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  5. Peru: Temporary reduction of the costs of imported inputs relevant to the national economy is approved

Peru: Temporary reduction of the costs of imported inputs relevant to the national economy is approved

17 Jan 2023    2 minute read

In brief

On 6 January 2023, Law No. 31668 ("Law"), which approves the temporary reduction of the costs of acquiring imported inputs relevant to the national economy, was published.

The Law aims to reduce a percentage of transport and related expenses of 16 national subheadings to pre-pandemic levels, to contribute to a better management of inflationary expectations.

Contents

Some important considerations:

  • The Law came into force on 7 January 2023.
  • The reduction percentages for each tariff subheading will be determined by the Executive Branch, via supreme decree published 10 working days after the Law came into force, that is, on 17 January 2023.
  • From the date of entry into force of the aforementioned supreme decree, the reductions will take effect for a period of six months. This period may be extended if the circumstances that gave rise to it prevail over time.
  • The Peruvian government has decided to communicate the publication of the Law to the General Secretariat of the Andean Community, in compliance with Decision 894, which approved empowering member countries to temporarily reduce a certain percentage of transport expenses and/or related expenses included in the first paragraph of Article 6 of Decision 571 Customs Value of Imported Goods.

More detail of the excluded products below:

Item Subheading Description Refers to
1 3102101000 Urea for agricultural use Nitrogenous fertilizers
2 3102210000 Ammonium sulphate
3 3102300010 Ammonium nitrate for agricultural use
4 1507100000 Crude soybean oil, including degummed Crude soybean oil
5 1507100000 Oilcakes and other solid residue from the extraction of soybean oil, including milled
6 1108110000 Wheat starch  Wheat
7 1102900000 Other cereal fluor, except wheat or meslin
8 1109000000 Wheat gluten, including gried
9 1103110000 Wheat groats and semolina
10 1101000000 Wheat or meslin fluor
11 1103210000 Wheat pellets
12 2302300000 Brans, sharps and other residues from sifting, milling or other wheat treatments
13 1001910010 Wheat
14 1904300000 Bulgur wheat
15 1001109000 Durum wheat except for planting
16 1001101000 Durum wheat for planting

 

We trust that this information will be useful to your company. Do not hesitate to contact us to request advice or make comments on the Law.

Click here to access the Spanish version.

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