23 October 2020
Peru published Law No. 31053 in the Official Gazette on 15 October 2020, which is meant to recognize and promote the right of people to read and promote access to books. Law No. 31053 effectively replaces and extends an earlier law to promote access to books, Law No. 28086 of 2003. With respect to taxation, the law provides a general VAT (sales tax) exemption on the import or sale in Peru of books and related publishing products, including electronic versions, which is effective for a period of three years beginning from the day following the publication of the law. In addition, a VAT refund is provided for a period of three years for input tax incurred by publishers with net income of up to 150 tax units (UIT) on the purchase and import of capital goods, raw materials, supplies, electronic prepress services, and graphic services for use in editorial projects. Similar VAT exemption and refund incentives were provided Law No. 28086 and subsequently extended up to 15 October 2020.
Further regulations for the implementation of Law No. 31053 are to be issued through a supreme decree within 120 days.
Note - The tax unit value (Unidad Impositiva Tributaria - UIT) for 2020 is PEN 4,300 and is generally increased by PEN 50 or 100 each year.
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