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Peru's SUNAT takes actions to curb textiles undervaluation
13
Nov '13
The National Superintendent of Customs and Tax Administration (SUNAT) of Peru brought into effect measures to combat the undervaluation of imports of textiles and apparel in the country from October 30, 2013.
 
According to a statement issued by SUNAT, the agency has published standard mandates to be applicable in the System of Perceptions of General Sales Tax (IGV) on imports of 49 tariff subheadings related to textiles and apparel, along with other products, reports Peruvian news agency andina.
 
Perceptions are the payments of value-added tax (VAT), which is charged during the import process to prevent tax evasion of goods entering in the domestic market. Currently the system is charged based on a rate of 3.5 percent applicable on the declared value of imported goods, which in case of undervaluation is ineffective as the amount payable does not affect actual transaction sum.
 
The SUNAT has now established an alternative mixed system, wherein the Perception is determined on the basis of higher value resulting from the comparison between the usual calculations i.e., 3.5 percent of the value, versus the fixed amount obtained according to the quantity imported.
 
The amount payable in Perceptions of IGV during imports can be subsequently recovered in the form of tax credit when making sales in the domestic market.
 
Through these measures the agency aims to mitigate of undervaluation and evasion in the imports of textile and apparel goods from different markets, which has been affecting the country’s domestic textile sector, and causing unrest amongst entrepreneurs operating in the sector.
 

Fibre2fashion News Desk - India


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