The guidelines establish that taxpayers do not have to prove that payments for the indirect transfer of shares were made through the Peruvian banking system if certain conditions are met.

In Ruling 4-2022-SUNAT/7T0000 (issued January 10, 2022), the Peruvian tax authority established guidelines for when taxpayers must use the Peruvian banking system to pay for indirect transfers of shares.

Background

Law 28194 requires taxpayers to use the Peruvian banking system for payments over USD 1,000. A taxpayer that does not use the Peruvian banking system to make payments generally cannot treat those payments as deductible expenses or as cost basis for tax purposes.

In 2011, Peru enacted Law 29663, which established that the indirect transfer of Peruvian shares is a taxable event for purposes of calculating and determining the capital gain subject to tax. As a result, it was not clear whether taxpayers were required to use the Peruvian banking system to make payments for indirect share transfers.

Ruling 000004—2022-SUNAT/7T0000

Under Ruling 4-2022-SUNAT/7T0000, a taxpayer does not have to prove, for purposes of certifying tax basis, that it used the Peruvian banking system to pay for an indirect transfer of shares if:

• The taxpayer (a nonresident entity) acquires shares issued by another nonresident entity that owns a Peruvian resident entity, triggering a taxable indirect transfer in Peru
• The payment for the shares was made before January 1, 2012

Ruling 4-2022-SUNAT/7T0000 does not address whether payments made after January 1, 2012, for indirect share transfers must go through the Peruvian banking system to certify the shares' tax bases.

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