PERU Law and Practice Contributed by: Tania Quispe, Martín Ramos, Raquel Cabrera and Ramzi Benzaquen, +Value
6. Cross-Border Information Sharing 6.1 Sharing Taxpayer Information
• In onerous transactions, the adjustment for the unpaid portion will be allocated on the date of the last or only payment. • In non-remunerated transactions, the adjust - ment will be allocated: (a) to the period in which the income would have accrued if compensation had been agreed upon, for resident taxpayers; and (b) to the period in which the expense would have accrued, even if non-deductible, for non-resident taxpayers. When adjustments involve non-resident entities, the corresponding withholding tax must be paid by the party that would have acted as the with - holding agent had compensation been paid. If a foreign tax authority makes a transfer pricing adjustment to a taxpayer residing in its country under a double taxation treaty (DTT) and SUNAT accepts the adjustment, the related party in Peru may submit a corrective tax return reflecting the adjustment, even if it results in a lower tax liabil - ity in Peru, without incurring penalties. 5.2 Secondary Transfer Pricing Adjustments As a result of the transfer pricing adjustment, the dividends referred to in Article 24-A of the ITL will not be triggered, except in the circumstances outlined in the relevant provision, which stipu - lates that any amount or in-kind transfer qualify - ing as taxable income under Category III, repre - senting an indirect disposition of such income not subject to subsequent tax control, including amounts charged to expenses and undeclared income, will apply.
Currently, Peru has entered into DTTs with the following countries: Chile, Canada, Brazil, Mex - ico, South Korea, Switzerland, Portugal and Japan, all of which include clauses for informa - tion exchange. Peru has also signed Decision 578 by which it can obtain information from Colombia, Ecuador and Bolivia in order to consult and exchange information to establish administrative controls necessary to prevent tax fraud and evasion. Moreover, Peru is a member of the Convention on Mutual Administrative Assistance in Tax Mat - ters, which involves 149 jurisdictions. Peru is also a participant in the Global Forum on Trans - parency and Exchange of Information for Tax Purposes of the OECD. Regarding information exchange related to transfer pricing, Peru has activated agreements for the automatic exchange of information con - cerning CbCR. As of January 2025, Peru can receive CbCR information from 80 jurisdictions worldwide and can send such information to 98 jurisdictions worldwide. 6.2 Joint Audits Peru does not actively participate in audits of other countries. Nevertheless, it actively par - ticipates in international frameworks, including the OECD Guidelines, DTTs and tax information exchange agreements (TIEAs). Although there is no distinct, standalone legal framework for joint audits, the existing co-operation mecha - nisms within the OECD, along with its adoption of BEPS Actions, facilitate enhanced audits for
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