Home / Knowledge / News / Textiles / Peru's SUNAT takes actions to curb textiles undervaluation
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


Must ReadView All

Textiles | On 27th Jun 2017

Govt defers tax deduction at source provision under GST

E-commerce players in India will not be required to deduct tax on...

Apparel/Garments | On 27th Jun 2017

Future Group aims Rs 12,000 crore in fashion business

Future Group, which runs retail stores across India under various...

Textiles | On 27th Jun 2017

AEPC & NSDL to help exporters with GST compliances

Apparel Export Promotion Council (AEPC) and National Securities...

Interviews View All

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search