This study examines the fiscal effort and voluntary compliance in the payment of taxes in Peru. It determines that in 2014, the Peruvian economy collected only 52.8% of its total tax potential. Then trough an experiment, it is shown that dissuasive policies only do not explain the whole phenomenon of tax compliance; on the contrary, some psychological factors, named by the literature as “Tax Morale”, should be considered in such a study. Thus, if Peru expects to join the OECD (it being a goal for celebrating the bicentennial of its independence), it must improve tax compliance to standards equal to those of more developed countries and some non-dissuasive and low-cost public policies designed on tax-morale research may help to achieve this goal.