The upcoming drawback increase from 3% to 4% in 2017 and 2018 will promote country's exports, Lima Chamber of Commerce (CCL) reported today.
Days ago, President Pedro Pablo Kuczynski told local media the administration's intention to raise such rate from 3% to 4% or even 5%.
"Lima Chamber of Commerce entrepreneurs support the drawback rate increase. We are confident it will help promote the country's exports that were hit by domestic and external factors over recent years," CCL Chairman Mario Mongilardi affirmed.
According to the Foreign Trade Research and Development Institute (Idexcam), Peruvian exports have fallen by close to 19% in the August 2013-July 2016 period.
Said drop has resulted from external factors like lower international demand and internal ones, such as lack of competitiveness, Mongilardi explained.
He also pointed out the Peruvian Government has rebated drawback sums of: S/792 million or US$240 million (2013), S/1.009 billion or US$306 million (2014) and 783 million or US$237 million (2015).
The drawback rate refers to the repayment [total or partial] of custom duties arising from exports.