Global Tax Alert (News from Americas Tax Center) | 30 December 2013

Peru approves treaties with Korea and Portugal

  • Share

On 27 December 2013, the Peruvian Parliament submitted Legislative Notices No. 30140 and No. 30141, approving tax treaties with Korea, which was signed on 10 May 2012, and Portugal, which was signed on 19 November 2012. The notices were published in the Official Gazette.

In general, the treaties follow the OECD Model with slight variations and provide for the following withholding tax rates:

Treaty

Dividends

Interest

Royalties

Korea

10%
(exceptions apply)

15%
(exceptions apply)

10% (technical
assistance) and
15% (others)

Portugal

10% – 15%
(exceptions apply)

10% (bank loans)
and 15% (others)

10% (technical
assistance) and
15% (others)

The treaty with Korea will enter into force after the exchange of ratification instruments and will apply from 1 January of the year following its entry into force.

The treaty with Portugal will enter into force 30 days after the exchange of ratification instruments and will apply from 1 January of the year following its entry into force.

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
    roberto.cores@pe.ey.com
  • Ramón Bueno-Tizón
    +51 1 411 4448
    ramon.bueno-tizon@pe.ey.com
  • Luis M. Sánchez
    +51 1 411 4444
    luis-miguel.sanchez@pe.ey.com
  • Nora Orihuela
    +51 1 411 4444
    nora.orihuela@pe.ey.com
Ernst & Young LLP, Latin American Business Center, New York
  • Paola Salvador
    +1 212 773 5545
    paola.salvadorlopez@ey.com

EYG no. CM4068