Peru Tax Collection to Slow on Sales Tax, Tariff Reductions

[2011-03-24 16:24:03]


Peru's tax collection, which rose 17 percent in February from a year earlier, will grow at a slower pace beginning this month after cuts in levies and import tariffs, the government said.

Annual growth in receipts will likely be less than 10 percent after the government cut the sales tax to 18 percent from 19 percent effective March 1 and reduced a levy on banking transactions, said the state tax and import duty agency, known as Sunat, in an e-mailed statement.

Tax collection grew at the fastest pace in three months in February to reach 5.19 billion soles ($1.87 billion) as booming domestic demand spurs imports and retail sales, Sunat said.

Sales tax collection climbed 16 percent last month and income tax revenue grew 14 percent, spurred by economic growth and higher prices for the Andean nation's mineral exports, the agency said.

Source: Bloomberg
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