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Peru’s Tax Authority Releases Resolution Regulating Beneficial Ownership Determination 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 (UBOs) for tax years 2022 and 2023. Taxpayers should take note of these new threshold amounts to ensure compliance with Peru’s regulations.

Background

In August 2018, Peru enacted Legislative Decree 1372, requiring Peruvian entities to report their UBOs to the tax authority by filing a special form. An individual is considered a beneficial owner if they hold at least 10% of an entity’s capital.

Resolution 41-2022/SUNAT

For tax year 2022:

• 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 by May 2022.
• Entities with 500 to 1,000 Tax Units (approximately USD 610,000 to USD 1.2 million) must file the form by 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 by May 2023.

Net Income Calculation

Net income is calculated as the highest of: + 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.

Additional Information

Taxpayers seeking additional information on this matter can contact Ernst & Young Asesores S.C.R.L. in Lima or other local offices around the world.