Peru is the Worldbank`s poster child in terms of economic development due to its yearly average growth of 6,4% within the last 10 years. Thus, it reached the second best results of all LATAM countries and the Caribbean. This positive development can be attributed to the neoliberal course of the country as becomes visible with the free trade agreements with Peru, Colombia and the EU. However, the high level of corruption and shadow economy threatens to economic advance of Peru. On Transparency International`s Corruption Perception index Peru even slipped form place 88 in 2015 to place 100 in 2017. To what extent the newly implemented Anti-corruption Law of 2017 can improve the situation remains to be seen.
Since 2016, the e-Invoicing system Pago Electronicos (CPE) has been implemented in Peru and is being monitored y its tax authority SUNAT. The introduction of the system was carried out in four waves since 2014 and is focused in medium sized and big businesses, the so-called Principals Contribuyentes (PRICO).
The new e-Invoicing system comprises of the following elements:
- Electronic Documents: e-Invoice, Boleta de Venta Electrónica, Credits, Debits, Comunicación de Baja
- Delivery: e-Invoices have to be verified by the SUNAT using the CDR (constancia de recepcion)
- Certification process (Proceso de Homologacion): the testing phase of the new system has to be completed within 25 days
- Archiving: four years
- Cancellation: within 72 hours after receiving the CDR
- Guia de Remision or Guia de Transportista: the government-issued documents need to be enclosed with the goods
Authorization und Certification
A company has to register with the SUNAT in order to become certified e-Invoice issuer. The certificate becomes part of the electronic signature which is part of the e-Invoice.
The e-Invoice has to be formatted as a XML file, submitted to the SUNAT within a specific time period and has to be archived subsequently. Moreover, the invoice has to be uploaded to a website for the customer to be accessed for another year.
Prior to the go-live of the new e-Invoicing system the company has to submit a declaration of readiness which has to be certified by the SUNAT with the Resolucion de Intendencia (R.I.).
Similar to Mexico, the processing of the invoices is carried out by third party providers that submit and validate the invoices with the SUNAT.
During this year, the following companies are obliged to use the new system:
• January 2018: all tax payers that retain the VAT or have been identified as PRICO as well as all tax payers whose tax ID is included in the Annex I of Resolution 155-2017
• Mai 2018: all tax payers whose tax ID is included in the Annex II of Resolution 155-2017
• August 2018: all tax payers whose tax ID is included in the Annex III of Resolution 155-2017
• November 2018: all tax payers whose tax ID is included in the Annex IV of Resolution 155-2017
The sanctions in case of non-compliance reach from penalties (50% of the fiscal unit, 1 fiscal unit = ca. 600 USD) in case of first time offenders up to operational shutdown for following offenses.
Within the Legislative Decree N. 1352 from 2017 the legal bases for the fight against corruption, money laundering and terror in Peru have been laid. These hold companies responsible for their subsidiaries and employees as well. While the introduction of a Compliance program is not yet mandatory it is still recommendable based on the exemption from liability and reduced sanctions that stem from adequate implementation. While big businesses should comply with all criteria, small and medium sized companies can implement certain relevant aspects to still be considered compliant. Decisive in terms of mitigating effects is the effectiveness of the implemented program.
The Compliance program should include the following aspects:
- Appointment of a Compliance Officer
- Measures to identify, evaluate and mitigate infringements
- Implementation of internal complaint processes
- Periodic training of the prevention process
- Regular evaluation and monitoring of the Compliance program
In case of an prosecution the public prosecutor can ask for the Compliance program to be evaluated by the Supervision of the Capital Market (SMV), In case the SMV deems the Compliance program to be adequate the investigations will be closed or discontinued. Companies that have not implemented a Compliance program risk penalties of up to 600% of the obtained advantages as well as cancellations of licenses, concessions and other rights, specifically with view to public procurement, or even the shutdown of their company.
|Legal basis||LD 1352 (2017)|
|Compliance program duty?||No|
|Standards||· Preventive Compliance program
· Appointment of Compliance Officers
· Measures to identify, evaluate and mitigate infringements
· Implement internal complaint mechanisms
· Periodic training of the prevention process
· Regular evaluation and monitoring of Compliance program
|Compliance program as mitigating factor?||Yes,
reduced sanctions or exemption from liability
|Sanctions||· Penalties from 200% up to 600% of obtained advantage
· Temporary disqualification 2-5 years
· Cancelation of licenses, concessions, right and administrative authorizations
· Dissolution of the company
Tax Law & Taxes
76% of the Peruvian government`s income stems from taxes. There are four taxes that make up 90% of the total tax load: income tax, VAT, Import and Consumption Tax which are being levied on the national level. While municipal taxes exist they are more relevant to natural persons than to companies.
Tax incentives are being granted for investments in the sectors mining, oil and gas, agriculture and capital markets.
|Tax type||Tax base||Rate|
(Impuesto sobre la Renta, ISR)
(Impuesto al Valor Agregado, IVA)
|Goods and services||18% (16% IVA + 2% IPM)|
|Import TAX||Imported goods||0%, 6%, 11% of the CIF value|
(Impuesto Selectivo al Consumo, ISC)
|Fuel, Cigarettes, Liquor, Beer, Vehicles||Depends on goods|
|Withholding Tax||Technical and non-technical services||15%
|Capital Gains Tax
(Impuesto sobre la renta del capital)
4,99-30% for interest on foreign credits
Between Peru and Germany, a mutual investment protection agreement has been established in 1997. However, a double taxation agreement is not in place.
An explanation of all relevant technical and tax terms is available here.