PERU Law and Practice Contributed by: Camilo Maruy, Maite Colmenter, Roberto Polo and Llanet Gaslac, Rebaza, Alcázar & De Las Casas
Rebaza, Alcázar & De Las Casas Av. Víctor Andrés Belaúnde 147 Vía Principal 133, Piso 2 Lima 27 Peru Tel: +51 1442 5100 Fax: +51 1442 5100 Email: clara.vonloebenstein@rebaza-alcazar.com Web: www.rebaza-alcazar.com
1. Tax 1.1 Tax Regimes
be deferred until they are distributed to the individual taxpayer. If the trust deed provides that the assets transferred to the trust can revert to the settlor, any transfer of the referred assets into or out of the trust will not be subject to taxation in Peru. 1.2 Exemptions Peru does not have an estate, inheritance, gift, or similar transfer tax. As such, there are no exemptions available, whether annual, lifetime, or purpose-based (eg, for health or education). Real estate and securi - ties received as gifts or heritage by individuals are not granted a tax basis or limited to the documented tax basis incurred by the transferor. However, individuals who purchase real estate in Peru may be subject to a real estate transfer tax known as the Impuesto de Alcabala (the “Alcabala tax”). This tax is levied at a rate of 3% on the purchase price, with certain exemptions applicable depending on the specific circumstances. Additionally, all real estate in Peru is subject to an annual municipal property tax known as Impuesto Predial , which is calculated based on the property’s assessed value. 1.3 Income Tax Planning There are income tax planning opportunities in Peru, which vary depending on the specific structure and characteristics of each individual and/or family mem - bers, as well as the types of assets and jurisdictions
Individuals domiciled in Peru are taxed on their world - wide income. Non-domiciled individuals are taxed in their Peruvian income source only. In the case of domiciled individuals, the net income from foreign sources must be added to the net employment income, and the tax is calculated on the total of these combined incomes. Peru’s tax regime includes Controlled Foreign Corpo - ration (CFC) rules. As such, domiciled individuals must include their proportional share of the CFC’s passive net income (such as interest, dividends, royalties and capital gains) in their annual taxable income, regard - less of whether the income has been distributed. With regard to local fideicomisos (Peruvian trusts), Peru has a specific tax regime created under Peru - vian law. These trusts are considered fiscally transpar - ent (pass-through) vehicles, meaning that the income generated through them is directly attributed to the settlor, who is considered the taxpayer. In cases where the settlors are individuals, the appli - cable tax treatment will depend on whether they are considered domiciled or not. In addition, certain categories of capital income, such as dividends, interest and foreign-source income, are subject to tax deferral rules. Under these rules, the payment of income tax on these types of income may
458 CHAMBERS.COM
Powered by FlippingBook