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BCRP: income tax collection grew 44.9% in October

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According to the Central Reserve Bank of Peru (BCRP), income tax collection (IR) grew by 44.9% in October compared to the same month of 2020 (28.9% compared to October 2019), mainly due to higher payments on account of domiciled legal entities and natural people.

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The issuing entity reported that in the tenth month of 2021, the collection of personal income tax increased by 50.5% compared to October 2020 (36.6% between October 2019 and 2021), mainly due to higher income from second category (dividends), fourth and fifth category (income from work).

Likewise, the collection of income tax from legal entities increased by 33.9% compared to the same month of 2020 (33.7 percent compared to October 2019), in particular from domiciled legal entities.

Thus, in the January-October 2021 period, income tax collection increased by 40.1% compared to the same period in 2020 (20.9% compared to January-October 2019), reaching a record level of income.

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This result was mainly influenced by higher payments on account of domiciled legal entities and by regularization of income tax, mainly from companies in the mining sector. Likewise, the higher rent payments of the second, fourth and fifth categories had an influence.

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