Peru: temporary reduction in the cost of imported inputs related to the national economy

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    in a nutshell

    Law No. 31668 of January 6, 2023 (“lawApproving a temporary reduction in the cost of obtaining imported inputs related to the national economy”) was issued.

    The legislation aims to reduce the proportion of subheading transport and related costs in 16 countries to pre-pandemic levels in order to contribute to better management of inflation expectations.

    Some important considerations:

    • This law came into effect on January 7, 2023.
    • The reduction rate for each tariff subheading will be determined by the executive branch by a Supreme Decree issued 10 working days after the law comes into force, i.e. January 17, 2023.
    • The reduction will be effective for a period of 6 months from the date of entry into force of the aforementioned Supreme Decree. This period may be extended if the circumstances that caused it develop over time.
    • The Government of Peru issued a law to the Secretary General of the Andean Community pursuant to Decision 894 authorizing Member States to temporarily reduce certain percentages of transportation and/or related costs included in the first law decided to notify Decision 571 Article 6 Paragraph on Customs Value of Imported Goods.

    Excluded product details below:

    We are confident that this information will be of use to you. If you need legal advice or comments, feel free to contact us.

    Click here to access the Spanish version.

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    author
    Gonzalo Bernal Neumann

    A foreign trade and customs expert, Gonzalo has extensive experience in advanced trade operations, trade facilitation, investment advisory, preventive audits and litigation. His expertise includes national or international companies, especially related to import and export systems, customs valuation, customs classification, rules of origin, trade barriers (sanitary and phytosanitary measures, technical barriers to trade), investments and infrastructure. includes legal counsel provided to Supply He has experience in chain management, transportation, free trade agreements (FTAs), compliance with regional and multilateral agreements (CAN, MERCOSUR, etc.), and his WTO legislation.

    Estudio Echecopar is a member firm of the Swiss association Baker & McKenzie International.



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