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Peru To Reduce VAT Rate In July

by Mike Godfrey, Tax-News.com, Washington

09 January 2017

Peru has gazetted legislation to reduce the value-added tax (VAT) rate by one point to 17 percent from July 1, 2017.

According to legislative decree no. 1347, the rate cut will go ahead if VAT revenue collections are worth at least 7.2 percent of gross domestic product in the year to May 31, 2017.

In addition, small and micro businesses can postpone payment of VAT for three months without penalty. The country plans two further reduce the rate by one percent in 2018 and 2019, if fiscal space is available.

TAGS: VAT rates | tax | business | value added tax (VAT) | law | legislation | Peru | micro business

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