Peru's finance minister quits as Vizcarra targets taxes owed by big firms

Peru's Finance Minister David Tuesta addresses the Economic and Financial Compliance Forum of Thomson Reuters in Lima, Peru, April 26, 2018. REUTERS/Guadalupe Pardo

LIMA (Reuters) - Peru’s President Martin Vizcarra announced late on Monday that he had accepted his finance minister’s resignation as part of a policy shift that will focus on collecting taxes owed from large companies.

Vizcarra said that economic growth in Peru, the world’s No. 2 copper producer, should be based on investments and improving tax collection, and not on increasing taxes.

Outgoing Finance Minister David Tuesta, who will depart after just two months on the job, had raised excise tax rates on products deemed harmful to public health and the environment, including diesel and other fuels.

Reporting by Mitra Taj; Editing by Stephen Coates