Finally, the Council of Ministers endorsed the proposal of the culture Ministry and gave approval to the bill that seeks to encourage reading in our country, through the so-called “Book Law”, which proposes exempting the import or sale of books from paying VAT.
The document was sent by the Executive last Monday, September 5, for the purpose of being discussed in the Congress of the Republic on an “urgent” basis.
This is because the device expires on October 15, as announced by the Peruvian Book Chamber (CPL). It is presumed that, if they do not pass the Congressional filter, the books could increase their prices by up to 30%.
The law, which also covers related publishing products, also proposes the tax refund of VAT and the exemption of income tax (IR) on copyright royalties.
The initiative seeks to expand the incentives related to VAT that have been applied to the publishing industry since 2003 and that will last until October 15 of this year.
Likewise, decentralization and the use of new technologies applied to library services in the interior of the country will be encouraged, facilitating better access to reading and books.
Source: Larepublica
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