The National Superintendency of Customs and Tax Administration (Sunat) collected S/ 16,488 million in Net Central Government tax revenue in March (discounting tax refunds), an amount that represents an increase of 36% compared to March last year.
The growth of the collection in March is explained by the performance of the economic activity, extraordinary payments obtained by the action of the Sunat and the advance of significant disbursements for rent regularization that were expected for the month of April, said the head of the entity, Luis Enrique Vera.
What are the factors of the highest collection?
The results of the month reflect the performance of the Gross Domestic Product (GDP) and domestic demand for February, which would have registered growth of 4.9% and 2.2% respectively, according to official estimates.
These results would have had a positive effect mainly on the collection of the internal VAT and the Corporate Income Tax. Likewise, the collection of customs taxes and in particular, that of the IGV corresponding to imports, would have benefited from the increase in imports during the month of March (+17%) and in the exchange rate (+1%).
Sunat explained that, although an increase in annual income tax regularization payments was already planned as a result of the economic recovery in 2021, in March of this year around S/ 3,000 million in payments were additionally received. from a group of companies that had to carry them out in April, according to the approved expiration schedule.
The effect of these advance payments on the March result has been very important, since they contribute approximately 25 percentage points of growth, out of a total result of 36%. It is important to point out that such payments, being advances from April, will affect the growth rate expected for that month.
Additionally, March had a boost from S/ 283 million obtained as extraordinary payments that are the result of control and collection actions by Sunat and that exceed the approximately S/ 100 million obtained in March 2021.
Income from taxes
Income tax: In March, S/ 10,691 million were collected for this tax, a figure that represents an increase of 74.0% compared to the same period in 2021.
This result mainly reflects the higher tax regularization payments, which grew 178.6%, favored by a favorable economic context, especially in the mining and hydrocarbon sectors, as well as the important advance payments mentioned above.
On the other hand, the higher payments for Third Category (26.4%), Fifth Category (6.4%), Second Category (34.8%), First Category (8.1%) also stood out, which was attenuated by the lower payments of Fourth Category (-3.5%) and Non-Domiciled (-0.5%).
General sales tax: In March, the collection of the IGV collection reached S/ 7,036 million, an amount that represents an increase of 8.1% compared to what was registered in March 2021 and an additional S/ 943 million.
The Internal VAT increased by 6.5% and collected S/ 3,647 million, an amount that exceeded by S/ 442 million what was collected in March 2021. For its part, the VAT corresponding to imports amounted to S/ 3,389 million, amount that represents a growth of 9.8% and S/ 501 million additional to the amount obtained in March 2021.
Excise tax: The recaudation of the ISC registered a decrease of -14.8%, reaching S/ 646 million. Said result was explained by the decrease in the imported ISC (-44.5%), especially fuels, an effect partially attenuated by the growth observed in the internal ISC (15.0%).
Other income: The collection associated with this item amounted to S/ 840 million, an amount that is equivalent to a growth of 45.6% compared to March 2021. This increase was mainly due to higher payments of the Special Tax on Mining (121 .3%), installments (6.4%), fines (10.2%), casinos and slot machines (208.2%) and the category Other items (57.7%).
Returns: Tax refunds made during last March amounted to S/ 2,901 million, an amount that represented a growth of 44.6% compared to March 2021, highlighting those delivered to exporters.