GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE

GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE
OF INFORMATION FOR TAX PURPOSES
Peer Review Report

Phase 1
Legal and Regulatory Framework
PERU
Global Forum
on Transparency
and Exchange
of Information for Tax
Purposes Peer Reviews:
Peru 2016
PHASE 1: LEGAL AND REGULATORY FRAMEWORK
November 2016
(reflecting the legal and regulatory framework
as at August 2016)
This work is published on the responsibility of the Secretary-General of the OECD.

The opinions expressed and arguments employed herein do not necessarily reflect
the official views of the OECD or of the governments of its member countries or
those of the Global Forum on Transparency and Exchange of Information for Tax
Purposes.
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Please cite this publication as:
OECD (2016), Global Forum on Transparency and Exchange of Information for Tax Purposes Peer
Reviews: Peru 2016: Phase 1: Legal and Regulatory Framework, OECD Publishing.
http://dx.doi.org/10.1787/9789264265752-en
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Series: Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews
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TABLE OF CONTENTS 3
Table of Contents
About the Global Forum 5

Abbreviations 7
Executive summary 9
Introduction 13
Information and methodology used for the peer review of Peru 13
Overview of Peru 14
Recent developments 19
Compliance with the Standards 21
A. Availability of information 21
Overview 21
A.1. Ownership and identity information 22
A.2. Accounting records 45
A.3. Banking information 51
B. Access to information 53
Overview 53
B.1. Competent Authoritys ability to obtain and provide information 54
B.2. Notification requirements and rights and safeguards 65
C. Exchanging information 67
Overview 67
C.1. Exchange-of-information mechanisms 68
C.2. Exchange-of-information mechanisms with all relevant partners 76
C.3. Confidentiality 77
PEER REVIEW REPORT PHASE 1: LEGAL AND REGULATORY FRAMEWORK PERU OECD 2016
4 TABLE OF CONTENTS
C.4. Rights and safeguards of taxpayers and third parties 80
C.5. Timeliness of responses to requests for information 82
Summary of determinations and factors underlying recommendations 85
Annex1: Jurisdictions response to the review report 87
Annex 2: List of all exchange-of-information mechanisms ineffect 88
Annex3: List of all laws, regulations and other materialreceived 89
ABOUT THE GLOBAL FORUM 5
About the Global Forum

The Global Forum on Transparency and Exchange of Information for
Tax Purposes is the multilateral framework within which work in the area
of tax transparency and exchange of information is carried out by over
130jurisdictions, which participate in the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer
review of the implementation of the international standards of transparency and exchange of information for tax purposes. These standards are
primarily reflected in the 2002 OECD Model Agreement on Exchange of
Information on Tax Matters and its commentary, and in Article26 of the
OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004. The standards have also been incorporated into
the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the
domestic tax laws of a requesting party. Fishing expeditions are not authorised
but all foreseeably relevant information must be provided, including bank
information and information held by fiduciaries, regardless of the existence
of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identified by
the Global Forum as relevant to its work, are being reviewed. This process is
undertaken in two phases. Phase 1 reviews assess the quality of a jurisdictions legal and regulatory framework for the exchange of information, while
Phase2 reviews look at the practical implementation of that framework. Some
Global Forum members are undergoing combined Phase1 and Phase2
reviews. The Global Forum has also put in place a process for supplementary
reports to follow-up on recommendations, as well as for the ongoing monitoring of jurisdictions following the conclusion of a review. The ultimate goal is
to help jurisdictions to effectively implement the international standards of
transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum
and they thus represent agreed Global Forum reports.
For more information on the work of the Global Forum on Transparency
and Exchange of Information for Tax Purposes, and for copies of the published review reports, please refer to www.oecd.org/tax/transparency and
www.eoi-tax.org.
Abbreviations 7
Abbreviations
AML
Anti-Money laundering
BVL
Bolsa de Valores de Lima
CDD
Customer due diligence
CTF
Counter Terrorism Financing
DTC
Double Tax Conventions
EOI
Exchange of information
FATF
Financial Action Task Force
IBC
International Business Company
OECD
Organisation for Economic Co-operation and

Development
OSCE
Organismo Supervisor de las Contrataciones del Estado

(SupervisoryAgency of the Government Procurement
Office)
RUC
Registro unico de contribuyentes (Single Register of

Taxpayers)
RNP
Registro Nacional del Proveedores del Estado (National

Register of Government Providers)
SBS
Superintendencia de Banca, Seguros y AFP

(Superintendence of Banking, Insurance and Private
Pension Funds Administrators.)
SMV
Superintendencia de Mercado de Valores (Securities

Market Superintendence)
SUNARP
Superintendencia Nacional de Registros Pblicos

(Superintendence of Public Registries in Peru)
8 Abbreviations
SUNAT
Superintendencia Nacional de Aduanas y de

Administracin Tributaria (National Superintendence of
Customs and Tax Administration)
TIEA
Tax Information Exchange Agreement
UIF
Unidad de Inteligencia Financiera (Financial Intelligence

Unit)
UIT
Unidad Impositiva Tributaria (Tax Imposition Unit)
VAT
Value Added Tax
Executive summary 9
Executive summary
1.
This report summarises the legal and regulatory framework for
transparency and exchange of information in Peru. The international standard, which is set out in the Global Forums Terms of Reference to Monitor
and Review Progress Towards Transparency and Exchange of Information is
concerned with the availability of relevant information within a jurisdiction,
the competent authoritys ability to gain timely access to that information,
and, in turn, whether that information can be effectively exchanged with its
exchange of information (EOI) partners.
2.
Peru is a country of 31.2million inhabitants covering 1285216square
kilometres in western South America. Perus GDP amounted to approximately USD192billion in 2015. Over the past decade, Peru has been one of
the regions fastest-growing economies, with an average growth rate of 5.9%.
Peru is rich in natural resources, its main exports including metals and minerals, such as copper, gold, zinc and silver.
3.
Relevant legal entities in Peru include domestic companies (joint
stock companies and capital limited liability companies), foreign companies
(branches and permanent establishments), domestic partnerships (general and
limited liability partnerships), fideicomisos and foundations. Obligations to
ensure the availability of ownership and identity information exist for all of
the above named entities either under the Commercial Code, the Companies
Law, tax law, or the regulatory acts of the financial and security market regulators. As such, ElementA.1 was found to be in place.
4.
Accounting requirements in line with the standard applicable to all
relevant entities are set out under Peruvian tax and commercial law. Book and
records must be kept for a minimum of five years under the Tax Code and up
to five years after the liquidation of a business under the Commercial Code.
The Tax Code further requires that entities maintain underlying documentation in line with the standard. Accordingly, ElementA.2 was found to be in
place.
5.
Pursuant to the Law on the Financial System, banks and other financial institutions have to comply with detailed know-your-customer obligations
10 Executive summary
and must keep all records pertaining to account holders, as well as related
financial and transaction information, for at least ten years. ElementA.3 was
therefore found to be in place.
6.
The competent authority under Perus TIEAs is the Superintendent
of the National Superintendence of Customs and Tax Administration
(Superintendencia Nacional de Aduanas y de Administracin Tributaria)
(SUNAT). In the case of its DTCs and the Andean Community Directive1,
the competent authority for EOI purposes is the Minister of the Economy
and Finance, who delegates this role to his authorised representative, the
Superintendent of the SUNAT.
7.
The SUNAT has significant information resources at its disposal,
including ownership, identity, and accounting information. Further, the
SUNAT has broad access powers under the Tax Code to obtain all types
of ownership, accounting and banking information not already in its own
databases. In order to obtain passive banking transaction information (information related to the bank holders bank account (such as, savings accounts,
checking accounts, deposits, bank certificates, etc.), the SUNAT is required
to obtain a court order to access this information directly from the bank.
Generally, the whole process to obtain the court order and access the banking
information takes between 10 and 15days. In regards to secrecy provisions,
it is noted that while attorney-client privilege out in Perus domestic legislation is found to be in line with the standard, the extent of secrecy provisions
as they apply to other professions may impede the access to information. A
recommendation for Peru to clarify the extent of professional secrecy as it
relates to other professions has been made As a result, elementB.1 was found
to be in place.
8.
The application of rights and safeguards in Peru does not restrict the
scope of information that the SUNAT can obtain, and there are no notification procedures in Peru. Therefore, ElementB.2 was found to be in place.
9.
Perus network of 11EOI mechanisms is comprised of 3TIEAs,
7bilateral DTCs and one multilateral Directive. All of these agreements are
in force and meet the internationally agreed standard containing sufficient
1.
The Andean Community (Comunidad Andina) is a customs union operating as

