MEF intends to extend until 2025 the exemption from taxes on mining and hydrocarbon exploration

MEF intends to extend until 2025 the exemption from taxes on mining and hydrocarbon exploration

The Oscar Graham, during his speech at the Prospectors & Developers Association of Canada – PDAC 2022, reported that the government plans to extend the tax exemption for mining and hydrocarbon exploration for three years until 2025.

In addition, he highlighted the importance of mining production in the Peruvian economy during his participation in two events dedicated to Peru, in which leading businessmen and investors from the global mining sector participated.

In this framework, Minister Graham reported that currently the mining sector represents 12.1% of GDP and makes up 63% of total Peruvian exports.

“The mining sector is the most productive of all the sectors we have in our economy.”, emphasized.

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Before audiences made up mainly of representatives of producing companies, explorers, suppliers of the mining sector, and the financial sector, Minister Oscar Graham indicated that the Executive Power is working on a package of measures with the objective of promoting mining investments and at the same time improving the welfare of the population in mining areas.

He also pointed out that, to promote the closing of social and productive gaps, specialized teams will be moved to mining areas to unblock public investment projects and special project executing units will be created to monitor the development of public investment, in addition to improving and strengthening programs productive for the development of projects that have a greater impact.

Likewise, among other measures, to promote greater mining investment, the approval, regulation and audit of mining permits will be sought to be more expeditious, for which the necessary budgets will be granted so that these processes are more efficient in terms of time.

“We are coordinating to grant the necessary funds so that entities such as OEFA, ANA, Senace and the Ministry of Culture streamline processes and be more efficient in terms of regulatory quality,” said.

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Strengths of the economy

During his speech, Minister Oscar Graham stressed that Peru is integrated into the world in terms of trade, and highlights its management in fiscal and macroeconomic terms, in addition, it is in the process of accessing the OECD, for which the country received the last week the adoption roadmap, which will allow us to improve transparency, public policies and competitiveness to attract greater investment.

“In Peru there is openness to private investment, which is not only guaranteed but also promoted in our economy. The country respects and guarantees the rule of law and legal stability for private investments”he referred.

He also highlighted the strengths of the Peruvian economy, in this regard he mentioned that during 2021 the GDP grew 13.5%, surpassing the other countries in the region and that “we are going to be one of the countries that will grow the most in the region”.

Closing gaps

He also pointed out that the country needs to complement its macroeconomic achievements with an agenda to close structural gaps.

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In this sense, three axes of economic policy have been proposed in the short and medium term, first, economic reactivation is being prioritized immediately and achieving sustained economic growth, as well as prudent and sustainable management of public finances, for which The new fiscal rules and measures that boost collection and improve spending have been proposed.

For its part, among the medium and long-term measures, the Executive Power is prioritizing accession to the OECD, reducing informality and proposing the reform of the pension system.

Finally, Minister Graham invited businessmen and investors to continue investing in Peru, with the confidence that as a country we have a solid economy in macroeconomic terms, improving the levels of competitiveness and the productive processes of the mining activity.

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