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They formalize law that delegates powers to the Executive to legislate on tax, fiscal, financial and reactivation matters

Two months after the request of the Executive Power to legislate on tax, fiscal, financial and economic reactivation matters, the Congress of the republic made the Government’s request official through Law 31380, published this Monday, December 27, in the newspaper El Peruano.

The norm indicates that its purpose is to strengthen the Government’s actions in matters of economic and tax management, in addition to the fight against tax evasion and avoidance, in order to “Contribute to closing priority social gaps to achieve the well-being of the population”.

The term that the Pedro Castillo administration will have to legislate on the aforementioned matters is 90 calendar days, counted from the effective date of this legislative decree.

In the tax and fiscal sphere, the rule will serve to modify the Income Tax Law and other rules that regulate this tax, the same for the Law of General Sales Tax and Selective Consumption Tax, among other points.

In terms of finance, the issuance of specific measures for the strengthening and modernization of the Banco de la Nación stands out.

Within the framework of economic reactivation, highlights that, until December 31, 2022, special measures may be established to facilitate the processing, evaluation, approval of procedures by State institutions in matters of private and public-private investment that provide a boost to the national economy , damaged by the pandemic of the COVID-19.

The law issued by the national representation has only one final supplementary provision. It is a periodic report by the Ministry of Economy and Finance to the Congressional Commission of the same name on the progress made in closing gaps with the resources from the higher collection.

However, from that same portfolio, it was criticized that the partial reform approved by Parliament will allow reaching only 0.20 of GDP, well below the 1.5 estimated with the original proposal, which was supported by the International Monetary Fund (IMF) .

Minister Pedro Francke himself had advanced that they will insist with the impulse of the reforms denied by the Legislative Power, among which the mining tax regime stands out.

“We have asked Congress for economic powers to address Peru’s problems, but, apparently, they will grant us quite limited powers that will not allow us to advance in important aspects. But I think we have to insist on tax modifications that have more impact on collection and more effect on inequality, “he mentioned on December 17.

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