a free trade area between its members with a common external tariff. The union
comprises the South American countries of the Plurinational State of Bolivia
(Bolivia), Colombia, Ecuador, and Peru. The union was called the Andean Pact
until 1996 and came into existence with the signing of the Cartagena Agreement
in 1969. Andean Community Decision 578, from herein referred to as the Andean
Community Directive, facilitates the exchange of information in tax matters
between members of the Andean Community.
Executive summary 11
provisions to enable Peru to exchange all relevant information with all of its
treaty partners. As a result, ElementC.1 was found to be in place.
10.
Perus network of exchange agreements covers 12treaty partners. Peru
continues to expand its treaty network and is currently finalising all internal
procedures to join the multilateral Convention on Mutual Administrative
Assistance in Tax Matters, as amended (here on referred to as Multilateral
Convention) which it hopes to sign in early 2017. Comments were sought
from Global Forum members in the course of the preparation of this
report and in no case has Peru refused to enter into an EOI agreement.
Consequently, elementC.2 was found to be in place.
11.
All EOI articles in Perus exchange agreements contain confidentiality provisions that meet the international standard and its domestic legislation
also contains appropriate confidentiality provisions and enforcement measures. Consequently, elementC.3 was found to be in place.
12.
Perus exchange agreements protect rights and safeguards in accordance with the standard by ensuring that the parties are not obliged to provide
information that would disclose any trade, business, industrial, commercial or
professional secret or information the disclosure of which would be contrary
to public policy. Most of these rights and safeguards are also explicitly provided for under domestic law. ElementC.4 was found to be in place.
13.
Perus response to the recommendations in this report, as well as the
application of the legal framework to the practices of its competent authority
will be considered in the course of its exchange of information on request
(EOIR) review under the second round of reviews which is scheduled for the
second half of 2018.
Introduction 13
Introduction
Information and methodology used for the peer review of Peru

14.
The assessment of the legal and regulatory framework of Peru
was based on the international standards for transparency and exchange of
information as described in the Global Forums Terms of Reference, and
was prepared using the Global Forums Methodology for Peer Reviews and
Non-Member Reviews. The assessment was based on the laws, regulations,
and exchange-of-information mechanisms in force or effect as of 17August
2016, other materials supplied by Peru, and information supplied by partner
jurisdictions.
15.
The Terms of Reference break down the standards of transparency
and exchange of information into 10 essential elements and 31 enumerated
aspects under three broad categories: (A)availability of information; (B)
access to information; and (C) exchanging information. This review assesses
Perus legal and regulatory framework against these elements and each of the
enumerated aspects. In respect of each essential element, a determination
is made that either (i)the element is in place, (ii)the element is in place but
certain aspects of the legal implementation of the element need improvement,
or (iii)the element is not in place. These determinations are accompanied by
recommendations on how certain aspects of the system could be strengthened
(see Summary of determinations and factors underlying recommendations at
the end of this report).
16.
The assessment was conducted by a team which consisted of two
assessors and representatives of the Global Forum Secretariat: Mr.Guillermo
Nieves, Tax Advisor, Uruguay; Ms.Virginia Tarris, Tax Law Specialist,
Office of Assistant Deputy Commissioner (International), Internal Revenue
Service, United States; and Ms.Mary OLeary and Ms.Kathleen Kao of the
Global Forum Secretariat. The assessment team examined the legal and regulatory framework for transparency and exchange of information and relevant
exchange-of-information mechanisms in Peru.
14 Introduction
Overview of Peru
17.
Peru is an upper middle income country of 1285216square kilometres located in western South America. It is bordered on the west by the
South Pacific Ocean, on the north by Ecuador and Colombia, on the south by
Chile, and on the east by Bolivia and Brazil. Peru has approximately 31.2million inhabitants (2015estimate), 9.8million of which reside in Lima, the
capital.2 The main official languages in Peru are Spanish (84.1%), Quechua
(13%) and Aymara (1.7%).3 Its currency is the sol (PEN), with USD1 equal
to PEN3.29.4
Governance and legal system

18.
The Peruvian legal system is a civil law one. The Peruvian
Constitution of 1993 is Perus twelfth Constitution and replaced the earlier
1979 Constitution. The Constitution is the supreme law of the country, followed by ordinary laws. International treaties (other than human rights
treaties, which are on equal standing as the Constitution) have the same status
as ordinary laws.
19.
Peru is a unitary, representative and decentralised republic. In 2002,
a constitutional reform declared decentralisation to be a permanent policy of
the state5. Since then, a gradual transfer of responsibilities from the central
to regional governments has taken place and decentralisation has become one
of the bedrock principles upon which Perus system of governance is based.
The levels of government are national, regional and local. Peru is divided into
25 regions, which are further divided into provinces. Provinces are composed
of districts. The province of Lima does not form part of any region.
20.
Perus government is organised according to the principle of separation of powers and is separated into three branches: the executive, the
legislative and the judiciary. The Executive Branch consists of the President
and two Vice Presidents. As the head of the executive branch, the President
serves as both Head of State and Head of Government. The administration
and management of public services is entrusted to the Council of Ministers
(the Presidents cabinet), which consists of a prime minister and specific
ministers responsible for different areas (such as education, defence, finance
2.
3.
4.
5.
According to the Peruvian National Institute of Statistics and Information (INEI)

based on the 2007 census.
https://www.cia.gov/library/publications/the-world-factbook/geos/pe.html.
According to https://www.oanda.com/currency/converter/ on 16August 2016.
Republic of Peru: Country Administration Profile (United Nations, March 2005)
(at http://unpan1.un.org/intradoc/groups/public/documents/un/unpan023201.pdf).
Introduction 15
etc.). The President is elected every five years by popular vote and cannot be
re-elected for consecutive terms.
21.
Regional and local governments are also popularly elected and have
political and administrative autonomy. Regional governments are composed
of Regional Presidents, Regional Vice Presidents, Regional Councils, and
Regional Coordinating Councils. The functions of the Regional President
include proposing and enforcing the budget, appointing government officials, issuing regional decrees and regional resolutions, executing regional
plans and programme, and administering regional properties and rents.
The Regional Council debates and votes on bills proposed by the Regional
President and council members. It also oversees all regional officials and can
remove the Regional President, its Vice President and any council member
from office. Regional Presidents and Regional Vice Presidents are elected
for four-year terms and, pursuant to a recent amendment to the Constitution,
cannot serve consecutive terms.
22.
Legislative power is vested in both the executive branch and
Congress. The Legislature is a unicameral congress with 130 seats. Members
are elected based on proportional representation to serve five-year terms. In
addition to passing laws, Congress ratifies treaties, authorises government
loans (emprstitos), and approves the government budget. Congress legislates by passing laws and legislative resolutions, while the President does so
through legislative decrees when Congress has delegated such power to him/
her. The President may also issue regulations implementing any law passed
by Congress or urgent decrees concerning economic and financial matters.
Such decrees will have the force of law. To pass Congress, a bill must have
a majority vote. Once finalised and passed by Congress, bills are sent to the
President for approval. The President has 15days to send any comments
or objections to Congress, in the absence of which the bill will be deemed
approved and subsequently promulgated.
23.
The Peruvian judiciary is the branch of government that interprets
and applies the laws of Peru. Perus judicial system is structured hierarchically with the Supreme Court as the court of highest judicial instance.
The Supreme Court consists of 20judges and is divided into a Criminal
Chamber, a Civil Chamber, a Constitutional and Social Law Chamber, and
four corresponding transitional chambersestablished to assist with the case
load of the other chambers. Below the Supreme Court are 33 superior courts
(appellate courts), which have jurisdiction over judicial districts, in line with
the countrys regional division and are located in the districts capital cities.
Below the superior courts are 211courts of first instance (trial courts), which
have jurisdiction over the individual provinces. The fourth and lowest level
of the judiciary is composed of 623courts of peace, each with jurisdiction
over a single district and hearing cases of low economic value or pertaining
16 Introduction
to minor issues. Peru also has a Constitutional Court, or Constitutional
Tribunal, which is tasked with safeguarding constitutional principles and has
the power to repeal all or portions of the unconstitutional laws and acts.
24.
Peru is also a member of the Andean Community (Comunidad
Andina), a customs union, or trade bloc, along with Bolivia, Colombia, and
Ecuador, with the aim of promoting greater economic integration among its
members. The union came into existence with the signing of the Cartagena
Agreement in 1969 and was called the Andean Pact until 1996. The Andean
Community may legislate on specific matters that are directly applicable in
Peru without the approval of Congress.
25.
Further, according to Article3 of the Tratado de Creacin del
Tribunal de Justicia del Acuerdo de Cartagena (Treaty creating the Court of
Justice of the Cartagena Agreement), directives of the Andean Community,
once published in the official gazette of the Cartagena Agreement, are directly
applicable in Peru without being ratified by Congress. Article5 sets out that
member countries of the Andean Community must refrain from adopting any
measures contrary to the provisions of these directives or that would restrict
their application. Therefore, in the event of a conflict with an ordinary law, a
directive of the Andean Community will take precedence in Peru.
The Peruvian economy

