Tax revenues totaled S/11,366 million in February and fell -7.2% year-on-year

Net tax revenues of the Central Government (discounting tax refunds) reached S/11,366 million during the month of February 2024, lower than the S/11,851 million (-7.2%) recorded a year ago.

The performance of February collection is mainly supported by the performance of economic activity in January – a month linked to the majority of internal tax obligations for which taxes are paid during February – was slightly positive, which would have partially offset the results. .

The negative statistical effect generated both at the level of refunds and payments by taxpayers considered mypes must also be taken into account.

“It is appropriate to mention that in February 2023 a reduction in refunds was recorded. On the other hand, in the same month the payment of tax obligations of the mypes occurred that fell due in January 2023 and were postponed. Both events increase the basis of comparison against the collection of February 2024,” said Sunat.

The lower payments of customs taxes had a similar impact, due to the reduction in guaranteed imports -mainly fuels- and current imports in February 2024.

Finally, Sunat attributes this decline in year-on-year collection to the negative impact generated by regulatory changes in force in February 2024, but not in February 2023.

“In this regard, the application of Law No. 31903 stands out, which provides for the free disposal of funds from the withdrawal accounts belonging to companies considered mypes. To the above is added the effect of Law No. 31962, which modified the application of interest both on refunds and on updating fines,” the administration warned.

Income tax collection in February 2024

In February, S/5,116 million were collected for IR, an amount that represents a decrease of 4.2% compared to the same month in 2023.

Increases were observed in payments corresponding to Non-Domiciled Income Tax (42.6%), Fifth Category (5.6%), First Category (6.6%) and Special Income Regime (9.6%). .

On the contrary, contractions were recorded in payments for Regularization, payments on account of the General Regime and Mype Tax Regime – RMT, Fourth Category, Second Category and in the item corresponding to the Rest of Income.

VAT collection in February 2024

VAT collection reached S/6,426 million in February, which represents a decrease of 5.3% compared to the same month of 2023.

The Internal VAT collected S/3,774 million, a result associated with the lower payments made by the companies linked to the production and commercialization of gas, as well as the statistical generating effect because during February of last year the payment of the postponed obligations corresponding to the month of January.

For its part, the VAT that taxes imports collected S/2,651 million, as a consequence of the lower payments corresponding to guaranteed imports since February imports would have fallen.

Collection by ISC in February 2024

ISC collection reached S/705 million in February. The Internal ISC increased due to the evolution of sales of products subject to this tax and the lower level of credit applied by a hydrocarbon company.

In contrast, the collection corresponding to the ISC decreased, as a result of the lower payments corresponding to both guaranteed imports taxed with the ISC and current imports taxed in February.

Other taxes and refunds in February 2024

The February collection associated with this item amounted to S/590 million. This result was mainly due to lower payments for fines,
Income such as Collection, Simplified Single Regime, Tax on Casinos and Slot Machines and the Others category.

On the contrary, higher payments were recorded in Fractions, Temporary Tax on Net Assets – ITAN, Tax on Financial Transactions – ITF and the Special Tax on Mining.

Finally, the tax refunds made during February amounted to S/1,609 million, the highest tax collector stated.