In October, tax collection contracted for the eighth consecutive month, and recorded its ninth month in the red so far in 2023. Sunat revealed that in the tenth month of the year S/11,967 million were collected, or 6.8% less compared to the same month last year.
In this way, the net income of the central government accumulates a drop of 13.6% from January to October, in line with the meager progress of the economy, which is in recession, as recognized by the Ministry of Economy and Finance (MEF). ).
Factors of the disaster
In October, the performance of collection is based on several factors, among which it stands out that economic activity in September showed a slowdown in both the Gross Domestic Product and domestic demand, according to estimates by the Central Reserve Bank of Peru ( BCRP).
In a recent interview with La República, the MEF confirmed that September will be “a little weak”, as happened in August, a period in which the economy contracted by -0.63%.
It should be noted that the main taxes are weakened. He VAT It fell by 7.4% in October and by 11.8% in the accumulated amount of the year. For its part, income tax fell by 18.2% in the tenth month of the year and by 17.5% from January to October.
Background reasons
The drop in revenue is also a consequence of the reduction in tax revenues from mining, explains the economist and researcher of the Citizen Proposal group, Epifanio Baca. From January to September, taxes collected from mining activity fell by 46.5%.
“There are fewer profits and that affected the regularization of the 2022 income tax, a period in which there was strong additional income, but in this period it was the other way around,” he explained.
It is due to this drop in collection that, in the expert’s opinion, it is very likely that the 2024 Public Budget (today as a bill in Congress), undergo some adjustments considering the present of the economy, as well as tax revenues. “The Fiscal Council itself criticized the projections of the MEF considering them very optimistic,” Baca recalled.
Keys
Express. At the beginning of the year, the TC forgave more than S/12,000 million in interest to companies that have long-standing lawsuits with Sunat.
Impact. This is almost three times the budget approved for the emergency.
Source: Larepublica
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