In April, S/16,532 million were collected in net tax revenue —discounting tax refunds—, according to Sunat. The figure shows a contraction of 26.8% compared to what was registered in the same month last year. In general terms, comparing what was captured in the first four-month period of both periods, there would be a threshold of approximately S/9 billion more in 2022 (see infographic).
What does it mean to collect less?
According to the economist Juan Carlos Odar, it is a symptom of the weakening of national production during the first four months, added to the fact that less was collected due to the drop in the exchange rate —which affects what merchandise importers pay—, the reduction temporary IGV to small hotels and restaurants and exemptions from Income Tax (IR) in some regions affected by Cyclone Yaku.
So, aren’t we as good as the government claims? Odar believes that the economy is not likely to pick up in the coming months, and assures that the Ministry of Economy and Finance (MEF) “shows baseless optimism.” “After a stagnant first four-month period, this annual rate close to 2% could even be more moderate because it has been growing less than expected,” he said for La República.
The Sunat adds that the factors mentioned in the fall in tax revenues were partially offset by the higher extraordinary payments in the sale of business assets. In Odar’s opinion, it is most probable that in the middle of the year there will be a transitory rise in collection when the tax relief measures for climatic anomalies come to an end.
Income Tax Falls
In the fourth month of this year, IR collection fell by 34% compared to the previous year, mainly explained by lower Regularization payments (-46.8%), Second category (-141.3%), Fourth category (-4, 2%), Fifth (-10.3%), Non-residents (-15.5%) and Special Income Regime (-12%). In addition, because lower coefficients were used for payments in sectors such as mining, hydrocarbons, manufacturing, and commerce. There was only a 1.3% rise in first-category rental payments.
The word
Carlos Odar, director of Phase Consultants
“He MEF shows baseless optimism (…) after a stagnant first quarter, that annual rate close to 2% could even be more moderate”.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
