Fin Min: Tax system modernization not to raise tax rates in Peru

13:19 | Lima, Sep. 18.

Economy and Finance Minister Carlos Oliva on Tuesday affirmed the tax system modernization initiative —launched by the Central Government— does not seek to increase tax rates in Peru.

"This tax system modernization aims to increase tax collection without raising tax rates," he stated.

According to the cabinet member, the upgrade also seeks to facilitate payments from taxpayers, as well as reduce tax evasion and avoidance space.

The minister indicated the Central Government's tax collection reached 13% of GDP last year —the lowest rate over the past 14 years.

On the other hand, Oliva informed the Executive Branch has published 17 tax legislative decrees to allow an additional collection of S/9.8 billion (around US$2.95 billion) by 2020.

He went on to stress the modernization is intended to increase structural revenues in the economy, thus translating into improved well-being for citizens.

Oliva's remarks came at a press conference held along with National Customs and Tax Administration's (Sunat) Superintendent Victor Shiguiyama.

(END) CNA/RGP/JJN/RMB/MVB

Published: 9/18/2018

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Fin Min: Tax system modernization not to raise tax rates in Peru

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