January 2012
Memorandum on "Minimum Wages 2012", and repayment schedule for payment of tax obligations for December 2011.
January 2012 Tax Calendar
The deadlines reported in this month correspond to obligations for December 2011.
Friday the 13th Schedule of VAT (January to December 2011) 1119
November 2011
Repayment schedule for tax liabilities for November 2011, and Tax Memorandum.
Tax Calendar October 2011
The repayments shown for this month correspond to the liabilities for October 2011.
Tuesday 15 Employee ISR Deductions (Income Tax Law Article 63) SAT-No. 1054 SAT-No. 1055
October 2011
Schedule for the payment of tax obligations for October 2011.
TAX CALENDAR October 2011
The deadlines this month, corresponding to obligations up to September 2011.
Friday 14 - Employee Retention ISR (ISRJ Law Article 63 - SAT-No. 1054 - SAT-No. 1055
Friday 14 - 10% Withholding Tax on Financial Products - SAT-No. 1054 - SAT-No.1055
March 2011
Items to be taken into account to carry out an annual transaction study between related companies.
Currently, several countries have existing legislation on transfer prices. The legislation regulates the elements that should be available to carry out an annual survey of transactions between related companies, as well as indicators serving as basis for determining if transfer pricing between related parties are within legal parameters.
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