Economic milestones in Peru: port modernization and key tax changes

On August 12, significant milestones were recorded across various economic sectors in Peru, according to reports from GESTIÓN. The most notable news comes from the progress of the construction at the Southern Dock's container terminal, which will continue to change the logistical landscape of the country. According to Ositran, the reduction in operational costs is expected to amount to approximately US$ 220 per container, a significant change that benefits both importers and exporters. The modernization of this terminal not only promises cost savings but is also estimated to increase ship traffic by 70%, reaching a mobilization of 750,000 containers per year. The completion of the first phase of this construction is scheduled for April of next year, at which point the terminal will be able to operate with two ships simultaneously. With 46% of the construction completed, this DP World project represents a considerable investment in infrastructure that will undoubtedly impact the competitiveness of Peruvian foreign trade. The modernization of the terminal is a vital step towards attracting more trade and improving logistics in the country, a key factor in economic growth. On the tax front, ten years ago, on August 12, 2014, the head of the Tax Administration, Tania Quispe, announced that the number of products subject to advance VAT would be halved. This measure would benefit 5,000 medium-sized taxpayers, who would have sector specialists for closer monitoring. This change in fiscal policy reflects an effort by SUNAT to simplify and make the tax burden more accessible for businesses, especially in a context where mining, once a pillar of tax revenue, has seen its share drop from 20% to 6% over the last decade. On the other hand, five years later, on August 12, 2019, Credicorp issued a warning about the increase in caution within the banking sector. The financial entity noted that the deterioration of the loan portfolio was mainly manifesting in credit cards and financing for small and medium-sized enterprises. Despite this challenging environment, a dynamism in SME activity was projected, indicating that, although banks were adjusting their credit policies, small businesses were still finding ways to adapt and thrive in a context of economic uncertainty. Fluctuations in credit availability and the management of debt by consumers and businesses are indicative of an economic cycle in which caution and adaptability are essential. Credicorp, with US$ 500 million available for acquisitions, also suggested that despite the challenges, there are investment opportunities that could be key to reviving certain economic sectors. As work on key infrastructures resumes and fiscal and credit policies are redefined, Peru finds itself at a turning point. How the country manages these changes will determine its ability to adapt to a constantly evolving global environment. It is clear that the future of commerce and the economy will depend on strategic decisions that allow for a balance between growth and sustainability. In summary, August 12 has been an emblematic day in the recent history of Peru, reflecting the evolution of its infrastructure, tax policy, and banking sector behavior. The lessons learned from these events are not only relevant for current economic actors but also for future generations who will face similar challenges in a constantly changing world. The economic history of the country continues to unfold, and with each step, it moves closer to a more promising future.