26.
In the last ten years, Peru has been recognised as one of Latin
Americas fastest growing economies. The Peruvian economy grew by an
average of 5.9% from 2006-156 with a stable exchange rate and low inflation, which was due partly to high international prices for Perus metals
and minerals exports, which account for almost 60% of the countrys total
exports. Growth slipped in 2014 and 2015, due to weaker world prices for
these resources.
27.
In 2015, the GDP per capita was USD12402, having risen steadily
over the last ten years7. The GDP composition by sector is 0.4% fishing, 1.8%
electricity and water, 5.3% agriculture, 6.2% construction, 11.2% commerce,
12.4% mining, 13.5% industry and 49% services8.A wide range of important
mineral resources are found in the mountainous and coastal areas, and Perus
coastal waters provide excellent fishing grounds. Peru is the worlds second
largest producer of silver and third largest producer of copper. Its main
imports consist of crude oil, petroleum and wheat and its main exports are
copper, gold, zinc, fish meal and silver.
6.
7.
8.
www.worldbank.org/en/country/peru/overview.
http://data.worldbank.org/indicator/NY.GDP.PCAP.PP.CD?locations=PE.
www.bcrp.gob.pe/estadisticas/cuadros-anuales-historicos.html.
Introduction 17
28.
Peru has a strong free trade policy in place and since 2006 Peru
has signed trade deals with the Canada, Chile, Peoples Republic of China
(China), Costa Rica, the European Free Trade Association, the European
Union, Japan, Mexico, Panama, Singapore, South Korea, Thailand, and
United States, Bolivarian Republic of Venezuela (Venezuela); concluded
negotiations with Guatemala, Honduras, and the Trans-Pacific Partnership;
and begun trade talks with El Salvador, India, and Turkey. Peru also has
signed a trade pact with Chile, Colombia, and Mexico, called the Pacific
Alliance, that seeks integration of services, capital, investment and movement
of people. Since the United States-Peru Trade Promotion Agreement entered
into force in February 2009, total trade between Peru and the United States
has grown by 40%.
29.
Peru is a member of the Andean Community, the Inter-American
Development Bank (IDB), the International Monetary Fund (IMF), the Latin
American Integration Association (LAIA), the Organisation of American
States (OAS), the United Nations (UN) and the World Trade Organization
(WTO), amongst others. Peru has been a member of the Global Forum on
Transparency and Exchange of Information for Tax Purposes since 2014.
Overview of the financial sector

30.
The financial sector in Peru comprises commercial banks, insurance companies, municipal savings and loans banks, municipal loans banks,
development entities for small and micro businesses, savings and loans
associations authorised to receive deposits from the public, and rural savings
and loans banks, financial companies, and other financial institutions. The
banking sector is comprised of 58banks and as of September 2016, the total
assets in the banking sector amounted to approximately USD431589billion.
31.
The Peruvian Superintendencia de Banca, Seguros y AFP (SBS)
(Superintendence of Banking, Insurance and Private Pension Funds
Administrators) is the watchdog of the national financial system. The SBS
is a constitutionally autonomous institution with legal personality under
public law. It is the regulatory body responsible for supervising companies
operating in the Peruvian financial and insurance sectors. Law No.26702,
Ley General del Sistema Financiero y del Sistema de Seguros y Organica
de la Superintendencia de Banca y Seguros (Law of the Financial System)
establishes the framework for the regulation and supervision of companies
operating in the financial and insurance sectors. Since July 2000, the SBS
also has been responsible for supervising private pension funds, a role that
was previously performed by a separate superintendent that was subsumed
into the SBS pursuant to Law 27328,
18 Introduction
32.
The Peruvian securities exchange is the Bolsa de Valores de Lima
(BVL) with an annual turnover of approximately USD3516million.
Twenty-five brokerage companies currently participate in the exchange.
The BVL is governed by the Legislative Decree No.861, Ley del Mercado
de Valores (Securities Market Law), which regulates all matters relating to
public offerings of securities, investment funds, and other participants in the
stock market. The body responsible for the supervision and enforcement of
the Securities Market Law is the Superintendencia del Mercado de Valores
(SMV) (Securities Market Superintendence).
Taxation
33.
Peru taxes its residents (companies and individuals) on their worldwide income. Non-resident companies and individuals are taxed only on
Peruvian-sourced income. The following legal entities are considered resident
in Peru for income tax purposes: (i)companies that are incorporated in Peru
and (ii)permanent establishments in Peru of individuals or companies not
domiciled in the country (article7 Income Tax Law). Permanent establishments and branches of foreign companies are taxed on their Peruvian-sourced
income.
34.
The Tax Code, which set out the general tax principles, the rules for
the administration of taxes, penalties, procedures and collections, governs
all taxes in Peru. The imposition of income tax is governed by the Income
Tax Law. The national tax administration Superintendencia Nacional de
Aduanas y de Administracin Tributaria (SUNAT) is an independent government agency responsible for revenue collection on behalf of the Government
of Peru. The fiscal year runs from 1January through 31December, without
any exceptions. The tax returns for the accrued income generated during the
fiscal year must be filed during the first three months of the subsequent year.
35.
Peru imposes a range of taxes which are collected at the national
level by SUNAT, the main ones being income tax, a value added tax, and a
financial transactions tax. The SUNAT also collects contributions to Social
Health Insurance (Essalud, equivalent to social security) and the National
Pension Office (ONP).
36.
Law 30296, published on 31December 2014 gradually reduces
the corporate income tax rate in stages from 30% in 2014 to 26% in 2019.
Generally, a 30% withholding rate on income is levied on non-residents.
However, some business activities are subject to other tax withholding rates.
For example, dividends and other forms of profit distributions are subject
to withholding tax at a rate gradually increasing from 4.1% in 2014 to 9.3%
in 2019. Interest from Peruvian-sourced income paid to non-residents is
subject to a 4.99% tax, but only if the debt meets certain conditions. Where
Introduction 19
the conditions are not met, the interest will be subject to the 30% withholding rate. Income from the sale of securities made through a Peruvian stock
exchange is subject to a withholding tax of 5%, although from 2016-2018,
income from sales of securities are tax exempt under certain conditions.
37.
In regards to capital gains tax, in the case of individuals, Peru only
taxes the capital gains derived from the sale of real estate and securities at a
rate of 5%. The income tax is payable annually in the case of income from
the sale of securities and immediately in the case of income from the sale of
real state. Income generated by the lease of movable goods and immovable
goods (i.e.real estate) is subject to a 5% tax which is realised on an annual
basis. In regards to capital gains tax for companies, the income generated by
the lease or transfer of movable goods and immovable goods is subject to a
28% tax which is payable on an annual basis. These taxes are applicable only
to companies and individuals who are resident in Peru.
Recent developments
38.
On 18July 2016, Peru passed Resolution 3880-2016/SBS amending
Resolution 1132-2015/SBS concerning the information that must be set out
in a request for banking information that is submitted by certain Peruvian
authorities to financial institutions. The name of the bank account holder is
no longer required; in cases where only a bank account number is submitted,
banking information can still be provided. Whilst previously, where a request
concerned a foreign resident, a proof of identity document was required, such
document is now only required if it is available. These resolutions are not
applicable to the SUNAT and therefore in all cases where banking information is required for tax purposes it can be accessed without the name of the
bank account holder. However, these requirements were amended in order to
ensure a coherent process for all authorities when accessing banking information from financial institutions in Peru.
39.
On 24July 2016, Peru published Resolution 177-2016/SUNAT and
Resolution 178-2016/SUNAT. Resolution 177-2016/SUNAT establishes an
obligation to a trustee domiciled in Peru, to file an informative return regarding a trust created under a foreign law. Resolution 178-2016/SUNAT requires
that branches, permanent establishments or representative offices of nondomiciled legal persons or entities that register before SUNAT (in order to
obtain their tax identification number (RUC No.)) must provide information
regarding partners and members of non-domiciled legal persons or entities. In
the case of changes to this information, both resolutions establish the obligation to update this information with the SUNAT.
Compliance with the Standards: Availability of information 21
Compliance with the Standards
A. Availability of information
Overview
40.
Effective exchange of information (EOI) requires the availability
of reliable information. In particular, it requires information on the identity
of owners and other stakeholders as well as information on the transactions
carried out by entities and other organisational structures. Such information
may be kept for tax, regulatory, commercial or other reasons. If the information is not kept or maintained for a reasonable period of time, a jurisdictions
competent authority may not be able to obtain and provide it when requested.
This section of the report assesses the adequacy of Perus legal and regulatory
framework on the availability of information.
41.
In respect of ownership and identity information, Peruvian legislation (namely, the Tax Code and the Companies Law) imposes comprehensive
obligations on domestic companies and partnerships to ensure that information is available either in the hands of a public authority or with the entity
itself (in its articles of incorporation or shareholder register). These obligations are complemented by the Anti-Money laundering (AML) legislation
and rules concerning regulated activities that apply to obliged entities and
financial institutions. These obligations are accompanied by penalties for
non-compliance. Pursuant to a resolution issued by the Peruvian tax authority in July 2016, foreign companies and partnerships are also now required
to provide ownership information upon registration with the SUNAT. Since
1968, Peruvian law has prohibited the issuance of bearer shares and the concept of nominee ownership is not recognised.
22 Compliance with the Standards: Availability of information

