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The Ministry of Economy and Finance prepares tax reform for the mining sector and mypes

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Last August the Executive, through the Ministry of Economy and Finance (MEF), announced that it will request special powers to legislate on economic and tax matters.

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Almost two months later, the Minister of Economy and Finance, Pedro Francke, gave details of the Government’s plans regarding the request, which aims to generate higher tax revenue that would be destined to improve health, education, drinking water, sanitation, among others.

Courts for defaulters

The first of them was revealed this past Sunday by the owner of the MEF, by ensuring that his office and the Judiciary already prepare specialized courts in tax matters to accelerate the solution of some cases where the State still cannot collect because they are being prosecuted in a tax court, superior courts or the Supreme Court. Such is the case of Telefónica.

Pedro Francke argued the need for this instance not only to speed up the collection of defaulters, but also seeks that these spaces are sufficiently illustrated to fulfill their function.

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“In coordination with the Judicial Power A supreme chamber specialized in tax and customs matters is already opening. Not only to speed up, but also due to specialization, since it is an issue that has its complexity from the legal part to the economic calculation part ”, Francke explained on a local television station.

Along the same lines, the minister recalled that the tax reform “has to do with several aspects, among which evasion and the revision of some exemptions stand out.”

Special mining payment

One of the sectors that has the highest expectations on the tax issue is the mining sector, since it is opposed to a new negotiation of its contributions to the country.

However, Francke, also a professor of Economics at PUCP, was in charge of clarifying that it is a special payment within the framework of the “metals supercycle”, which has been presented since February of this year.

“In the case of mining, the question is the price of copper, which is at a very high price and there is a margin to obtain a little more taxes and thus income for Peru,” said the minister.

Also, Francke stated that “there is no intention to raise taxes in general for all companies.” But he made it clear that “evasion must be cut.”

To achieve this task, yesterday the Ministry of Economy and Finance began working sessions with the mission sent by the International Monetary Fund (IMF), a multilateral entity that Pedro Francke turned to on his recent tour of Washington (USA) together with President Pedro Castle.

Tax simplification

Yesterday, in a local radio station, the head of the MEF announced that the plan includes small companies through a simplification of the mechanisms, which today are four: RUC, RES, RMT and the regular tax.

“There is a consensus that this scheme of having four different things in which you have to go from one to another is not the most reasonable thing to do. The idea is to unify, perhaps to have a more simplified section that hooks up with the income tax ”, explained Francke.

This task has been working with the advice of the World Bank, he explained. “The main message is to simplify and make life easier for small entrepreneurs,” said the head of Economy and Finance.

One million jobs recovered

Francke Ballvé assured that there is still a delay in the recovery of jobs, something that generated his concern “despite the fact that the GDP is recovering”, but he admitted that there is a large gap.

The minister affirmed that about a million jobs in total have been recovered in the last six months. “Our measurements are a bit imperfect because unfortunately we do not have a permanent national survey, we only have one survey from Lima and the others on the payroll, but they show sustained growth in employment at the national level.”

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