Andina

Peru: Tax collection in June reached US$2.884 billion, up 3.6%

Photo: ANDINA/Melina Mejía

Photo: ANDINA/Melina Mejía

12:15 | Lima, Jul. 5.

Discounting tax refunds, tax collection in June 2022 totaled S/11.038 billion (US$2.884 billion), which represented an increase of 3.6% compared to the amount registered during the same month last year, the National Superintendence of Customs and Tax Administration (Sunat) reported on Tuesday.

This result was S/1.243 billion (about US$325 million) higher than the amount collected in June 2021, Sunat specified.

The tax agency explained that some determining factors for this result were:

-The results of the sixth month continued to reflect mainly the increase in payments of Third Category Income Tax (26.6%), highlighting the mining-hydrocarbon sectors in a context of high prices of metals, oil, and gas.

To this, the effect in favor of monthly payments on account of this tax (due to the application of new coefficients for payment) is added. On average, they are higher than those of the previous year.

-The behavior that the economic activity would have had in May also stood out. In fact, said obligations are declared and paid in June, which have an impact on collection, mainly related to General Sales Tax (IGV) and Business Income Tax —thanks to higher company revenues.

-During June, imports increased by 30% and, although the exchange rate decreased by more than 4 percentage points, a favorable result was achieved in the collection of customs taxes —in particular on General Sales Tax on imports.

-The easiness granted by Sunat to streamline all services provided to taxpayers and foreign trade users, which allows them to comply with their tax obligations in a timely manner, stood out as well.

-It should be noted that the increase reported last June was achieved despite the negative impact on collection generated by the entry into force of Supreme Decree 068-2022-EF which excludes fuels (less than 95 octane) and diesel from the list of goods to which the Selective Consumption Tax is applied, and by Law No. 31452 which exempts a group of basic food basket products from General Sales Tax.

Regarding Income Tax, S/4.406 billion (about US$1.151 billion) was collected last June —a figure that represented an 11% increase over the same period in 2021, as well as an additional S/757 million (about US$198 million) in collection compared to the amount obtained in June 2021.

(END) NDP/MMG/MVB

Published: 7/5/2022
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