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In brief

On 6 January 2023, Law No. 31668 (“Law“), which approves the temporary reduction of the costs of acquiring imported inputs relevant to the national economy, was published.

The Law aims to reduce a percentage of transport and related expenses of 16 national subheadings to pre-pandemic levels, to contribute to a better management of inflationary expectations.

Some important considerations:

  • The Law came into force on 7 January 2023.
  • The reduction percentages for each tariff subheading will be determined by the Executive Branch, via supreme decree published 10 working days after the Law came into force, that is, on 17 January 2023.
  • From the date of entry into force of the aforementioned supreme decree, the reductions will take effect for a period of six months. This period may be extended if the circumstances that gave rise to it prevail over time.
  • The Peruvian government has decided to communicate the publication of the Law to the General Secretariat of the Andean Community, in compliance with Decision 894, which approved empowering member countries to temporarily reduce a certain percentage of transport expenses and/or related expenses included in the first paragraph of Article 6 of Decision 571 Customs Value of Imported Goods.

More detail of the excluded products below:

We trust that this information will be useful to your company. Do not hesitate to contact us to request advice or make comments on the Law.

Click here to access the Spanish version.

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A specialist in foreign trade and customs, Gonzalo has a broad experience in advisory, preventive audits and litigation related with sophisticated trade operations, trade facilitation and investment. His professional expertise includes legal advisory provided to either domestic or international enterprises, specifically related to import and export regimes, customs valuation, tariff classification, rules of origin, trade barriers (sanitary and phytosanitary measures, technical barriers to trade), investment and infrastructure, supply chain management, transport, Free Trade Agreements (FTAs), Regional and Plurilateral Agreements (CAN, MERCOSUR, among others) compliance and WTO law.
Estudio Echecopar is a member firm of Baker & McKenzie International, a Swiss Verein


Luis Alonso Garcia has more than 25 years of experience practicing in intellectual property law. Mr. Garcia has been vice minister of Foreign Trade in Peru. He was in charge of the negotiation of intellectual property in the free trade agreement between Peru and the United States. He has successfully led the offices for Peru’s trademarks and patents and has chaired the Court for Intellectual Property in INDECOPI. Mr. Garcia is also an intellectual property lecturer in different universities in Peru.
Estudio Echecopar is a member firm of Baker & McKenzie International, a Swiss Verein

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