The net tax revenues of the Central Government, discounting tax refunds, reached S/ 12,763 million in October 2024. This figure represents a growth of 4.5% compared to the same month of the previous year.
This increase is largely attributed to the recent actions implemented by the National Superintendency of Customs and Tax Administration (SUNAT), which have promoted an increase in the collection of the General Sales Tax (IGV) and in payments on account of the Third Category Income Tax.
After eight months, a cumulative growth of 0.3% has been recorded in collection between January and October of this year, which suggests that a positive trend could be maintained until the end of 2024.
Key Factors in October Collection
October collection was influenced by several important factors:
- Facilitation, control and collection actions by SUNAT, including the recovery of significant debts for customs taxes from previous periods.
- A positive performance in economic activity during September, which impacted tax obligations paid in October.
- However, negative effects were observed due to the implementation of new legal regulations, such as Law No. 31903, which allows the free disposal of funds in MYPES withdrawal accounts, affecting collection flows. Other regulations, such as Law No. 31556, which establishes a reduced rate of 8% of VAT for certain sectors, and Law No. 31962, which modified the application of interest on refunds and fines, also had a negative impact.
Results by Tax Type
- Income Tax: S/ 4,903 million were collected, with an increase of 12.3% compared to October 2023. There were significant increases in the different categories of this tax, highlighting a growth of 30.3% in the Non-Domiciled IR.
- General Sales Tax (IGV): Collection reached S/ 7,781 million, a growth of 4.4% compared to the previous year. The domestic VAT grew by 8.0%, while the VAT applied to imports experienced a slight decrease of 0.1%.
- Selective Consumption Tax (ISC): ISC collection was S/ 694 million, representing a drop of 16.3%. This decrease is due to a lower tax base and an increase in credits for fuel imports.
- Other Income: S/ 1,226 million were collected, an increase of 3.0% compared to October of the previous year, thanks to an increase in taxes on casinos and slot machines, among others.
- Returns: Tax refunds amounted to S/ 2,009 million, showing a growth of 12.1% compared to the same month in 2023.
These results reflect a mixed tax panorama, with growing collection in several areas, although also with challenges derived from legislative changes and economic conditions. It is expected that SUNAT will continue implementing measures to improve collection and sustain this positive trend for the remainder of the year.
Take advantage of the NEW EXPERIENCE, receive our enriched digital newspaper by mail and WhatsApp. Peru21 ePaper.
Now available in Yape! Find us at YAPE Promos.
