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Peruvian government to extend tax refund benefit to mining, oil exploration

Peruvian Minister of Economy and Finance Óscar Graham. (Image courtesy of the Ministry of Economy and Finance).

During his intervention at the 2022 PDAC conference in Toronto, the Peruvian minister of economy and finance, Óscar Graham, announced that his government will extend to 2025 the tax refund benefit to mining and oil exploration, which was scheduled to end in December 2022.

According to Graham, the decision is based on the government’s desire to guarantee the growth of the mining sector, which is responsible for 63% of the country’s exports.

The minister also announced that his office is working toward improving the permitting processes for mining projects, as well as increasing the efficiency in the way authorities conduct monitoring and reporting activities. He said that such improvements imply careful coordination between the Ministry of Economy and Finance, the Agency for Environmental Assessment and Enforcement, the National Water Authority, the National Environmental Certification Service for Sustainable Investments (Senace) and the Ministry of Culture.

Graham also pointed out that, together with the Ministry of Energy and Mines and Senace, the Executive Council of Mining and Energy is working on the standardization of environmental impact assessment procedures, improvements to the consultation process in mining exploration and the optimization of the permitting on the sale of private properties. 

The government representative, however, noted that as the State works toward making certain procedures more efficient and expedite for mining companies, it is also important that foreign and local firms work together with national and regional authorities to develop infrastructure projects that allow for the sustainable development of the communities that surround mining projects.

With files from Infobae, Revista ProActivo