The Inter-American Development Bank today announced the approval of an $8,859,500 loan to Peru to support the Office of the National Superintendent of the Tax Administration (SUNAT) in merging and modernizing the tax and customs administrations.
By strengthening SUNAT’s administrative management and modernizing its operating processes, the operation will lay the groundwork for an integrated tax administration, which will help to steadily increase tax revenues and promote foreign trade.
The program consists of three components:
- institutionalizing the integrated tax administration, in order to improve coordination of the administration’s activities and achieve economies of sale;
- optimizing tax administration processes and control of foreign trade, such as tax collection, auditing and services for taxpayers and importers and exporters; and
- modernizing information and communications systems by upgrading SUNAT’s computer and telecommunications infrastructure.
The program will increase efficiency in the public sector by improving the use of resources and reducing the costs of corporate support services, which will strengthen tax and customs control and ensure higher quality services for taxpayers and importers and exporters. The project, which supplements a previous Bank loan for a tax reform program, reflects the IDB’s strategy of creating a modern and efficient state in the service of the people in Peru.
The IDB loan is for a 20-year term, with a 42-month grace period, at a variable interest rate.