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International Monetary Fund. Fiscal Affairs Dept.
In October 2021, the MEF asked Congress for the delegation of powers to legislate on tax matters with the aim of increasing tax collections and doing so by adding progressivity to the Peruvian tax system. The initiative being developed by the MEF contains (tentatively, to date) around 40 specific measures—some administrative, others related to tax policy—that the MEF hopes will, as a whole, generate additional revenue for the treasury. The tax collection impact of quite a few of the measures (including those pertaining to the mining sector) has not been estimated, whereas the measures for which there is a calculation are estimated to bring in a little over 1 percent of GDP in revenues. Given Peru’s low level of tax collections, both relative to its own historical trends as well as those of other countries in the region, the amount expected to be collected with the proposed reform is modest. However, increasing tax collections by enhancing progressivity would appear to be the right approach.
International Monetary Fund. Fiscal Affairs Dept.

1. Total Tax Revenue of the General Government, 2019 2. Central Government Tax Revenue 3. Peru’s Position in the World’s Mining Production Ranking, 2020 4. Depreciation Rates for Fixed Assets in Peru 5. Summary of Elements of Peru’s Mining Tax Regime 6. Fiscal Regimes Modeled in the FARI Analysis 7. Copper Producing Countries in the Comparative Group 8. Main Features of Corporate Income Tax in Mining Countries 9. Rules for Limiting the Deductibility of the Payme nt of Financial Expenses 10. Concession Area Payments for Mining Activity 11

International Monetary Fund. Fiscal Affairs Dept.

copper reserves, and fourth largest gold reserves. Table 3. Peru’s Position in the World’s Mining Production Ranking, 2020 Product Latin America World Top positions in the world Copper 2 2 Chile (1st), China (3rd) Gold 1 8 China (1st), Australia (2nd), Russia (3rd) Zinc 1 3 China (1st), Australia (2nd) Lead 1 4 China (1st), Australia (2nd), United States (3rd) Tin 1 4 China (1st), Indonesia (2nd), Myanmar (3rd) Silver 2 2 Mexico (1st), China (3rd) Molybdenum 2