MEF publishes regulations of the Law for the Promotion and Strengthening of Aquaculture

The Ministry of Economy and Finance (MEF) published the regulation with the tax provisions related to Income Tax (IR) and anticipated recovery of the General Sales Tax (IGV) contained in the Law No. 31666Law for the Promotion and Strengthening of Aquaculture.

The main measures contained in Supreme Decree No. 092-2023-EF establish an IR rate of 15% for 2023, 20% annual depreciation of the amount of investments in aquaculture infrastructure -as well as equipment associated with farming-, anticipated recovery of the IGV in the pre-operational stage, and tax reimbursement of the IGV during the operational stage.

This law, published at the insistence of the Congress of the Republic last December, seeks to benefit people whose net income does not exceed 1,700 UIT (S/8 million 415,000) in the taxable year. The rate for them will be 15% of the IR between 2023 and 2032.

For people whose net income exceeds 1,700 UIT in the taxable year, the following rate may be applied to their net income: 15% from 2023 to 2025, 20% from 2026 to 2029, and 25% from 2030 to 2032.

This regulation covers the members of Aquaculture of Limited Resources (AREL), Aquaculture of Micro and Small Enterprises (AMYPE) and Aquaculture of Medium and Large Enterprises (AMYGE), at a national level. It has also been greeted by the National Fisheries Society (SNP).

Likewise, agents may apply an annual depreciation rate of 20%, on the amount of investments in aquaculture infrastructure, as well as in equipment associated with farming, until December 31, 2031.

They can also take advantage of the anticipated recovery of the IGV paid in acquisitions of capital goods, inputs, services and construction contracts in the pre-operational stage of the activity. The minimum investment amount will not apply, nor will the term of duration of the pre-operative stage.

Finally, aquaculture agents domiciled in Peru, whose sale of aquaculture products in the country is exempt from IGV, are entitled to a tax refund equivalent to the IGV consigned separately in the payment receipts corresponding to their acquisitions, as well as the one paid in their imports of capital goods, raw materials, inputs for the production of aquaculture activities.

The data

• Aquaculture is one of the sectors with the highest growth in recent years, estimating that by 2020 it achieved a contribution of 24.1% to the Fisheries and Aquaculture GDP and 0.1% to the National GDP, equivalent to S/347 million.
• Aquaculture generates more than 146,000 jobs and constitutes the livelihood of more than 584,000 people.