On 4 August 2026, SUNAT reported that net central government tax collections (after refunds) reached PEN 16,177 million in July 2026, a year-on-year increase of 20.4%. This marks the 26th consecutive month of positive revenue growth, consolidating a recovery trajectory that began in mid-2024. The result was driven by strong Corporate Income Tax (IR Empresas) advance payments, resilient VAT (IGV) collections on domestic consumption, and higher Customs duties from import volumes linked to the Chancay port ramp-up. The Ministry of Economy and Finance (MEF) noted that the fiscal deficit target of 2.0% of GDP for 2026 remains on track, supported by both revenue buoyancy and expenditure restraint.
Key Takeaways
- Corporate Tax Leading Growth: IR Empresas collections rose 32% year-on-year, reflecting improved corporate profitability in mining, finance, and services sectors, as well as the 2025 anti-avoidance measures (thin capitalization, CFC rules) broadening the tax base. Advance payment regimes captured windfall commodity gains more efficiently.
- VAT Resilience Despite Rate Stability: IGV grew 14.5%, underpinned by formalization gains from mandatory e-invoicing (now covering 100% of taxpayers) and the SIRE system reducing credit fraud. The VAT gap estimate fell below 15%, the lowest in a decade, per MEF technical studies.
- Customs Revenue Upside from Chancay: Import duties and VAT on imports jumped 28%, with the Chancay Mega-port’s new scanners (operational since June 2026) cutting clearance times by 40% and increasing declared values through better risk profiling. This infrastructure dividend is expected to persist through 2027.
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