PERU Law and Practice Contributed by: Tania Quispe, Martín Ramos, Raquel Cabrera and Ramzi Benzaquen, +Value
or infraction is associated with a procedure through which taxpayers can rectify them. It is important to note that, depending on the timing of such rectification, different levels of reduction apply. For instance, in the case of the infraction outlined in numeral 4 of Article 176 of the Tax Code, taxpayers will be eligible for a 100% reduction of the penalty if they resubmit the reports (including any previously omitted information) before receiving any notification from SUNAT regarding the said infraction. 8.2 Transfer Pricing Documentation Peru has adopted transfer pricing documenta - tion rules: SUNAT requires taxpayers to prepare all the files and reports contemplated in the OECD Guidelines. This obligation became effec - tive on 1 January 2017, with the enforcement of the Legislative Decree No 1312 (for more details, see 1.2 Current Regime and Recent Changes ). Regarding the formal requirements to be submit - ted by those taxpayers subject to transfer pricing rules, these were implemented in accordance with Action 13 of the BEPS project. The Peruvian legal framework establishes different thresholds for reporting requirements based on the docu - mentation to be submitted. These thresholds take as reference the tax units that correspond to the value in soles established by the Peruvian state for the determination of taxes, infractions, penalties and fines and other tax aspects. In the case of the Local File Informative Return, this requirement corresponds to taxpayers whose income in the fiscal year is greater than 2,300 tax units. This Return should detail trans - actions that generate taxable income as well as those considered as part of the deductible cost or expense in the income tax (IR) calculation.
The Master Report Informative Return is required to be submitted by taxpayers who are part of an economic group with accrued income in the fiscal year exceeding 20,000 tax units and con - trolled transactions over tax units. This Report should contain, among other elements: • the transfer pricing policies related to intangi - bles; • information on the group’s financing methods; • its financial and fiscal position; • the organisational structure of the group; and • a description of the business operations involving the group and its members. Lastly, regarding the CbCR Informative Return, provided that the revenue accrued by a taxpay - er’s multinational group is equal to or greater than PEN2.7 billion in the fiscal year before the reporting fiscal year, the following entities are legally required to submit the Return: • the parent entity of the multinational group if it is based in Peru; • the taxpayer that is a member of the multina - tional group when: (a) it has been appointed by the group as the surrogate parent entity; (b) the ultimate parent entity of the group is not required to file the CbCR in its country of residence; (c) the CbCR is submitted to the country of residence of the ultimate parent entity, but Peru has not established procedures for the automatic exchange of CbCR with that jurisdiction; and (d) the ultimate parent entity has submitted the CbCR, and even though Peru has an information exchange mechanism with that jurisdiction, there has been a sys - tematic failure to exchange information, according to SUNAT.
303 CHAMBERS.COM
Powered by FlippingBook