The Commission for the Economy, Banking, Finance and Financial Intelligence of the Congress of the Republic approved the proposal from the Executive Power that proposes to extend until December 31, 2025 the validity of the exemption from the IGV, contained in the General Tax Law on Sales and Selective Consumption Tax.
It was at the request of Congressman Carlos Zeballos, who was joined by Jorge Morante, that the issue was reviewed in the working group with the aim of preventing the price of food from rising from January.
Congresswoman Angella Barbarán, who chairs the Commission, questioned that the Executive branch had not previously sent this proposal, taking into account that the legislature is close to ending and must be enacted before the end of this year, since the effect it has on the price of food to consumers, agricultural activity and animal husbandry, improvement in productivity and marketing of the main products.
The initiative, which also has an impact on the transport, communications, housing, culture and foreign relations sectors, was approved by a majority.
Appendix I of the opinion includes a list of primary agricultural products for direct domestic consumption (vegetables, legumes, beans, fruits), inputs for agriculture (compost, fertilizers), raw materials and intermediate products for the textile industry.
Meanwhile, Appendix II contains, among others, a list of services that have a social and cultural nature, construction and housing development services, savings and investment in the country and aims to facilitate foreign trade.
In this sense, services such as public passenger transport are considered; cargo transportation from the country abroad and vice versa; and the sale of food and drinks in canteens of public universities; or the postal services that provide communication and messaging interconnection throughout the national scope.
According to Sunat estimates, the annual fiscal cost of the measure will amount to S/ 5,700 million; however, it will have a positive impact on the population and on food and industrial production since it will avoid, among other things, an increase in costs in agricultural activity and animal husbandry and will encourage the development of the industrial and artisanal sector, with greater added value and competitive costs.
According to the Ministry of Economy and Finance (MEF), the exemption from IGV and ISC for these products and services will have other effects such as encouraging the development of the industrial and craft sector, with greater added value and competitive costs, contributing to savings, promoting cultural industries , as well as protect the low-income sectors that massively use the public transport service
Support to mypes
On the other hand, the Economic Commission also unanimously approved the opinion issued in Bill 3554/2022-PE, which comes from the Executive Power, which proposes the Law that promotes the economic reactivation of micro, small and medium-sized companies through the MIPYME entrepreneur fund, through non-financial instruments for diffusion and technology transfer and improvement of management and access to markets.
Real estate
By majority, Bill 3671/2022-PE was approved, which proposes the Law that modifies Legislative Decree 1188, Legislative Decree that grants tax incentives to promote investment funds in real estate.
The proposal proposes to extend until December 31, 2026 the income tax treatment applicable to the transfer of real estate to the Real Estate Income Investment Fund (FIRBI) and the final withholding rate of rental income or other onerous form of assignment for use of real estate attributed by the (FIRBI), as well as the Alcabala Tax on transfers of ownership of real estate made as contributions to the (FIRBI).
Source: Management
