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March 9, 2023

Peru amends regulations temporary capital gain tax exemption for securities transferred through the Lima Stock Exchange by individuals

  • The regulations on the temporary exemption from capital gain tax for the transfer of securities carried out through the Lima Stock Exchange (LSE) by individuals have been amended to establish the procedure for calculating the exempted amount.


In 2015, Peru enacted Law 30341, which temporarily exempts from capital gains tax (CGT) the transfer of securities listed and traded through the LSE if the following requirements are met:

  • Securities must be listed and traded through the LSE.
  • In any given 12-month period, the taxpayer and its related parties must not transfer more than 10% of the shares issued by the company whose shares are being sold. In the case of American Depositary Receipts and Global Depositary Receipts, they should be considered the underlying shares.
  • Securities should meet the liquidity threshold to be considered "stock market securities."

On 30 December 2022, Law 31662 extended the exemption through 31 December 2023, subject to the following requirements:

  • The exemption is now only applicable for individuals.
  • The exemption granted now for individuals is only up to 100 Tax Units (approximately US$130,260). Any excess over this threshold is taxable in Peru.

Supreme Decree 027-2023

On 1 March 2023, Supreme Decree 027-2023 amended the regulations of Law 30341 amended by Law 31662, establishing the following:

  • The exemption is applicable for resident and nonresident individuals.
  • The exempted amount of 100 tax Units (approximately US$130,260) will be computed independently for each individual.
  • For each transaction it should be established whether there is a capital gain or a loss.
  • For those transactions triggering a capital gain subject to the exemption, the exempted amount not deducted in the previous months of the fiscal year shall be deducted until it is exhausted. If there is an outstanding balance, the withholding tax shall be made only with respect to the transactions that have exceeded the exempted amount.

Supreme Decree 027-2023 is effective as of 2 March 2023, the day following its publication in the Official Gazette.


For additional information with respect to this Alert, please contact the following:

Ernst & Young Asesores Empresariales S.C.R.L, Lima

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific