Peru’s tax collection climbed sharply in July. SUNAT — Peru’s tax authority collected S/16,177 million (about US$4.77 billion) in July, a 20.4% jump from a year earlier driven by higher copper and gold prices, a 30.8% surge in imports and firmer domestic demand.
Tax Collection: SUNAT Reports a 20.4% Jump and a 26-Month Streak
Peru’s national tax and customs authority, SUNAT, reported July central government tax revenue of S/16,177 million (about US$4.77 billion) after refunds, up 20.4% on the same month of 2025. It was the 26th month in a row of year-on-year growth.
Cumulative collection for January through July reached S/120,609 million (about US$35.58 billion). That is S/18,353 million (about US$5.41 billion) more than the same stretch of 2025, a gain of 14.0%.
July came in just below June, when collection hit S/16,456 million (about US$4.85 billion) and grew a faster 28.6%. All dollar figures here use the Banco Central de Reserva del Perú reference rate of S/3.39 to the dollar on 5 August 2026.
Mining Prices and an Import Surge Did the Heavy Lifting
SUNAT credits the result to four things. The first is June economic activity: gross domestic product is estimated to have grown 3.6% that month, with domestic demand up 6.9%, and most July tax obligations are settled on the prior month’s business.
The second is trade. Imports measured in dollar CIF terms expanded 30.8% in July, feeding almost every tax line paid at the border. The third is commodity prices: SUNAT singles out higher international quotations for minerals, especially copper and gold, which lifted both the revenue and the taxable bases of companies involved in their production, trade and export.
That squares with the market. Three-month copper on the London Metal Exchange traded around US$13,851 a tonne in late July, close to the record set in early June, while gold has run to fresh highs. Rio Times readers can follow the daily moves in our copper market coverage for Latin America. The fourth driver is SUNAT’s own enforcement work against gaps in registration, filing, payment and accuracy.
The Strong Sol Was the One Drag
Working against collection was the currency. The exchange rate fell 4.4% against a year earlier — a stronger sol — which shrinks the sol value of the import tax base and of the income exporters declare. At S/3.39 to the dollar the sol is well up on the roughly S/3.55 of July 2025.
A firmer currency also holds down imported inflation, which helps explain why Peru’s July inflation came in at 3.70% even as fuel prices fell. For the treasury, though, it is a headwind: customs duties are levied on soles-converted values.
Where the Money Came From
Income tax was the star, at S/6,451 million (about US$1.90 billion), up 24.1%. Advance payments by third-category taxpayers under the General and MYPE regimes rose 32.1%, and annual income tax regularisation jumped 46.6%. Second-category income rose 35.6% and first-category 28.0%.
Value-added tax (IGV) brought in S/9,380 million (about US$2.77 billion), up 16.9%. The split tells the story: domestic IGV was S/5,099 million (about US$1.50 billion), up a modest 7.4%, while IGV on imports reached S/4,281 million (about US$1.26 billion), up 30.6% on the back of the import boom and payments on previously guaranteed shipments. Trade flows should stay in focus after the upgraded Peru-China free trade agreement added e-commerce and supply chain rules.
The selective consumption tax (ISC) raised S/932 million (about US$275 million), up 5.3%, held back by a 7.7% contraction in the fuel component. Other revenue came to S/1,563 million (about US$461 million), up 2.9%, with casinos, slot machines and remote sports betting surging 56.5% and fines up 26.8%. Tax refunds totalled S/2,296 million (about US$677 million), down 2.6%.
Big Taxpayers Carried It; Small Ones Slipped
Internal taxes totalled S/13,728 million (about US$4.05 billion), up 14.4%. Within that, the large-taxpayer segment known as PRICOS paid S/11,107 million (about US$3.28 billion), a 19.1% rise. Medium and small taxpayers, or MEPECOS, paid S/2,621 million (about US$773 million) — a 2.1% decline, the one soft spot in the release.
Customs taxes came to S/4,746 million (about US$1.40 billion), up 25.2% and S/1,103 million (about US$325 million) more than a year earlier. On compliance, 97.2% of monitored returns were filed on time, the delinquency rate at due date was 9.0%, and collection actions recovered S/909 million (about US$268 million).
What It Means for the Budget
Stronger revenue widens the government’s room to fund spending or narrow the fiscal deficit, easing pressure on borrowing. SUNAT chief Javier Franco has projected full-year 2026 tax collection of S/188,000 million (about US$55.46 billion), a 7.3% expansion on the S/175,156 million (about US$51.67 billion) taken in 2025.
Seven months in, Peru has banked roughly 64% of that target — broadly on pace. It will need to be. The government has just unveiled a US$20.6 billion Lima Metro programme, and the state investment agency is chasing a US$40 billion project pipeline through 2028.
What to Watch Next
Three things will decide whether July’s pace holds. Whether copper and gold stay near record levels, since mineral-linked income tax is doing much of the work. Whether the MEPECOS decline is a blip or the start of weakness among smaller firms. And whether the sol keeps appreciating, quietly trimming the customs base each month.
The August collection report, due in early September, will show how much of the July jump reflected prices rather than real activity.
Sources
SUNAT · La Cámara (CCL) · BCRP · Ministerio de Economía y Finanzas
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Frequently Asked Questions
How much tax did Peru collect in July 2026?
Peru’s tax authority SUNAT collected S/16,177 million, about US$4.77 billion, in central government tax revenue in July 2026, net of refunds. That was 20.4% more than July 2025 and the 26th consecutive month of growth. Cumulative tax collection from January to July reached S/120,609 million, or about US$35.58 billion, up 14.0% on the same period a year earlier.
Why did Peru’s tax revenue jump 20.4% in July?
SUNAT points to four main drivers: June economic activity, with GDP estimated up 3.6% and domestic demand up 6.9%; a 30.8% surge in July imports measured in dollars; higher international prices for minerals, especially copper and gold; and its own enforcement actions against under-reporting. A stronger sol was the main offsetting drag.
What role did mining and copper prices play?
SUNAT does not break out a mining line, but it names higher international copper and gold prices as a principal driver, lifting the taxable bases of companies tied to mineral production, trade and export. Income tax climbed 24.1% to S/6,451 million, about US$1.90 billion, with third-category advance payments up 32.1%.
What does the revenue surge mean for Peru’s fiscal deficit?
Stronger tax collection gives the government more room to fund spending or narrow its deficit. SUNAT chief Javier Franco has projected S/188,000 million, roughly US$55.46 billion, for full-year 2026, a 7.3% gain on 2025. Seven months in, Peru has banked about 64% of that target, though revenue from small taxpayers fell 2.1%.
Sources: SUNAT – Estadísticas y Estudios · La Cámara (CCL) · Banco Central de Reserva del Perú
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