The simplified system of returning customs duties, or Drawback, allows producer-exporters to recover all or part of the customs duties that affected the import of raw materials, inputs, intermediate goods, and parts and pieces incorporated or used in the production of goods to be exported, provided the CIF import value is not more than 50% of the FOB value of the exported product. The drawback rate applicable is equivalent to 3% of the FOB value of the exported product.
2. Special Economic Zones (SEZ)
These are areas located within the national territory where productive and service activities are developed, with emphasis on foreign trade businesses.
The companies that are installed in the SEZ enjoy a special regime in customs and tax matters, for a determined period of time. The validity of benefits, exemptions and permanence of goods in the Special Development Zones (SDZ) of Ilo, Matarani and Paita are extended until December 31, 2042. In the case of the Tacna Free Trade and Commercial Zone (ZOFRATACNA, for its acronym in Spanish), the validity of benefits is extended until December 31, 2041.
There are currently four Special Economic Zones in operation in Peru:
- Tacna Free Trade and Commercial Zone - ZOFRATACNA (Tacna Region).
- Paita Special Development Zone - ZED PAITA (Piura Region.
- Ilo Special Development Zone - ZED ILO (Moquegua Region).
- Matarani Special Development Zone - ZED MATARANI (Arequipa Region).
Tax and Customs Benefits
- Total exemption from Income Tax, Value Added Tax (VAT), Municipal Promotion Tax (IPM, for its acronym in Spanish) and all taxes created or to be created with the exception of labor contributions.
- Foreign goods entering the SEZs are exempt from import duties and taxes as long as they remain in the SEZs.
- SEZs are points of arrival of goods.
- Manufactures prepared in the SEZs are eligible for trade agreements signed with Peru, provided they meet the origin criteria.
- Unlimited permanence within the SEZ facilities.
- Simplification of operational processes.