Tax collection plummets by 25% during March

During March, the net tax revenues of the Central Government (discounting tax refunds) reached S/ 11,721 million, which impliedor S/3,536 million less than the similar period in 2023, that is, a contraction of 25.4%, reported the National Superintendency of Customs and Tax Administration (Sunat).

With the result obtained in March, the first quarter shows a decline of 10.4%. Among the determining factors of March collection, the collecting entity identified lower payments at the level of customs taxes, motivated by lower imports and the lower average exchange rate.

“Added to the above is the effect of the higher payment associated with guaranteed imports – mainly fuels – made during the last business day of March and which will be credited to the accounts of the Public Treasury as collection for the month of April,” said Sunat.

An element that impacted the collection of the third month of 2024 are various regulatory changes. Thus, for example, there is the postponement of the declaration and payment of the Regularization of the Income Tax for Natural Persons and MYPES companies and the Tax on Financial Transactions (ITF), approved by Law No. 31940. Likewise , played against the application of Law No. 31903 that provides for the free disposal of funds from the deduction accounts belonging to companies considered MYPES.

Added to these changes is the impact of Law No. 31962, which modified the application of interest both in refunds and in the updating of fines.

All this caused the main taxes to collapse. According to the report of Sunatthe Income Tax (IR) plummeted by 25.4%, while taxes linked to production and consumption, such as the General Sales Tax (IGV) and the Selective Consumption Tax (ISC ), decreased by 12.9% and 13.6%, respectively.