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Peru: tax rules for development of capital market published

On 31 December 2016, Law Number. 30532 was published in the Official Gazette. The law sets forth tax rules aimed at promoting the development of the capital market. The main rules of the law are summarized below.

  • The tax incentives are meant to promote investment in Peruvian Real Estate Investment Trusts (REITs) as defined under the regulations of the securitization process (Resolución SMV No 038-2016-SMV/01). The tax incentive consists of deferring the obligation to pay income tax and immovable property transfer tax on the immovable property transferred to a REIT
  • In the case of REITs and Real Estate Investment Funds, which derive income from the lease of immovable property, and whose participants are individuals domiciled in Peru or a single-person company (also known as empresa unipersonal) resident abroad, the attribution of such income will be subject to income tax at a rate of 5%, provided that certain conditions are met
  • A new source rule has been included in the Peruvian Income Tax Law, according to which income arising from the transfer of accounts payables, in which the acquirer of such receivable takes on the debtor's risk (non-recourse) will be deemed as Peruvian-source income, as long as the transferor of such account receivable is a Peruvian resident, or the debtor is a Peruvian resident
  • Specific tax rules for the disposal of account receivables included in "tradable invoices" (facturas negociables), in which the acquirer of such invoices takes on the debtor's risk (non-recourse) are incorporated. The profit obtained by the invoice's acquirer from the difference between the face value and the discount value of such invoice (which is deemed, for Peruvian tax purposes, as income arising from the provision of services) will be subject to income tax at a rate of 5%, provided that the acquirer is an individual domiciled in Peru or a single-person company (empresa unipersonal) resident abroad

The law entered into force on 1 January 2017. The rules regarding REITs and the disposal of "tradable invoices" will remain in force for 10 years.

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