New law results in tax benefits for aquaculture sector in Peru

The Executive Power has passed a law that provides various tax benefits for the aquaculture industry, such as tax deductions on income and a suspension on paying for aquaculture rights, in order to promote the activity. According to Law 29644, farmers will enjoy a discount of 20 percent per annum on the amount invested in land tanks until the end of 2021, for purposes of income tax.

The measure includes all activities of the "cultivation of aquatic species in an organized and technological manor, in selected environments which are controlled naturally or artificially, whether it is carried out through a partial or complete life cycle in marine or inland waters." The legislation, which came into force on the first day of this year and amended the Law on Promotion and Development of Aquaculture, provides for the suspension of payments for aquaculture rights until 2013, extended until 31 December 2021.

In Article 5, the new law provides that persons engaged in aquaculture will enjoy tax benefits set out in Article 26 of the amended law, must invest 20 percent of that profit, as a contribution to social responsibility within the locality in which they operate. This amount will be allocated for the promotion and support of local enterprises, to contribute to economic and social development in the region. Read more...

This blog is written by Martin Little The Aquaculturists, published and supported by the International Aquafeed Magazine from Perendale Publishers.