Overview
- Net central government revenues totaled S/159,496 million from January to November 2025, up 11.5% year over year and already above the full 2024 total of S/155,756 million.
- November net receipts reached S/14,870 million, a 3.1% annual increase that extended the growth streak to 18 consecutive months.
- By tax: Income Tax collected S/6,915 million (+46% y/y); total IGV S/7,991 million (+1.8%), with internal IGV at S/4,860 million (+6.6%) and IGV on imports at S/3,130 million (-4.8%); ISC rose to S/918 million (+20.7%).
- SUNAT reported supportive drivers including firmer domestic demand, higher metal prices, growth in CIF imports despite a lower exchange rate, higher advance-payment coefficients, reduced taxpayer credits, and intensified enforcement and debt recovery.
- Policy measures added targeted sums in November: DL 1634 (special installment plan) S/11 million, DL 1623 (IGV on digital services) S/57 million, and the remote gambling tax and ISC (Law 31557 and DL 1644) S/46 million, while tax refunds jumped to S/3,209 million (+284.4%) largely due to Negotiable Credit Notes; the SUNAT chief projects year-end collections near the MEF target of S/173,377 million, implying December needs over S/13.8 billion.