42.
Peruvian law does not recognise trusts as defined under common
law; rather it allows for fideicomisos, or fiduciary arrangements akin to
trusts. As only financial entities can administer or manage a fideicomiso,
they will come under the provisions of the AML law whereby all financial
entities are obliged to identify their clients and maintain updated information for a minimum period of ten years from the conclusion of a transaction
or relationship. Trustees of fideicomisos are required to maintain updated
identity information on fideicomitentes and fideicomisarios pursuant to AML
rules and regulations. Likewise, Peruvian residents acting as trustees of foreign law trusts or of foreign trusts investing in Peru, are required to submit
to the SUNAT information on the settlors and beneficiaries. The concept of
a private foundation does not exist under the laws of Peru as all Peruvian
foundations have public and non-profit status. Nonetheless, legal provisions
exist to identify all parties to a foundation.
43.
Foreign companies having a sufficient nexus to Peru and branches
of foreign companies established in Peru are considered resident for tax purposes and therefore must register and file annual returns containing updated
ownership information with the SUNAT. Accordingly, elementA.1 was found
to be in place.
44.
Under the Tax Code, all relevant entities must keep reliable accounting records, including underlying documentation, for a minimum of five
years. Further, accounting requirements in the Commercial Code also require
books and records to be kept for up to five years after liquidation of a business. ElementA.2 was thus found to be in place.
45.
Pursuant to the Law on the Financial System, banks and other financial institutions have to comply with detailed know-your-customer obligations
and must keep all records pertaining to account holders, as well as related
financial and transaction information, for at least ten years. ElementA.3 was
therefore found to be in place.
A.1. Ownership and identity information

Jurisdictions should ensure that ownership and identity information for all relevant
entities and arrangements is available to their competent authorities.
46.
The relevant entities and arrangements in Peru are companies
(ToRA.1.1), partnerships (ToRA.1.3), trusts (ToRA.1.4), and foundations
(ToRA.1.5). Bearer shares (ToRA.1.2) have been abolished since 1968 and
no bearer shares currently exist in Peru. This section also examines enforcement measures in place to ensure compliance with laws on the maintenance
of ownership and identity information of relevant entities.
Companies (ToRA.1.1)
47.
In Peru, companies (or societies) are created pursuant to Ley General
de Sociedades No.26887 (Companies Law). The Companies Law provides
for two types of companies: Joint Stick Companies and Capital Limited
Liability Companies.

Joint Stock Company: The company law provides for three different
types of joint stock company:
1. The Sociedad Annima (S.A.) (general joint stock company)
is the most common type of company in Peru. In a joint stock
company, the companys capital is divided into nominative shares
represented by negotiable share certificates. Shareholders can
be either entities or individuals and at least two shareholders
are required for incorporation. Shareholders are not personally
liable for the companys obligations. As of June 2016, there were
591287SAs registered with the SUNARP of which, 481132
are registered for tax with the SUNAT. The difference for the
number of entities registered with the SUNARP and the SUNAT
is attributable to two factors. First, many entities that initially
register with the SUNARP do not proceed to carry on any economic activity and therefore do not proceed to register with the
SUNAT. Second, authorities have confirmed that the SUNARP
records keep historical information which corresponds to an
older period than the record information managed by SUNAT
and therefore contains more entities. Nevertheless, this issue
shall be followed up in the next EOIR review of Peru.
2. A joint stock company may also take the form of a closed corporation (Sociedad Annima Cerrada) (S.A.C.). A closed corporation
cannot have more than 20 shareholders and its shares cannot be
registered in the Public Registry of the Securities Market.
3. A joint stock company may also take the form of a public joint
stock company (Sociedad Annima Abierta (S.A.A.) when it
meets one or more of the following conditions: (i)it has made a
primary public offering either of shares or obligations convertible into shares; (ii)it has more than 750 shareholders; (iii)more
than 35% of its capital belongs to 175 or more shareholders; (iv)it
is constituted as such in the articles of incorporation; or (v)all
voting shareholders unanimously approve the adjustment to that
scheme (art.249 Companies Law). The shares of a public company are listed on the Lima Stock Exchange and thus must be
registered in the Public Registry of the Securities Market.

Capital Limited Liability Company (Sociedad Comercial de

Responsabilidad Limitada or SRL): A limited liability company may
be established with a minimum of 2 and a maximum of 20partners,
who can be both individuals and legal entities. All partners have
limited liability. Capital stock is divided amongst them and cannot
be issued as share capital, but rather is divided as participations.
Participations are not tradable on the Peruvian stock exchange. To
incorporate a company, partners contributions must be subscribed
in full and at least 25% of each participation must be paid in. As with
SAs, no minimum amount of capital is required for incorporation.
SRLs do not have a Board of Directors. Rather, the company is managed by one or more managers. The general partners meeting is the
limited liability companys highest governing body. As of June 2016,
there were 244880 SRLs registered with the SUNARP of which
172476 are registered with the SUNAT.
Company ownership and identity information required to be provided

to government authorities
48.
To perform economic activity in Peru, an entity must be registered
with a number of public authorities (depending on the nature of its business).
At a minimum, entities must be registered in the SUNARP, with the SUNAT,
and in a notary publics archives. Publicly listed companies and those performing certain types of regulated activities will have additional registration
requirements with other relevant public authorities, as described below.
The Superintendence of Public Registries and Notaries

