Tax collection in February 2023 reached S/ 11,838 million (discounting tax refunds) in Peru. Said result represents a growth of 2.3% compared to the same period in 2022.
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Collection growth is the net result of factors for and against. Regarding the variables that promoted the increase, the following can be mentioned:
- The higher payments on account of the Third Category Income Tax declared and paid by the mining and hydrocarbons sectors, in a context of recovery of international prices and higher exports.
- The favorable effect generated by the payment of deferred obligations corresponding to the month of January, as part of the measures to provide liquidity to companies.
- The largest extraordinary payments recorded in February 2023 are the result of control and collection actions by Sunat, which, in addition, has expanded the development of variables, information crossings, and risk indicators in its computer systems. This in order to efficiently detect the degree of non-compliance with the obligations and apply suitable treatments to each case, using statistical and modern techniques, making use of Big Data. This has had effects not only on the recovery of the debt, but also on the voluntary and timely declaration.
The foregoing was impacted by the following factors, which negatively influenced the result:
- The lower dynamics of the economy during the month of January, affecting sectors such as commerce and production, whose tax obligations are declared and paid mainly in February.
- Added to the above is the reduction of more than 7.0% in the level of imports in February, despite the 1.6% increase in the exchange rate, a factor that affected the collection of external taxes.
- The negative impact generated by the application of a reduced IGV rate of 8% for MYPES restaurants and hotels, approved by Law No. 31556.
Results by taxes
Income tax
In February, 5,172 million soles were collected for this tax, a figure that represents a growth of 11.5% compared to what was obtained in the same month of 2022 and an increase of 902 million.
The result for February reflects the higher payments in Regularization (88.5%), Payments on account of Third Category Income (18.0%), Income Tax for Non-Resident Subjects (12.4%) and First Category (0.5%).
On the other hand, there were contractions in income payments from the Second, Fourth and Fifth categories and those of the Special Income Regime, which fell 13.0%, 14.7%, 6.9% and 9.0% respectively.
It should be noted that the notorious growth in Regularization reflected the important extraordinary payments corresponding to debts generated in past months.
On the other hand, the higher payments on account obtained reflected the recovery of international prices, mainly in the mining sector.
General Sales Tax (IGV)
In February, IGV collection reached 6,567 million soles, an amount that represented a 6.9% drop in real terms with respect to what was collected in the same month of 2022, despite the fact that 72 million more were collected than what was obtained in last year.
Internal VAT decreased by 3.6% and collected 3,759 million. For its part, the External IGV amounted to 2,808 million, which represented a decrease of 11.0% compared to what was collected in February 2022.
It is appropriate to mention that the behavior of this tax reflected the lower economic dynamics already mentioned, the net result of the payment of obligations deferred during January and the impact of the reduced rate granted to Restaurants and Hotels by Law No. 31556.
Selective Consumption Tax (ISC)
ISC collection amounted to 756 million and fell 13.4%. The Internal ISC contracted 20.9% and the ISC that taxes imports by 3.6%. As in the case of the IGV, these results reflected both the low performance of domestic demand in January and the lower imports in February.
Other income
The collection associated with this item amounted to 625 million, an amount that is equivalent to a decrease of 15.6% compared to February 2022.
Said result was explained by the lower payments of the Special Mining Tax (-17.3%), the lower income obtained from deduction accounts (-23.0%), Fines (-4.2%), Temporary Tax on Assets Net (-55.6%), among others; impact that was mitigated mainly by the growth in installment payments (2.2%) and Casinos and Slot Machines (5.1%).
Returns
Tax refunds made during the month of February amounted to 1,416 million, an amount that represented a contraction of 25.2% compared to the same month in 2022.
