By tax association
He Congress of the Republic approved a regulatory framework for Private special economic zones (ZEEP), the expectation of giving a new impulse to private investment and industrial development in the country is high. These new zones, managed by new private companies and with a stepped tax regime – 0% of income taxes for the first five years, 7.5% from the sixth year to 25% in the year 25 -, are born as a response to the limited impact that the special economic zones (ZEE) public.
The economic consequences of poor infrastructure
Special economic zones (ZEE) are areas, in strategic areas, which have a special tax regime, with the aim of attracting more investment and promoting the development of the country. According to the last informative bulletin special economic zones of the Ministry of Foreign Trade and Tourism (MINCETUR), to the third quarter of 2024, the ZEE experienced a 32% growth in the export value, in relation to the same period of 2023.
Despite this increase, according to Roberto de la Tore, president of the Chamber of Commerce of Lima (CCL), the ZEE barely represent 0.1% of the country’s exports (US $ 74 million), a value well below countries such as El Salvador (US $ 3,000 million).
The country has four ZEE in operation: Zofratacna (Tacna), Zed Paita (Piura), Zed Ilo (Moquegua) and Zed Matarani (Arequipa). However, structural deficiencies and lack of basic services that cross the regions limit the development of ZEE. The economist and director of the Association of Taxpayers of Peru (ACP), Camila Costa, said that “the Zee face serious limitations due to the lack of adequate infrastructure, such as an efficient transport network and reliable basic services. In addition to the shortage of qualified labor.”
Private special economic zones: a new bet for investment
Private special economic zones (ZEEP), are a ZEE modality whose management is in charge of a private company. This model offers an income tax exemption for five years to new companies, with rates that gradually increase to 25% in 25. For its implementation, each ZEEP must present a technical and financial plan approved by MINCETUR. In addition, each ZEEP will be in charge of a private operator in charge of investing, managing and ensuring compliance with the development plan.
The commitment to this new model is inspired by good economic results in countries such as Costa Rica, where ZEEPs represent 11%of GDP, or Uruguay (6%) and the Dominican Republic (3.6%). According to the director of the Association of Taxpayers of Peru, “if they are implemented well, the ZEEP could become poles of technological and industrial development.”
Tax benefits are not enough for themselves. In order for ZEEP to boost the country’s economic development, their implementation must be accompanied by adequate infrastructure, qualified labor, normative stability and a quality managing entity. That is, the ball is on the court of proper management by the Executive and the regional governments in betting on marking the beginning of a real decentralization.
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