49.
SAs in Peru must be constituted via a public deed as formalised by
a notary. Documents filed before a notary public will be filed in the notarys
public register. All companies must then register with SUNARP prior to
commencing operations to have proper legal personality. A companys deed
(or social pact) is thus a public deed, which must be filed with a notary prior
to being filed with the SUNARP. The incorporating document must include
the names and addresses of the founding partners, as well as their spouses (if
applicable), and their identification documents. Further the document must
detail the mailing address of the corporation, the amount of capital and the
shares into which such capital is divided, the manner in which capital is paid
and subscribed, and rules for increasing and decreasing capital stock. SRLs
are constituted in the same manner as SAs except that capital is divided into
participation rather than shares.
50.
Pursuant to the Companies Registry Regulations (approved by
Resolution No.200-2001-SUNARP-SN), each company will receive its own
entry in the companies register, which will reflect its initial registration and any
subsequent registrable acts, including, for instance, increases or reductions
of capital. Updates of this nature are also required to be notarised. According
to article4 of Resolution No.200-2001-SUNARP-SN, registrable acts do not
include transfers of shares or bonds. As such, companies are not required to
file such changes before a public notary or inform SUNARP of transfers of
shares, although all transfers of shares must be logged in the companys own
shareholder register. Transfers of participations in SRLs, on the other hand,
are required to be registered with SUNARP as well as executed in a public
deed (transfers must be reflected in the public deed of incorporation) (art.271
Companies Law and arts.96 and 97 Resolution No.200-2001-SUNARP-SN).
51.
Failure to comply with registration requirements will result in a
company acquiring an irregular status. Article423 of the Companies Law
sets out that a company shall acquire irregular status under the following
circumstances: (i) the public deed of incorporation was not filed before a
notary public within 60days of signing the social pact, (ii)the public deed
was not granted before a notary public within thirty days after the assembly
at which the signatories to the deed were appointed, (iii)the company was not
registered in the SUNARP within 30days of the public deed being granted,
(iv)the companys registration was rejected by SUNARP, (v)the company
has been transformed without observing the provisions of the Companies
Law, or (vi)corporate activity continues despite having incurred grounds for
dissolution under the Companies Law. When a company acquires irregular
status, the directors, managers and representatives have joint and several
unlimited liability for the contracts and acts of the corporation.
The Tax Administration

52.
Pursuant to the Law of Single Register of Taxpayers (approved by
Legislative Decree No.943 and Superintendence Resolution No.210-2004/
SUNAT), all companies with a fiscal domicile in Peru must be registered in
the Single Register of Taxpayers (RUC). To become registered in the RUC,
a company must submit its certificate of registration with the SUNARP
and ownership and identity information to the SUNAT. In addition, this
information should include copies of the national identification of the legal
representative and percentage of each shareholders participation in the
companys capital. Additionally, companies must submit Form 2054, which
requires ownership information on shareholders (including, inter alia, full
name or company name, address and other contact information, date of
birth, and type and number of identity document) and the percentage of their
participation in capital. After registration, all persons receive an 11 digit tax
identification number (RUC No.), which will be used to identify the company
for all correspondence with the SUNAT.

53.
Failure to register in the RUC is an offense punishable by a fine of 1
tax unit (UIT)9 or confiscation of goods or temporary custody of vehicles as
appropriate (art.173(1) Tax Code). Changes in shareholders must be registered
in the RUC within the first ten days of the month following the change (art.23
Resolution No.210-2004/SUNAT). Non-compliance with this obligation is
punishable by a fine of 50% of a UIT (art.173(5) Tax Code).
54.
All companies registered with the SUNAT are required to file an
annual tax return. Amongst the information to be provided in the return is
the updated shareholder information, identifying all shareholders at the time
of filing the return and the date at which they became a shareholder (art.79
Income Tax Law).
55.
Pursuant to the First Transitional and Final Provision of the Income
Tax Law, legal persons domiciled in the country are obliged to inform
SUNAT of issuances, transfers, and cancellations of shares and participations, including indirect transfers of shares or participations. Article6 of the
Resolution of Superintendence N 169-2014/SUNAT requires companies to
inform the SUNAT of any such issuances, transfers or cancellations of shares
within a month of such action taking place. In order to notify the SUNAT
of an issuance, transfer or cancellation of shares, a company must complete
Virtual Form 1605 with, inter alia, the type of transfer, date of transfer, the
details of the transferor and transferee, identification of shareholders/participants (including full names, identification document, and identification
number where appropriate), the number of shares transferred, the unit value
of the shares, and the percentage of such shares relative to the total shares
of the company. Issuances or cancellations of shares must be notarised and
included in the public deed. The date of execution of the public deed as well
as the full name of the notary before whom it was filed and the deeds registration number in the public registry must also be included in the Virtual
Form 1605 to be filed with the SUNAT.
56.
Failure to submit the required documentation on share activities
within the deadline constitutes an offence under the Tax Code punishable by
a monetary fine of up to 30% of the UIT (art.176(2) Tax Code) which in 2015
would amount to approximately PEN1283 (USD387).
57.
The SUNAT is required by law to retain all information submitted
to it for a period of 30years. The SUNAT then makes a determination of
whether information is permanent or temporary. Information deemed to have
permanent value is transferred to the General Archive of the Nation, while
information determined to be of temporary value is destroyed upon the
expiration of the 30year period (precisely, at 29years and 11months).
9.
In 2016 one taxpayer unit (UIT) was equal to PEN3950 (approximately

USD1179).
Superintendence of Banks, Insurers and Private Pension Fund

Administrators
58.
The requirements of the Peruvian Penal Law against MoneyLaundering (Ley Penal contra el Lavado de Activos) (AML Law) adds yet
another layer of requirements to maintain ownership information on the
clients of entities performing regulated activities. The SBS is the primary
anti-money laundering supervisory body in Peru. By Law 29038 (July, 2007),
the Financial Intelligence Unit of Peru (UIF-Peru) was incorporated to the
SBS with the task of receiving, analysing, processing, and transmitting relevant information in order to detect money-laundering.
59.
The scope of the AML regime extends to all financial entities carrying out business in the financial sector as well as to designated non-financial
businesses or professions (DNFBPs). In Peru, DNFBPs subject to the AML
regime include, inter alia, public notaries, persons involved in the buying
and selling of currencies, antiquities dealers, sellers of jewellery and precious
stones and metals, dispatchers of import/export businesses, and companies or
individuals who receive donations or contributions from third parties (art.10
Law 526 of 1999). Lawyers and accountants are not obligated persons under
Perus AML framework, although Peru notes its intention to develop legislation categorising them as DNFBPs.
60.
Pursuant to articles16 and 17 of the Law of the Financial System, the
following activities and entities require prior authorisation from the SBS for
their operation and are subject to the oversight of the SBS:

Financial institutions (such as bank companies, financial companies,

municipal savings and loans banks, municipal loans banks, development entities for small and micro businesses, savings and loans
associations authorised to receive deposits from the public, and rural
savings and loans banks);
Specialised companies (such as real estate capitalisation companies, financial leasing companies, factoring companies, surety and
warranty companies, fiduciary services companies, and mortgage
management companies);
Investment banks;
Insurance companies; and
Companies providing complementary and related services (such as

general warehouse storage companies, cash transportation, custody
and administration companies, credit and/or debit card issuing companies, money transfer companies, and specialised e-money issuers
(companies whose purpose is to issue electronic money)).

61.
In addition to the requirements under the Companies Law and Tax
Code, companies performing regulated activities in the financial sector (such
as those enumerated above) are also subject to the requirements to submit
ownership and identity information pursuant to their regulation to the SBS.
Pursuant to article3 of SBS Resolution No.10440-2008, entities belonging to
this category must provide identity information on shareholders and organisers (being individuals or legal entities bound to provide capital to the pension
fund with at least 4% of the companys share capital and who are responsible
to the SBS for the organisation and operation of the company).
62.
In the case of private pension fund administrators (AFPs), Title II
of the Compendium of Superintendence provisions regulating the Private
Pension Funds Administration System (approved by Resolution No.05498-EF/SAFP), governs the type of information that must be submitted by an
AFP, including, among others, the identity information of its organisers. Such
identity information includes the name, number of identification document,
nationality, address, profession and stake in the share capital. Organisers that
are legal entities will also be required to submit their registration number in
the RUC, certificate of registration with SUNARP, and the names, identification numbers, nationalities and addresses of legal representatives.
63.
Further, pursuant to articles56 and 57 of the Law of the Financial
System, all transfers of shares by companies which they regulate must also be
registered with the SBS. Transfers of shares above 10% of the companys share
capital to a single party or of any percentage of shares belonging to the companys organisers will require pre-authorisation by the SBS. Any individual
or legal person who acquires shares in a company, directly or indirectly, in the
amount of 1% of the capital over the course of 12months, or whose combined
purchases reach a participation of 3% or higher, is required to provide the SBS
with information on its economic activities, asset structures, and names of
shareholders, in the case of companies incorporated outside of Peru issuing
bearer shares (art.50 Law No.26702). AFPs further have the obligation to
inform the SBS of cases where a portion of its shares have been acquired by
a non-resident company and must indicate the names of the shareholders of
the acquiring company (art.13-A Consolidated Text of the Law on the Private
Pension Fund Administration System). Pre-authorisation by SBS is required
where either a resident or non-resident wishes to acquire shares above 10% of
an AFP. Information held by the SBS is retained for ten years.
64.
Article183 of the Law of the Financial System requires that financial
institutions keep their books and documents for a period of not less than ten
years. Article375 requires that documents must be kept for the duration of
an operation and at least ten years from the financing of the transaction. If
within that period any legal action is instituted against the financial entity,
the relevant records and documents must be preserved for the duration of the
legal action.
65.
Non-compliance with record-keeping obligations is considered a
serious offence under the Law of the Financial System and is punishable as
such under CONASEV Resolution No.055-2001-EF/94.10 (Annex5) (the
Sanctions Regulations) (approved by SBS Resolution No.816-2005) (see sectionA.1.6 below on enforcement for a list of penalties for serious offences).
The SBS may further impose sanctions in the form of suspension of shareholder rights (art.2.10 Sanctions Regulation). Failure to submit the required
information upon request by the SBS is also an offence, the penalty for which
may entail suspension of the shareholders rights (including the right to vote
and participate in profits) (art.50 Law No.26702).
The Securities Market Superintendence

