Peru Congress Considers Bill to Reduce General Sales Tax Rate

The Peruvian Congress May 19 accepted for consideration Bill No. 11228/2024-CR, to reduce the general sales tax (IGV) rate. The bill includes measures to: 1) reduce the IGV rate temporarily to 15 percent in 2026, 16 percent in 2027, and 17 percent in 2028 from the current 18 percent rate; 2) explain that the scope of the law applies to individuals or legal entities that receive income from business activities in all productive sectors and that are subject to the IGV; and 3) specify that to offset the reduction in IGV, companies must contribute a temporary adjustment to their income ...