Sunat: tax collection fell 13.8% in the first half of 2023

Collection for the first half of 2023 reached S/78,671 million of net Central Government tax revenue, discounting tax refunds. This meant a decline of 13.8% compared to the S/84,544 registered in the same period last year, reported the Sunat.

According to data from the entity, income tax collection influenced this result, which fell -19.1% after achieving S/37,641 million, in contrast to the S/43,105 million obtained between January and June 2022.

Income from the General Sales Tax (IGV) also decreased by 10.7% with S/41,241 million. On the other hand, the Selective Consumption Tax (ISC) grew by 3.6% with S/4,507 million compared to S/4,319 last year.

Result for taxes in June

Tax collection in June reached S/10,102 million, which is 14.1% less than what was obtained in the same month of 2022. This figure is explained by several factors, such as less economic activity, lower coefficients for payments on account of Income Tax and the application of higher balances in favor of taxpayers.

Regarding the results for taxes, the Selective Consumption Tax (ISC) registered a collection of S/761 million, which represents an increase of 34.7%. Both the internal ISC and the one levied on imports increased, with increases of 12.9% and 104.0%, respectively.

Regarding Income Tax, S/3,779 million were collected in June, which implies a contraction of 19.4% compared to the same month of the previous year. This decrease is mainly due to lower payments on account corresponding to the Third Category (-32.6%), Income from non-resident subjects (-23.0%), MYPE Tax Regime (-7.0%), Fourth Category (-4.9%), Special Income Regime (-3.7%), Fifth Category (-0.2%) and Other Income (-19.2%).

However, there were increases in payments associated with income from the First Category (5.0%), Second Category (5.4%) and Regularization (54.5%).

For its part, in the General Sales Tax (IGV), the collection reached S/6,491 million, which represents a decrease of 11.7% compared to the same month of the previous year. Both the internal IGV (-2.8%) and the one levied on imports (-21.8%) decreased due to factors such as lower internal demand, lower gas prices and the application of the reduced tax rate to Restaurants and Hotels, approved by Law No. 31556.

Factors that influenced a lower collection

According to Sunat, the determinant factors of the collection in June include the lower dynamics of the economic activity, with a growth of the Gross Domestic Product close to 0% in May and a decrease of around 2.0% in internal demand. In addition, there has been a 20.5% reduction in June imports and a 2.4% exchange rate depreciation compared to June last year.

Income Tax collection continues to be affected by the reduction in payment coefficients and the application of higher favorable balances declared by taxpayers. Likewise, the application of the reduced IGV rate for Mypes restaurants and hotels has had a negative effect. However, the net effect of deferred obligations and the Annual Adjustment of Income Tax have partially offset these factors.