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May 22, 2024
2024-1038

Peru and United Kingdom conclude negotiations on Double Tax Treaty

According to a Press Release published by the Communications Office of the Ministry of Economy and Finance on 17 May 2024, Peru and United Kingdom (UK) have completed the negotiation of their Double Tax Treaty (DTT).

Background

In December 2019, Peru and UK initiated their DTT negotiations. Following discussion over the course of several years between His Majesty's Revenue and Customs of UK and the Ministry of Economy and Finance of Peru, both economies have announced the finalization of the negotiation of DTT.

It should be noted that both countries anticipate signing the DTT in the coming months. Once the DTT is signed, it will be applicable in both countries upon completion of the procedures required by their domestic legislation for its entry into force.

Note that this DTT has been long requested by British and Peruvian companies and its signature will play an important role in increasing cross-border trade and investments, providing certainty and long-term stability to companies in both jurisdictions and improving their bilateral relationship.

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Contact Information

For additional information concerning this Alert, please contact:

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

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor
 

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