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Peru has cut taxes in the aquaculture sector to encourage growth.
Peru has cut taxes in the aquaculture sector to encourage growth.

The Peruvian government has slashed the tax rate for aquaculture companies from 29.5% to 15% to improve working conditions and promote growth of the sector.

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The tax cut was contained in an emergency decree modifying the Agricultural Promotion Law and extending its reach to include aquaculture and forestry, according to a report on the Mis Peces (My Fish) website.

Peru’s production minister, Rocío Barrios, said: “These measures of the Agricultural Promotion Law, which extend to the aquaculture and forestry sector, go beyond the labour improvements for these two sectors, because they also go to enhance the investment and productive capacity that they could have.”

20% for investors

The government has also doubled the amount investors in aquaculture and forestry can offset against tax.

“For the issue of deductions from the income tax rate, today it is 10% for the aquaculture and forestry sectors, so now 20% will be allowed. Then you are not only improving working conditions, but also improving conditions for investment within these two sectors,” added Barrios.

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