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January 4, 2022

Peru's President enacts various tax measures

The President enacted several tax measures that include provisions for aquaculture and forestry activities and extending the value-added tax (VAT) exemption for certain activities and services.

On December 30, 2021, the Peru's President enacted several Legislative Decrees that modify certain tax provisions and apply for tax year 2022. For information on the approval of the President's request to enact these tax measures, see Tax Alert 2022-0004.

Aquaculture and forestry activities

(Legislative Decrees 1515 and 1517)

As of January 1, 2022, taxpayers engaged in aquaculture and forestry activities will have the same tax benefits as those applicable to the agribusiness tax regime. Those benefits are as follows:

  • A 15% corporate income tax rate (CIT) for net income up to 1,700 Tax Units (approx. USD 1.9m) from 2022 to 2030
  • A gradual CIT rate increase for net income over 1,700 Tax Units (approx. USD 1.9m), which applies as follows:

Tax year








2028 and onwards

29.5% (general corporate tax regime)

  • A 20% accelerated depreciation rate per year applies to specific infrastructure investments until December 31, 2025

Stability contracts

(Legislative Decree 1516)

For Peruvian companies that receive income from foreign investments and enter stability contracts on tax matters with the Government, the corporate income tax rate will equal the rate applicable for the tax year in which the stability contract is signed, plus two points. Previously, the corporate income tax rate was stabilized at the rate applicable to the tax year in which the stability contract was signed, with no additional points.

Hydrobiological resources

(Legislative Decree 1518)

As of January 1, 2022, an effective withholding tax rate of 2.7% will apply to income from the sale of highly migratory hydrobiological resources by nonresident entities to Peruvian entities.

VAT exemption

(Legislative Decree 1519)

The VAT exemption was set to expire on December 31, 2021. Legislative Decree 1519 extends the VAT exemption for activities and services listed in Appendix I and II of the VAT law until December 31, 2022. The VAT exemption applies to the following activities and services, among others:

  • Interest from the collection of credits transferred by banking entities to securitization companies, trusts or investment funds
  • Public transportation services within Peru, except for public rail passenger transportation and air transportation
  • Cargo transportation services from Peru to foreign countries and from foreign countries to Peru
  • Live shows
  • The sale or import of certain goods (fish, crustaceans, mollusks, fresh or refrigerated potatoes, beans, artichokes, among others)

The Legislative Decree also extended until December 31, 2024:

  • The refund for VAT and taxes paid for donations from foreign entities
  • The provisions for imports made by diplomatic missions
  • The VAT exemption for the issuance of electronic money by regulated electronic money companies


Contact Information
For additional information concerning this Alert, please contact:
Ernst & Young Asesores S.C.R.L, Lima
   • Roberto Cores (
   • Ramón Bueno-Tizón (
   • Ingrid Zevallos (
Latin American Business Center, New York
   • Lucas Moreno (
   • Ana Mingramm (
   • Pablo Wejcman (
   • Enrique Perez Grovas (