66.
Any joint stock company can register its shares with the Securities
Market Superintendence and list them on the stock exchange. Additionally,
any legal person that fulfils the requirements established by the Securities
Market Law may register any other security under the Securities Market Law.
Publicly traded companies are required to be registered in the Public Registry
of the Securities Market and come under the supervision of the Securities
Market Superintendence (arts.252 and 253 Companies Law), the government
agency in charge of the supervision of public offerings and corresponding
issuers. As a public offering, the registration of securities is also supervised
by the Securities Market Superintendence. As of August 2016, there were
275publicly traded companies operating in Peru under the supervision of the
Securities Market Superintendence.
67.
Prior to being listed on the stock exchange, a company must submit
its list of shareholders with more than 5% participation in the share capital, indicating the percentage of holdings by type of share to the Securities
Market Superintendencs (Appendix 6 of the Rules of Registration and
Exclusion of Securities with the Public Registry of Securities Market and
the Stock Exchange (SMV Resolution No.031-2012-SMV-01)). After registration, this information is publicly available on the Securities Market
Superintendence website. All legal entities with shares listed on the stock
exchange must also submit to the Securities Market Superintendence a list of
shareholders with voting rights of more than 0.5%, indicating the percentage
owned by each, within the first 15 calendar days after registration and subsequently, within the first 15 calendar days following the month in which any
change occurs (art.12 of the Rules of Indirect Ownership, Relationship and
Economic Groups (SMV Resolution No.019-2015-SMV-01)).

68.
Pursuant to the same rule, foreign companies with shares registered
on the stock exchange of their country of incorporation that intend to participate in the Peruvian securities market must also submit the above lists to the
Securities Market Superintendence. Securities Market Superintendence As
with domestic companies, the list of shareholders with more than a 5% stake in
the share capital is publicly accessible. The Securities Market Superintendence
can impose sanctions for non-compliance with the aforementioned obligations. Issuers or legal persons under the supervision of the Securities
Market Superintendence who fail to submit the requisite information are
subject to a reprimand or a fine between 1 and 25 UITs, or PEN3850-96250
(USD1160-29000) (art.3.1 Sanctions Regulation)). Failure to keep updated
books or records is also punishable under article2.10 of the Sanctions
Regulation (see sectionA.1.6 on enforcement below for specific penalties).
Company ownership and identity information required to be held by

companies
69.
Both SAs and SRLs are required to maintain ownership information.
Article92 of the Companies Law provides that all companies are required
to maintain a share register detailing the creation of shares as well as the
transfers of shares, share exchanges and stock splits and the imposition of
duties and taxes on them, limitations on the transfers of shares, and agreements between shareholders and third parties relating to the exercise of rights
attached to shares. A person is not considered an owner of a share or shares
until such ownership is registered in the share register (art.92 Companies
Law). Where the holding of shares is disputed, the individual registered in
the shareholder register will be deemed the lawful holder of the shares unless
otherwise stipulated by a court order (art.91 Companies Law).The manager of
the company is responsible for maintaining the shareholder register and failure to do so could result in his or her removal from office. Failure to maintain
the shareholder register during the prescribed period for taxes constitutes an
offence punishable with a fine of 0.3% of the companys annual net income,
but not less than 10% of UIT nor more than 12 UITs, or PEN385-46200
(USD116-13920) (art.175Tax Code).
Foreign Companies
70.
Pursuant to articles394 and 403 of the Companies Law, a company
incorporated and domiciled (resident) abroad, when carrying out activities
in Peru may either re-incorporate as a Peruvian company, establish a branch
in the country or operate as a permanent establishment of the foreign company in Peru. Foreign companies that choose to re-incorporate in Peru are
subsequently considered domiciled in Peru for tax purposes and are taxed on
their worldwide income. Previously, to establish a branch in Peru or operate
as a permanent establishment, at the time of registration with the SUNARP,

the foreign company was required to submit: (i)a certificate showing that
the main company is still in existence in its country of origin, (ii)a copy of
the articles of incorporation and by-laws or of the equivalent instruments in
the country of origin, and (iii)the agreement to establish the branch in Peru,
including information, such as branchs place of domicile and the appointment of at least one permanent legal representative in Peru. Thus unless
ownership information was required to be contained in the foreign companys
articles of incorporation in its country of origin, no ownership information
would be submitted upon registration.
71.
On 24July 2016, Peru issued Resolution No.178-2016/SUNAT establishing requirements for branches and permanent establishments of foreign
companies to register in the RUC. Information that must be submitted includes,
inter alia, type and number of identification document (for non-domiciled legal
persons, individuals or entities, this refers to the tax identification number of
country of incorporation, or country of residence, if different), full names and
details of members or partners, company name (where applicable), and percentage of shares held. Resolution No.178-2016/SUNAT also requires that changes
must be notified to the SUNAT within the first ten days in the month following
the change. Failure to do so is punishable by a fine of 50% of a UIT (art.173(2)
Tax Code).
72.
In accordance with article18 of the Regulation for Constitution,
Reorganisation and Establishment of Enterprises and Representatives of the
Financial and Insurance Systems (approved by SBS Resolution No.104402008), foreign companies belonging to the financial and insurance systems
must first obtain authorisation from the SBS before establishing a branch in
Peru. In those instances, the SBS may request the list of shareholders with
greater than 4% participation in the companys share capital. Article394 of
the Companies Law provides that any company incorporated and domiciled
abroad can settle in Peru and maintain its legal personality, if not prohibited
by the law in the companys home jurisdiction.
73.
Pursuant to Resolution No.178-2016/SUNAT, foreign companies
that have a sufficient nexus to Peru, such as those with permanent establishments in Peru (e.g.a place of effective management or administration
or other offices in Peru) or those that have established branches in Peru,
are considered domiciled for tax purposes and must register in the RUC to
obtain a RUC Number before starting their economic activity (see also art.2
Legislative Decree No.943).Peruvian branches and permanent establishments
are also required to file annual tax returns for Peruvian-sourced income
(art.79 Income Tax Law) and must also provide updated ownership information in the annual return. Further, any changes to partners or members have
to be notified to the SUNAT by the tenth day of the month following the

