Every citizen has the responsibility to pay taxes, whether to Sunat or to the municipality of the district where we live. However, sometimes we do not keep our finances in order or perhaps our economic situation is not the best, and we do not cancel them. Debts can accumulate over a long time until reaching large amounts of money. What happens in these cases, can my assets be seized for the amount of the debt?
If this is your case and you have many doubts, we detail what consequences you may face. The Republic interviewed tax lawyer Jorge Picón so he can explain the topic in detail and help you make good financial decisions.
What can happen if I don’t pay my taxes?
Specialist Picón specified that one option is an embargo. “The central government’s taxes are administered by Sunat and can seize anyone. In the case of the rest of the municipal entities, although the possibility exists, the operational means do not exist. In other words, many municipalities do not have coercive collectors, they may have the law on their side, but they don’t have the operational tools to do it.
In addition, Sunat and municipalities can take this measure depending on the amount of taxes owed: “It has to be consistent with the debt, for S/100 it will not be seized; it would have to be for US$500,000, since a property for US$20,000,” explained the lawyer.
What can be seized if you don’t pay your taxes?
Tax lawyer Jorge Picón explained that mainly properties are seized; that is, houses, land, among others. But not in any case, but the amount of the debt must justify a measure of this type.
“Normally, registrable assets (real estate, vehicles) are seized. It is possible, in extreme situations, that movable property can be seized. The last time there was an seizure of the contents of a property was in 1992 or 1993, but it was realized when In the end it was very expensive to do it, because what they obtained at the auctions of these assets did not cover the costs of having seized them,” mentioned the specialist.
What taxes are charged by Sunat?
The National Superintendence of Customs and Tax Administration (Sunat) is the entity in charge of collecting taxes in Peru. According to its platform, these are some of the current taxes:
- Income Tax: taxes income obtained by natural and legal persons in the exercise of their work, whether at a business or personal level.
- General Sales Tax (IGV): is a value added tax that taxes the sale of goods and the provision of services in Peruvian territory.
- Selective Consumption Tax (ISC): taxes the manufacturing and/or import of products such as liquor, cigarettes, high-end vehicles, among others.
- Financial Transactions Tax: some of the operations carried out through companies in the financial system are taxed.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
