The Ministry of Economy and Finance (MEF) will update the Selective Consumption Tax (ISC) after 2 years from March 1. Although this adjustment is usually made every year, it had stopped doing so because the economic context was not optimal. Now that there are expectations that 2024 will be the year of recovery, the State seeks to recover tax revenue through this measure.
“(…) The State has also suffered a significant drop in income last year, the worst drop in our history, leaving aside the pandemic. And what we are doing is recovering tax revenues gradually, but without — in no way—affect the recovery,” said Economy Minister Alex Contreras.
By how much will the cost of beer, pisco and cigarettes increase?
The ISC of beer (per liter) will go from S/2.31 to S/2.51; for cigarettes (per stick), from S/0.36 to S/0.37; in the case of pisco (per liter), it will go from S/2.27 to S/2.48, in accordance with Ministerial Resolution No. 030-2024-EF/15.
Therefore, the MEF specifies that this implies that a liter of beer would cost from S/9.26 to S/9.50 (an increase of S/0.24); cigarettes from S/0.93 to S/0.94 (S/0.01 more); and pisco from S/41.20 to S/41.45 (S/0.25).
However, it must be taken into account that in the case of beer, it is usually consumed in its 620 ml presentation, so it will have an increase of less than S/0.20.
It should be noted that the MEF indicates that the increases will be gradual so as not to affect business or economic recovery.so in February it will release a schedule of these increases.
On the other hand, experts consulted by this medium state that if collection is sought to increase with this measure, the impact will be minimal, since income from the ISC represents 5% to 6% of the total.
What is the Selective Consumption Tax?
He Selective Consumption Tax (ISC) plays a deterrent role in consumer behavior, which applies a fixed amount in soles for each unit of product, specifies the MEF. This sum is updated annually if the price of the item experiences a variation of more than 1% with respect to the previous year.
Source: Larepublica
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