Peru's MEF denies plans to tax savings account interest

The Peruvian Ministry of Economy and Finance (MEF) has clarified that it has no plans to impose income tax on interest generated by personal savings accounts. This clarification follows public concern regarding the expiration of certain tax exemptions scheduled for December 31, 2026.

The confusion originated from the 2027-2030 Multiannual Macroeconomic Framework (MMM), which lists various tax benefits set to expire. Among these is the exemption for interest earned on bank deposits for individuals, which carries an estimated fiscal cost of S/268 million for 2027, and exemptions for Savings and Credit Cooperatives (COOPAC), estimated at S/25 million.

While the MMM identifies these benefits as having a scheduled expiration date, the MEF stated that the inclusion of these items in the document does not constitute a formal proposal to eliminate the exemptions or implement a new tax on savings interest.