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Tax collection and income for 2021 exceeded pre-pandemic levels

The National Superintendency of Customs and Tax Administration (Sunat) reported that the collection of the General Sales Tax (IGV) and Income Tax during 2021 greatly exceeded what was achieved in 2020 and 2019, reflecting an improvement in performance of the economy from the country.

In detail, income from IGV amounted to S / 78,099 million, that is, S / 22,720 million more than 2020 (+ 35.5%) and S / 14,595 million more than 2019 (+ 16.0%).

This result is mainly explained by the higher income from the Internal VAT, which recorded collections of S / 42,608 million (25.2% more compared to 2020 and 6.1% in 2019), mainly due to the good performance of the internal demand and the progressive recovery of the economy.

In addition, the IGV for imports registered a collection of S / 35,491 million (50.3% more in relation to 2020 and 30.6% in 2019) due to higher imports, which grew by around 42%, and the higher exchange rate, which registered an increase of 11.1%.

Income tax

Income Tax collection amounted to S / 54,877 million, that is, S / 16,710 million more than in 2020 (+ 38.3%) and S / 10,862 million more than in 2019 (+ 17.8%).

The increase observed is due to the higher payments on account of Third Category – General Regime (RG) and Mype Tax Regime (RMT) (58.6%), Second Category Income Tax (99.5%), Regularization (90.8%), Fourth Category (27.3%) and Fifth Category (7.3%); This effect was attenuated by the lower payments received for non-resident income (-23.9%).

The higher payments on account of the RG and the RMT were due to the higher income declared in the mining sector and the rest of the sectors, influenced by the better performance of the economic activity and the lower balances in favor.

On the other hand, the result in the Annual Regularization of Income Tax (90.8%) responds mainly to the increase in payments of the mining activity, and the reduction or suspension of payments on account applied in 2020, within the framework of the benefits granted to taxpayers in the context of the health crisis, which indirectly increased the amounts in the regularization between March and April 2021.

In contrast, Non-Resident Income Tax decreased by 23.9% due to the fact that in 2020 higher extraordinary payments were obtained in this area, especially highlighted a single payment of S / 2.4 billion associated with the sale of an electricity generation company.

TO GO

The collection from the Selective Consumption Tax (ISC), which also reflects the performance of domestic demand, amounted to S / 9,139 million in 2021, that is, S / 2,219 million more than in 2020 (+ 26.9%) and S / 923 million more than in 2019 (+ 5.0%).

At the component level, the internal ISC recorded a collection of S / 5,284 million (26.0%) and the imported ISC of S / 3,856 million (28.2%).

Other income

The collection of this item reached S / 16,108 million last year, S / 7,498 million more than in 2020 (+ 79.3%). The higher collection of this item was mainly due to higher fractionation payments (263.8%), Special Mining Tax (301.6%), ITAN (19.4%), and fines (146.3%) , among others.

The high rate of increase of subdivisions responds to the payments corresponding to the new Fractionation Regime (RAF) regulated by Legislative Decree No. 1487, as well as extraordinary payments of debts covered by fractionation of the Tax Code.

On the other hand, the higher payments of the Special Mining Tax are related to the good performance of mining given the high prices of metals. The ITAN and fines are growing mainly as a reflection of the higher Sunat actions.

Returns

Finally, tax refunds amounted to S / 19,821 million during 2021, an amount that represented an increase of 10.9%. This result was mainly supported by higher returns to exporters.

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