SNI on the cabinet: “Now we are going to see some (economic) strategy”

After defining the vote of confidence in the cabinet chaired by Mirtha Vásquez, in an adjusted manner in Congress, the president of the National Society of Industries (SNI), Ricardo Márquez, maintains that we are now facing a new political reality to continue on the path of recovery, facing the third year of the pandemic.

How does the business sector interpret the vote of confidence in the Vásquez cabinet?

We were nervous that it won’t happen, and that would create a problem. We are calm. We know that at this moment, politically, there is a new reality. I don’t know if people perceive it that way, but we do. We perceive a new reality that is seen in the vote (in reference to Fujicerronism).

So, there is a new political confidence to rekindle the path of economic recovery …

It is not an infidelity, but the SNI businessmen have a survey every month per year, and the perception is positive, the same as that of the BCRP. I think we have to take the investment issue seriously and from the SNI we are going to continue encouraging investment. We have the door open and to enter we must continue to take positive action in terms of political maturity.

Along these lines, how to interpret the improvement in business expectations of the BCRP?

We have been in such an illogical position on the political side that now we are going to see some (economic) strategy (…). We see, according to how they voted (for the vote of confidence), a clear political reality for the economy.

But the three-month hiring remains pessimistic.

Employment comes with investment. And the investment is made by 64% small and medium-sized companies (…). That hair salon, restaurant, or grocery store makes thousands and thousands of daily investments. It is not just about sending the messages to large investments, small investments also worry about what happens politically. They worry a lot.

Do you consider the growth projections of the BCRP, MEF and entities such as the World Bank too optimistic?

The important thing here is that there is no longer a statistical comparison with a year in which there has been no growth, as happened in 2020. That is why a greater effort has to be made in what is real investment so that there is employment. We hope that in the next 60 days the Government can present a projection of what it really wants in terms of investment.

How does your union see the request for legislative powers of the Executive to raise the collection?

Here, in the first instance, there are things more digestible than others. Let’s start with the good things. The fact that a single system is now made for small businesses and that, in this way, they are scaling according to their business capacity. It is good because it will lead the small business to grow, especially with the factoring issue, since 90% of the invoices are given digitally and that is a prerequisite for you to have your credit in eight days, according to the published regulation and with a much lower interest (than that of the financial system), because among factoring companies they will compete and lower rates.

It is positive for the expansion of other tax contributors. The issue is to expand and not go over the same people.

What other things stand out from this bill in your opinion?

The adaptation to the Basel III standard is also positive, as well as the simplifications in the licensing process of financial companies. It is beginning to have a (clear) vision to give more competition to the financial sector (…). This tax reform should charge those who are not inside. It cannot be that there is evasion and that we are not working on it. There are anti-elusive measures that have already been implemented and that, obviously, have to continue to be implemented so that people pay more taxes. I am also in favor of taxing transnational digital platforms and services.

And the negative?

The problem comes when you want to charge those who rent instead of 5%, 10%, and that makes people scared because here there are people who manage to buy an apartment and rent it. All that transaction takes away their viada, so to speak.

Another issue with which you have to be very careful is that of taxes for people who sell stock shares, who at this time only pay 5% and seek to go up to 10%.

But those taxes will be correlated to what people earn, according to Minister Francke.

Yes, but, look, to begin with, the Stock Market competes with the four exchanges of the Pacific Alliance, and for a long time we have been trying to ensure that the four exchanges have the same taxes. If not, why are we in the Pacific Alliance?

What other tax reform issue is troubling you?

The issue is to raise the Income Tax after S / 300 thousand. While not many people are targeting the measure, there are quite a few middle class people who cover this type of tax. In my opinion, I would raise it to S / 400 thousand or S / 500 thousand. ❖