change. Resolution 178 also provides for a transitory provision whereby all
foreign companies already registered with the SUNAT has to provide this
information by 31May 2017. The penalty for not complying with this legal
requirement is 50% of a UIT (art.173(2) Tax Code). As of August 2016,
2567foreign companies were registered with the SUNAT.
74.
According to article394 of the Companies Law, a company incorporated and domiciled abroad can also re-constitute as a Peruvian company.
To do this, a foreign company must deregister from the foreign registry and
re-register with SUNARP in the corporate form that it wishes to take. As
of August 2016, 482foreign companies initially incorporated abroad have
re-incorporated under Peruvian law. Article135 of the Companies Registry
Regulations requires that the public deed of foreign companies wishing to
re-incorporate under Peruvian law be notarised and include their social pact
and the articles of association containing, inter alia, identity information on
their owners. From the date a foreign company registers its public deed with
SUNARP, it has six months to present a document attesting to the cancellation of its registration abroad. Therefore, in those cases where foreign
companies already registered in Peru decide to re-incorporate as domestic
companies, shareholder information will also be available in the public deed
as maintained by the notary and also with the SUNARP.
75.
A branch of a foreign company wishing to bid on public contracts
must also register in the National Register of Providers (Registro Nacional
del Proveedores del Estado (RNP) in accordance with article238 of the
Rules of the Law on Government Procurement, approved by Supreme Decree
No.350-2015-EF.10 To register in the RNP, a foreign company must have
been incorporated in its home jurisdiction in a manner that is in accordance
with the Consolidated Text of Administrative Procedures of the Supervising
Agency of the Government Procurement (Organismo Supervisor de las
Contrataciones del Estado) (OSCE). The foreign company must also present
a copy of its public deed or official letter issued by a registration authority demonstrating registration in its home jurisdiction to the OSCE. This
document must certify information on the owners of the company (including
shareholder information and their participation in share capital).
76.
In the event that information on distribution of shares cannot be
provided in the certifying document, the foreign company must show a
Shareholder register or similar document containing such information. Within
ten days following the end of each month, foreign companies must inform
the OSCE of any changes to partners, shareholders, participants or owners
or to distribution of shares. Registration in the RNP must be renewed on an
10.
A similar registration requirement exists for domestic companies although not

considered above in the section on companies incorporated under Peruvian law.
annual basis. Upon each application for renewal, a foreign company must
submit information on their shareholders, partners, and participants or owners.
Failure to comply with the aforementioned registration provisions will render a
company ineligible to participate in public procurement processes (Regulation
of the Government Procurement Law, approved by Supreme Decree No.3502015-EF). Foreign companies wishing to contract with public sector entities
must be registered with SUNAT. In the last three years (2013-15), 1285foreign companies bid on public contracts in Peru (369 in 2013, 432 in 2014, and
484 in 2015).
77.
Foreign companies wishing to participate in the Peruvian stock
market are subject to the same provisions of the Securities Market Law, regulated by the Securities Market Superintendence, as are in place for publicly
listed domestic companies as described above. Currently, 18foreign companies are listed on the Peruvian Stock Market.
78.
Under the Offences and Penalties Regulations Concerning the
Prevention of Money Laundering and Terrorist Financing (approved by
SBS Resolution No.8930-2012), service providers who have not carried out
the minimum customer due diligence in identifying their clients and who
have not recorded the necessary information in the public deed commit
an offence. Under article40 of the Offences and Penalties Regulation, it
is considered a serious breach to not make the assessment, identification
and categorisation, at least once a year, of money laundering and terrorist
financing risks, according to current regulations. Under article17 of the
Regulation, serious breaches are punishable with a fine of between half and
6 UITs for natural persons and between 2 and 20 UITs (PEN7700-77000
or USD2320-23200) in the case of legal persons. This rule equally applies
to public notaries, who are also required to undertake the minimum level of
Know-Your-Customer measures and due diligence.
Nominees
79.
Where a legal owner acts on behalf of another person as a nominee
or under a similar arrangement, information on the true or beneficial owner,
as well as other persons in an ownership chain, should be available to a jurisdictions competent authority to the extent that such information is held by
the jurisdictions authorities or is within the possession or control of persons
within the jurisdictions territorial jurisdiction.
80.
The Peruvian legal system, which is based on civil law, does not
recognise the concept of nominee shareholding and the distinction between
legal and beneficial ownership. Where a person purports to hold property for
the benefit of a third person, that third person would have no rights under

Peruvian law to claim the property. Further, as discussed in sectionA.1.2
below, all shares must be nominal.
81.
Article1790 of the Civil Code establishes provisions for mandato,
by which an agent (mandatario) is obliged to perform one or more legal
acts on behalf, and in the interest, of a principal (the mandante). However,
the concept of mandatario is different from the idea of nominee ownership.
Specifically, a mandatario is not the legal or beneficial owner of shares (and
in fact never takes ownership, legal or otherwise, of any assets covered by the
mandato arrangement), nor does his/her name appear on the stock register.
Nevertheless, pursuant to article2036 of the Civil Code, all mandatos must
be registered with the SUNARP. At the time of registration, the public deed
authorising the mandato to act as such must be provided and within this deed
all details of the mandate and mandatario are detailed.
Conclusion
82.
All companies incorporated in Peru are required to keep an updated
shareholder register. Further, all companies chargeable to tax must register
with SUNAT and are subject to annual filing requirements in respect of
updated ownership information to meet their tax obligations under the Tax
Code. Foreign companies carrying on business in Peru may do so either via
a branch, a permanent establishment or by re-incorporating as a Peruvian
company. In all of those cases, the foreign companies are required to register
with both the SUNARP and the SUNAT. At the time of registration with the
SUNAT, foreign companies must provide ownership information and updated
ownership information is also required in their annual tax returns. Finally,
while Peru does not recognise the concept of nominee ownership, it does
have legal provision for the operation of a mandato relationship which will
act as an agent for another legal person, of which ownership information is
available in all cases.
Bearer shares (ToRA.1.2)

83.
Pursuant to article149 of Supreme Decree No.287-68-HC, bearer
shares have been officially prohibited in Peru since 1968. Supreme Decree
N 287-68-HC also established a procedure to convert existing bearer shares
into nominative shares. Decree No.21604 (issued on 1September 1976)
complemented Decree No.287-68-HC by requiring unconverted bearer
shares to be cancelled by issuing companies, which would in turn issue new
shares of equal value of the cancelled shares, represented by a single certificate on behalf of the issuer, to be registered and offered for sale on the stock
exchange. Under article3 of Decree No.21604, all companies with share
capital, including limited partnerships by shares, had six months from the
enactment of the Decree to complete the conversion process for all bearer
shares. No bearer shares after this time would have legal recognition in Peru.
The conversion process was thus concluded in early 1977.
84.
The abolition of bearer shares in Peru is further confirmed by article45 of Decision 024/1970 of the Andean Community, which mandates that
all shares must be nominal. As discussed above, decisions of the Andean
Community have the force of law in Peru.
Partnerships (ToRA.1.3)
85.
Under Peruvian law, partnerships have legal personality and come
under the same provisions of the Companies Law as are applicable to companies. As such, partnerships are subject to the same incorporation and
registration rules. The Companies Law provides for two types of partnerships, which are as follows:

General Partnership (Sociedad Colectiva or Collective Society):

A general partnership is a legal person governed by private law. In
a general partnership, all partners are jointly and severally liable for
the obligations of the partnership. All partners have unlimited liability to third parties (although partners may choose to exercise the right
of excussio, whereby one partner guarantees to act as the principle
debtor. As of June 2016, 3564general partnerships were registered
with SUNARP. Of these, 11 were registered with SUNAT.
Limited Liability Partnership (Sociedad de Comandita Simple):

Unlike a general partnership, a limited liability partnership has two
classes of members, one that is jointly and severally liable for the
obligations of the company (general partner) and one that is liable for
the obligations of the company only to the extent of its contribution
to the capital (limited partner). General partners are responsible for
the management of the company. Should a limited partner assume
management responsibilities, however, that partner would acquire the
status of a general partner.
Limited liability partnerships may take one of two forms: simple or
by shares. In a simple limited liability partnership, a limited partner
receives no title for his contributions to the company. The capital
of partnerships is represented by participations, the transfers of
which are registrable acts (discussed below), unlike the transfers
of shares (as discussed above in sectionA.1.1). A limited liability
partnership by shares comes under the provisions of the Companies
Law applicable to joint stock companies (SAs). The total amount
of the capital is divided into shares and can belong to the general
or limited partners. As of June 2016, 3136 simple limited liability

partnerships and 30limited liability partnerships by shares were
registered with SUNARP ; 14limited liability partnerships (of which
only one is active) and 94limited liability partnerships by shares (of
which 26 are listed as active) were registered with the SUNAT. The
discrepancy between the numbers of partnerships registered with
SUNARP and SUNAT is an issue that should be examined in Perus
EOIR review.
Ownership and identity information required to be provided to

government authorities
86.
As a general rule, partnerships formed in Peru must be registered
in the public registry of companies (SUNARP), with the SUNAT, and in a
notary publics archives. The registration of a Limited Liability Partnership
before SUNAT requires the certified copy of the commercial registration issued by SUNARP, according to the provisions of the Procedure 4 of
Annex1 of the Superintendence Resolution No.210-2004/SUNAT. All partnerships are also required to file annual tax returns with SUNAT.
The Superintendence of Public Registries and Notaries

