The Peruvian Congress is considering Bill No. 11228/2024-CR, which was submitted on 19 May 2025 and provides for a temporary reduction in the standard VAT rate. The standard VAT rate, which is currently 18% (including 2% municipal sales tax), would be reduced to 15% in 2026, followed by a rate of 16% in 2027 and a rate of 17% in 2028 to 2030. The reduced rates would be available for natural and legal persons that derive income from business activity in any productive sector and are subject t…