Law No. 31452, which exonerates food from the basic family basket from the General Sales Tax (IGV), was published this Thursday, April 14, in the Legal Regulations of The Peruvian.
The rule, published by the Congress of the Republic, aims to “establish extraordinary measures related to the general sales tax applicable to main foods that are part of the basic household basket, in order to mitigate the inflationary impact generated by the international economic situation”.
IGV EXONERATED PRODUCTS
Article 2 specifies that the sale in the country or import of the following goods that make up the basic family basket shall be exempted from VAT until 31 July 2022:
1. Meat of fresh, chilled or frozen poultry of Gallus domesticus (chicken) (Tariff headings 0207.11.00.00/ 0207.14.00.90)
2. Fresh chicken eggs of the species Gallus domesticus (Tariff headings 0407.21.90.00)
3. Sugar (Tariff headings 1701.14.00.00 1701.99.90.00)
4. Pasta not cooked, filled or otherwise prepared (Tariff headings 1902.11.00.00/ 1902.19.00.00)
5. Solo: bread (Tariff headings 1905.90.90.00)
However, it is indicated that the mention of goods in this article is referential and that, for the purposes of the tax, goods contained in tariff headings should be considered.
TAX CREDIT
Article 3 mentions that the merchants of goods referred to “may apply as a tax credit the general sales tax corresponding to purchases and/or imports of the main inputs required in the production process of the exonerated goods, which shall be determined by an endorsed supreme decree by the Minister of Economy and Finance”.
VALIDITY OF THE LAW
The final supplementary provisions state that this law enters into force on the first day of the month following the date of its publication in the official newspaper El Peruano. That is, May 1, 2022.
OTHER PROVISIONS
In addition, it is specified that, by means of a supreme decree, the MEF must establish the necessary regulatory standards for the proper application of the law, focusing the measure on those inputs of greatest relevance.
The provisions of this Act apply to operations involving the import or sale of the aforementioned goods carried out in the areas included in the Amazon (referred to in Law 27037, Law on the Promotion of Investment in the Amazon)
It is also indicated that Indecopi should be responsible for monitoring the sales prices to the final consumer of goods that are part of the basic family basket covered by this Act.
The rule is signed by the president of the Congress of the Republic, María del Carmen Alva, and the first vice-president, Leidy Camones Soriano.
RAID OF CONGRESS
It should be noted that yesterday the plenary session of the Congress approved the opinion on the search for the comments of the Executive Branch to exonerate the main ones from general sales tax (IGV) food from the basic family basket, since the previous law covered products that were not part of the products most consumed by Peruvians such as guinea fowl and pheasant.
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