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They enact a law that reduces VAT from 18% to 8% for tourism and restaurant mypes until 2024

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The Executive enacted Law 31556, which promotes economic reactivation measures for micro and small businesses in the restaurant, hotel and tourist accommodation sectors, which will reduce the General Sales Tax (IGV) applied to tourism and restaurant mypes.

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The autograph approved by the Congress of the Republic on July 14 establishes that the new VAT rate of 8% will be in force from September 1 to December 31, 2024.

The scope of the law is applicable to natural or legal persons who receive income from business activity and whose main source is: restaurants, hotels, tourist accommodation.

“The main activity for the purposes of this law includes the subjects of the activities indicated in the previous paragraph whose income from sales or provision of services from said activities represents, at least, 70% of their income”, indicates the document.

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Only micro and small companies subject to the IGV have access to this cut, in accordance with the provisions of article 5 of Supreme Decree 013-2013-PRODUCE, which approves the Single Ordered Text of the Law to Promote Productive Development and Business Growth. And that they are affected by VAT.

Source: Larepublica

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