February 1, 2021
Peru modifies regulations for banks that report financial information to Peruvian tax authorities
The regulations are modified to establish a new threshold amount for reporting and new reporting requirements.
On January 26, 2021, Peru issued Supreme Decree 009-2021-EF, modifying Supreme Decree 430-2020-EF, which contained the regulations for banks that report financial information to the Peruvian tax authorities.
Supreme Decree 009-2021-EF makes the following modifications to the regulations:
- Banks must report account balances and/or accumulated amounts or averages of 7 Tax Units (approximately USD 8,554) or more, instead of PEN 10,000 (approximately USD 2,857).
- Banks must report information for each month and file an affidavit with the Peruvian tax authorities twice a year, according to a schedule to be approved by the Peruvian tax authorities.
- The information reported to the Peruvian tax authorities will be subject to the Organisation for Economic Cooperation and Development's confidentiality and cybersecurity rules for the automatic exchange of financial information.
The modifications went into effect January 27, 2021.
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