Peruvian Tax Authority establishes guidelines on using Peruvian banking system to pay for indirect transfers of shares

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EY Global

1 Feb 2022
Subject Tax Alert
Categories Corporate Tax
Jurisdictions Peru

The guidelines establish that taxpayers do not have to prove that payments for the indirect transfer of shares were made through the Peruvian banking system if certain conditions are met.

In Ruling 4-2022-SUNAT/7T0000 (issued 10 January 2022), the Peruvian Tax Authority established guidelines for when taxpayers must use the Peruvian banking system to pay for indirect transfers of shares.


Law 28194 requires taxpayers to use the Peruvian banking system for payments over US$1,000. A taxpayer that does not use the Peruvian banking system to make payments generally cannot treat those payments as deductible expenses or as cost basis for tax purposes.

In 2011, Peru enacted Law 29663, which established that the indirect transfer of Peruvian shares is a taxable event for purposes of calculating and determining the capital gain subject to tax. As a result, it was not clear whether taxpayers were required to use the Peruvian banking system to make payments for indirect share transfers.

Ruling 000004—2022-SUNAT/7T0000

Under Ruling 4-2022-SUNAT/7T0000, a taxpayer does not have to prove, for purposes of certifying tax basis, that it used the Peruvian banking system to pay for an indirect transfer of shares if:

  • The taxpayer (a nonresident entity) acquires shares issued by another nonresident entity that owns a Peruvian resident entity, triggering a taxable indirect transfer in Peru
  • The payment for the shares was made before 1 January 2012

Ruling 4-2022-SUNAT/7T0000 does not address whether payments made after 1 January 2012, for indirect share transfers must go through the Peruvian banking system to certify the shares’ tax bases.


For additional information with respect to this Alert, please contact the following:

Ernst & Young Asesores S.C.R.L, Lima
  • Roberto Cores
  • Ramón Bueno-Tizón
  • Ingrid Zevallos
Ernst & Young LLP (United States), Latin American Business Center, New York
  • Lucas Moreno
  • Ana Mingramm
  • Pablo Wejcman
  • Enrique Perez Grovas
Ernst & Young Abogados, Latin America Business Center, Madrid
  • Jaime Vargas
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
  • Lourdes Libreros
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific
  • Raul Moreno, Tokyo
  • Luis Coronado, Singapore

For a full listing of contacts and email addresses, please click on the Tax News Update: Global Edition (GTNU) version of this Alert.