Taxes in Peru

Taxes are mandatory charges that individuals and companies have to pay for
the financial statement. In short, without state taxes, it would not work, since it
would not have funds to finance infrastructure construction, provide public
health services, education, defense, social protection systems (Unemployment,
disability benefits or industrial accidents ), etc.

Taxes in Peru tax certain activities in order to raise funds for the Peruvian State,
which will then decide on what to invest the money raised. They are necessary,
because otherwise, the state would not have enough budget to meet the needs
of their nation.
Taxes in most legislation arise exclusively by the "state tax authority", mainly
with the purpose of financing their expenses.

Types of tax in Peru

1. Income Tax
This kind of tax levies the different kinds of income that a person receives
throughout the year. There are five types of income: First category (lease,
sublease), Second category (loan interest, patents, royalties, capital gains),
Third category (trade and industry income), Fourth category Dependent work)

2. General Sales Tax (IGV)

This is one of the taxes in Peru that generates higher revenues for the State. It
records the added value of all transactions carried out in the economic cycle
stages of the importation of goods, the first sale of real estate, construction
contracts, the use of services in the country and the sale of real estate in the
country. It is often said that this tax is taxed on consumption and that the person
responsible for paying it is the consumer.

3. Selective Consumption Tax

This tax levied on the sale of cigarettes, fuels, vehicles, beer, mineral water,
alcoholic beverages, gambling, gambling and luxury goods in the country
(production and import of goods). Between 0% and 50% vary the rates of this
tax for each product, depending on the ty

.
4. Simplified Single Regime (RUS)

This is one of the taxes in Peru that applies to natural persons domiciled in the
national territory and who have small businesses that sell to the final consumer.
There are four requirements to qualify for this scheme: a fixed asset limit of
80,000 nuevos soles, a purchase limit of 360,000 nuevos soles, an annual
income limit of 360,000 nuevos soles and a single commercial establishment.
This regime allows the natural person to make a fixed monthly payment,
replacing the IGV, the Municipal Promotion Tax and the Income Tax.

5.Tax on Financial Transactions (ITF)

This tax was created on a temporary basis to tax credits or debits in national or
foreign currency. It is currently applied with the rate of 0.05%. The following
operations are not taxed: transactions between accounts of the same user,
credit or debit in the accounts created by the employer to their workers, pension
payments, remuneration, debits in the client's account, credit or debit accounts
Of governments, consulates, organizations, etc.

6. Temporary Tax on Net Assets (ITAN)

One of the taxes in Peru that is applied on the net assets that a company has
as of December 31 of the previous year. It applies to those taxpayers who have
third-class income. The rate is 0.0% for those with up to 1,000,000 net assets,
and 0.4% for those that exceed that amount.

7. Tariff duties

Tariff duties are one of the taxes in Peru that tax the importation of goods from
abroad.

8. Provision of Public Services

Included in these taxes in Peru are the Certificates of domicile, police reports,
removals, survival and other fees charged by public entities.

1. Who collects taxes?

They are collected by the Central Government, through the National

Superintendency of Tax Administration (SUNAT). There are also other taxes
collected by municipal governments.
Taxpayers for tax purposes are classified in:

A. Taxpayers domiciled:

The domiciled taxpayers are taxed for their annual revenues from the world
source and must make monthly advances of the tax.

B. Non-resident taxpayers:

In Peru and; In legal persons, natural persons. Together with their permanent
establishments in the country, are taxed only for their income from Peruvian
source, being of immediate realization.