Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Mergers & Acquisitions, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 9/18/2012

Peru - Tax reform includes CFC rules, tax on exports 

September 18:  The deadline for tax reform provisions in Peru was 24 July 2012, pursuant to Law No. 29,884, which delegated to the executive branch the authority to legislate in tax matters.

Among the goals of the tax reform package are measures intended to increase and strengthen the mechanisms for tax collection, primarily through anti-circumvention rules and anti- abuse provisions.


For example, there are new provisions for application of anti -circumvention rules to corporate reorganizations, when the reorganization was only a mechanism to avoid taxation by taking advantage of its “tax neutrality” (i.e., in a reorganization with a voluntary revaluation of assets without distribution of profits, it is presumed that the gain is distributed when the capital is reduced within four years following the reorganization).


Other measures in the tax reform package concern:


  • The harmonization of the tax rules with accounting standards regarding the treatment of financial liabilities and exchange differences
  • The tax treatment of investments in technological innovation
  • The elimination of a deduction time-period for training expenses
  • The introduction of controlled foreign company (CFC) rules
  • Changes to the rules for payments of estimate tax
  • Transfer pricing rule amendments
  • Rules concerning the general sales tax on the export of goods or services

For more information, contact a tax professional in KPMG’s Americas Center:


Marco Banuelos

(305) 341-6424



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1801 K Street NW
Washington, DC 20006.
 

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