Global Tax Alert (News from Transfer Pricing) | 12 July 2013
Peru amends transfer pricing documentation requirements for resident taxpayers
The Superintendence Resolution No. 175-2013/SUNAT amends the transfer pricing documentation requirements applicable to resident taxpayers. The resolution was published in the Official Gazette on 30 May 2013. The amendments became effective 31 May 2013.
The most significant change is the new obligation to submit the actual transfer pricing study to the Peruvian Tax Administration alongside the transfer pricing informative return. In the previous fiscal years, taxpayers had to keep the transfer pricing study in case it was requested during the tax audit.
In addition, a new transfer pricing informative return was approved, and became available on 1 June 2013.
The resolution regulates the amendments introduced by Law 1112 of 29 June 2012, which aimed to simplify compliance.
Under Article 32-A of the Income Tax Law, as amended by Law 1112, transfer pricing rules apply to transactions between related parties and also to transactions with persons located in low or nil-tax jurisdictions.
In Peru, taxpayers subject to transfer pricing rules must annually file a transfer pricing informative return, produce a transfer pricing study and maintain documentation supporting this informative return and study.
However, these documentation requirements apply only to transactions that produce taxable income or deductible expenses from 31 May 2013, onwards.
Resolution 175-2013/SUNAT provides that resident taxpayers must submit the annual informative return when in a tax year:
- • The amount of their transactions with related parties and/or through a low or nil-tax jurisdiction exceeds PEN 200,000 (approximately US$ 71,000).
- • They transfer goods to related parties and/or through a low or nil-tax jurisdiction and the market value of the goods is lower than its tax base.
In addition, domiciled taxpayers must produce a transfer pricing study when in a tax year:
- • Their accrued income exceeds PEN 600 million and the amount of their transactions exceed PEN 1000,000 (approximately US$ 356,000)
- • They transfer goods to related parties and/or through a low or nil-tax jurisdictions and the market value of the goods is lower than its tax base.
Therefore, under Resolution 175-2013/SUNAT, the amount of the transactions, which was previously only applicable for transactions carried out between related parties, will also apply to transactions carried out with parties located in low or nil-tax jurisdictions.
Finally, the transfer pricing technical study must be submitted at the same time as the transfer pricing annual informative return.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Asesores S.C.R.L, Lima
- • Roberto Cores
+51 1 411 4448
- • Ricardo Leiva
+51 1 411 4448
- • Dionis Arvanitakis
+51 1 411 4444
- • Luis M. Sánchez
+51 1 411 4444
EYG no. CM3638