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Peru Issues Rules for Reporting Ultimate Beneficial Owners in 2022 and 2023

The Peruvian tax authority has published Resolution 41-2022/SUNAT, which sets out the net income thresholds for reporting ultimate beneficial owners in 2022 and 2023. Taxpayers are advised to be aware of the new threshold amounts.

Background on Reporting Ultimate Beneficial Owners in Peru

As part of Peru’s efforts to combat money laundering and terrorist financing, the country enacted Legislative Decree 1372 on August 2, 2018. This decree requires Peruvian entities to report the individuals who are their ultimate beneficial owners to the tax authority. An individual is considered a beneficial owner if they hold at least 10% of an entity’s capital.

Threshold Requirements for Reporting Ultimate Beneficial Owners

According to Resolution 41-2022/SUNAT, entities with more than 1,000 Tax Units (approximately USD 1.2 million) in net income for the previous tax year must file the form reporting ultimate beneficial owners in May 2022. Entities with a net income between 500 and 1,000 Tax Units (approximately USD 610,000 to USD 1.2 million) must file the form in August 2022.

For tax year 2023, entities with more than 300 Tax Units (approximately USD 366,000) in net income for the previous tax year must file the form in May 2023.

Calculating Net Income

Net income is defined as the highest of three possible calculations:

  • The sum of net sales or service income, financial income, and income from the disposal of securities or fixed assets
  • The sum of net taxed sales, non-taxed sales, and exports shipped minus discounts
  • The sum of amounts declared as net income in monthly advance income tax payments

Compliance Requirements

Peruvian entities must carefully review their financial situation to determine whether they meet the threshold requirements and take necessary steps to comply with the regulations. Failure to report ultimate beneficial owners may result in severe penalties and fines.

Contact Information for Additional Assistance

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