In July, the tax revenues of the Central Government, net of refunds, totaled S/ 11,255 million, an amount greater by S/ 918 million than that obtained in the same month last year and which represents a real growth of 0.1%. With this result, the collection accumulated between January and July registered a growth of 16.3%, reported the National Superintendency of Customs and Tax Administration (Sunat).
According to the tax entity, the determining factors of the collection result for July were the higher payments on account of the Third Category Income Tax (22.4%), highlighting the mining and hydrocarbon sectors, which are influenced by the application of coefficients higher than last year. These still reflect a context of high prices for metals, oil and gas, despite the adjustments observed in prices in recent weeks.
The largest imports in July, the same ones that increased by 23.4% compared to those of the same month in 2021. In this regard, although the exchange rate decreased by 0.9% compared to last year, the level of imports allowed reaching a favorable result in the collection of customs taxes and in particular on the IGV paid on imports.
The negative impacts on collection generated by the application of Supreme Decree No. 068-2022-EF, which excludes fuels with less than 95 octane and Diesel from the list of goods to which the ISC is applied; and by the application of Law No. 31452, which exempts a group of products from the family consumption basket from VAT.
The statistical effect generated in the comparison with the month of July of the year 2021, the same one that had extraordinary payments of the order of S/ 614 million compared to those of July of this year, in which said payments totaled S/ 96 million.
The lower monthly growth rates of the economy, a trend that would have been maintained during the month of June, whose tax obligations are declared and paid mainly in July.
Income from taxes
Income tax. In July, S/ 4,218 million were collected for this tax, a figure that represents a decrease of 6.9% compared to the same period in 2021 and an additional S/ 53 million compared to what was obtained in July 2021.
This result mainly reflects the lower payments for Income Tax First (-1.6%), Second (-60.8%), Fourth (-8.4%), Fifth (-9.5%), Non-domiciled (-28.9%), Regularization (-73.5%) and Other income (-9.2%). This was offset by higher payments from the Third Category (General Regime and RMT) and the RER, which grew 22.4% and 3.7%, respectively.
General sales tax. IGV collection reached S/ 7,073 million, an amount that represents an increase of 4.3% compared to what was registered in July 2021 and an additional S/ 837 million in collection.
The Internal IGV increased by 2.0% and collected S/ 3,712 million, an amount that exceeded by S/ 366 million what was collected in July 2021. For its part, the IGV corresponding to imports amounted to S/ 3,360 million, an amount that represents a growth of 7.0% and an additional S/ 471 million.
Excise tax. The collection of the ISC registered a drop of 30.2%, reaching S/ 549 million. Said result was mainly explained by the decrease in the ISC paid on imports (-56.9%) and to a lesser extent in the Internal ISC (-7.2%), reflecting the impact of exclusion of the application of the ISC to some fuels with the exception of those with high octane; which explained the strong decrease registered in the fuel ISC, both for imports (-81.0%) and domestic (-91.7%).
It should be noted that, in general, the results of the month in both the IGV and the ISC reflect the performance that domestic demand would have had, but also the negative impact of lower collection caused by Law 31452 and DS No. 068-2022 -EF.
Other income. The collection associated with this item amounted to S/ 1,100 million, an amount that is equivalent to a drop of 7.5% compared to July 2021. This result is mainly explained by lower payments for Fines (-59.9%); In this regard, it should be mentioned that in July of last year extraordinary payments were recorded for this concept.
Returns. Tax refunds made during July amounted to S/ 1,842 million, an amount that represented a decrease of 15.3% compared to the same month last year.
