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.

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.

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