Amendments to the Regulations of Peru’s Income Tax Law Regarding First-Category Income
The purpose of this Supreme Decree is to amend the Regulations of Peru’s Income Tax Law in order to align them with the amendments introduced by Laws Nos. 32430 and 32541, relating to the timing for recognizing First-Category Income and the rules governing monthly advance income tax payments on such income, respectively.
Accordingly, the Decree clarifies that, where gross First-Category Income is received in kind, it must be valued at the market value of the goods provided in kind as of the date the income is received.
In addition, the Decree provides that advance income tax payments on First-Category Income must be made within the deadlines established in Peru’s Tax Code, using the lease receipt approved by SUNAT. It also allows taxpayers to make the advance payment in the same month in which the rent is received. Further, where the leased asset is held in co-ownership, any of the co-owners may make the corresponding advance income tax payment.
To view the full publication, please click the following link: https://goo.su/0AUlo