87.
To register in the public registry, a partnership must file the deed
or social pact, containing identity information on its founding partners,
first before a public notary and then with SUNARP. Where the founders
are natural persons, the social pact must contain his/her full name, address,
marital status, and spouses name (if applicable). Where a founder is a legal
person, the social pact must contain its corporate name, place of incorporation, address, the name of the person who represents the legal person and an
attestation of such representation (art.54 Companies Law). The social pact
must also contain the contributions of each partner and the share capital and
how it is divided (where applicable). Transfers of participations must be registered in the public deed before a notary and with SUNARP (article No.3
of Resolution No.200-2001-SUNARP-SN). Further, pursuant to article271
of the Companies Law, in the event of transfers of participations in either a
general or limited liability partnership, this requires formalisation by public
deed before a notary and the updated information is also required to be provided to the SUNARP.
88.
As with companies, failure to properly register with SUNARP in
accordance with the provisions of the Companies Law will result in a partnership acquiring irregular status. Irregular status may be acquired under the
following circumstances: (i)the public deed of formation was not filed before
a notary public with 60days of signing the social pact, (ii)the public deed
was not granted before a notary public within thirty days after the assembly
at which the signatories to the deed were appointed, (iii) the partnership
was not registered in the public registry within 30days of the public deed
being granted, (iv)the partnerships registration was rejected by SUNARP,
(v) where the partnership was transformed without observing the provisions of the Companies Law, or (vi)when activity continues despite having
incurred grounds for dissolution under the Companies Law.
The Tax Authority

89.
As with companies, partnerships are required to register in the RUC
as maintained by the SUNAT. To register in the RUC, partnerships must
submit a copy of the certificate of registration with SUNARP and Form 2054,
which requires identity information on partners, as well as the percentage
share and date of acquisition of all participants. Following registration with
the SUNAT, the partnership will obtain a tax identification number, which
will be used in all future correspondence with the SUNAT (Annex1 of
Superintendence Resolution No.210-2004/SUNAT).
90.
Failure to register in the RUC is an offence punishable with a fine
of UIT1 or confiscation of property or temporary custody of vehicles as
appropriate.
91.
Changes that must be registered with the SUNAT include any
changes of partners or participants, as well as issuances, transfers or cancellations of participations. Actions taken with respect to participations must
be communicated to the SUNAT within one month by filing Virtual Form
1605 (please see sectionA.1 regarding information held by tax authorities in
section on companies for a detailed list of the type of information required
in this form).
92.
Failure to update information contained in the RUC with the SUNAT
is an offence punishable with a penalty of half a UIT or confiscation of property. Failure to provide documentation on changes in participations within
the deadline is punishable by a fine of up to 30% of the UIT (approximately
PEN1283 or USD387).
93.
Under article79 of the Income Tax Law, all partnerships (regardless of whether they generate taxable income) are required to file an annual
tax return. Among the information to be provided in this tax return for each
partner is: full name or company name (in the case of a legal person), date
of birth, type and number of identity document (in the case of individuals),
country of residence, percentage of ownership and date from which the
person became a partner.
Ownership and identity information required to be held by the

partnership
94.
All partnerships must maintain information on their partners (arts.91
and 92 Companies Law). Partnerships limited by shares are required to maintain such identity information in shareholder registers. All other partnerships
are required to maintain this information in their minutes books. As with
companies, partnerships are also required to document any issuances, transfers or cancellations of shares (art.92 Companies Law).
Foreign partnerships
95.
As partnerships are treated as companies under the Companies Law,
Peruvian authorities have reported that foreign partnerships would have the
same treatment as foreign companies. Foreign partnerships establishing a
branch in Peru would thus be subject to the same registration requirements
with SUNARP and the SUNAT as foreign companies. Further, as with foreign companies, foreign partnerships are liable to withholding tax if they
have Peruvian-sourced income.
Conclusion
96.
Comprehensive obligations under the general Companies Law and
Peruvian tax law ensure the availability of ownership information concerning
domestic partnerships, either in the hands of public authorities (i.e.public notaries, SUNARP and SUNAT) or with the partnership itself. Partnerships must
submit a public deed including ownership and identity information on all partners
with a notary public as well as with SUNARP. All transfers of participations must
be registered in a public deed and with the SUNARP, as well as with the SUNAT.
Further, Partnerships with taxable income must file ownership information annually with SUNAT. Foreign partnerships, on the other hand, may not be required
to submit ownership information to a public authority in every case.
Trusts (ToRA.1.4)
97.
The concept of trust does not exist under Peruvian law, and Peru
has not signed The Hague Convention of 1July 1985 on the Law Applicable
to Trusts and on their Recognition. There is, however, no obstacle in Peruvian
domestic law that prevents a resident from acting as a trustee, or for a foreign
trust to invest or acquire assets in Peru.
98.
Peruvian law provides for the establishment of a fideicomiso
arrangement, which shares some common law trust-like features. The fideicomiso is governed by provisions of the Law of the Financial System and is
further regulated by Resolution 1010-1099 of the SBS.
Fideicomiso
99.
A fideicomiso operates as a contractual arrangement that has no
independent legal personality whereby a fideicomitente, being a legal or
natural person (settlor), transfers the ownership of an asset to a patrimonio
fideicometido, which is a separate arrangement administered by a fiduciario
(fiduciary) who will hold the property for the benefit of the fideicomisario
(beneficiary), being a third party (who can be either the settlor or another
person) (art.241 Law of the Financial System). The fiduciario holds a real
right (dominio fiduciario) to use, dispose of and recover the assets to achieve
the settlors purpose. Depending on the specific provisions of the act creating
the fideicomiso, the fiduciary property will either return to the settlor at the
time of the termination of the fideicomiso or the assets will be dispersed to
the beneficiaries.
100. Several types of fideicomisos can be created under the Law of
the Financial System, including fideicomisos to dispose of property from
deceased persons, charitable or cultural fideicomisos, and lifetime fideicomisos. Increasingly, fideicomisos are used in Peru for banking transactions
and project financing, such as to secure obligations in favour of a bank
or other third party. Fideicomisos are also often used as special purpose
vehicles in the securitisation of transactions (e.g.in the issuance of bonds).
The Securities Market Law governs the creation of a particular type of fideicomiso called Fideicomiso de Titulizacin (a securitisation fideicomiso)
designed for that purpose. Individuals are prohibited from acting as fiduciarios for domestic fideicomisos under both the Law of the Financial System
and the Securities Market Law. As of September 2016, there are 1608 fideicomisos under SBS supervision.
101. Pursuant to article242Law of the Financial System, only financial
entities supervised by the SBS are permitted to act as fiduciarios, and, they
must acquire prior authorisation from the SBS before entering into such an
arrangement. Article302 of the Securities Market Law further stipulates that
Fideicomisos de Titulizacin can be managed only by securitisation companies (a special category of companies regulated by the Securities Market
Superintendence created specifically to establish and administer the assets
of one or more Fideicomisos de Titulizacin). As securitisation companies
will also come under the provisions of the AML law, this ensures that full
ownership information on the parties to the Fideicomiso de Titulizacinwill
be made available. As of September 2016, there are 17 Fideicomisos de
Titulizacin and 8 securitisation companies in Peru.
102. The fideicomiso is established for the fulfilment of a specific purpose
that must be stated clearly in the contract. The patrimonio fideicometido,
which holds the assets, is not an entity but can exercise certain rights and is
subject to certain obligations, both of which are exercised and fulfilled by

the sociedad fiducaria who acts as administrator on behalf of the patrimonio
fideicometido. At such time as the purpose has been fulfilled, all assets held
by the patrimonio fideicometido are distributed either to the fideicomitenteor
the fideicomisario.
Ownership information provided to the government authorities

103. Pursuant to article246 of the Law of the Financial System, the fideicomiso arrangement must be in writing and is created by means of either
a public deed (before a notary) or through a will, which must identify the
assets and persons involved ( fideicomitente, fiduciario and fideicomisario). Further any changes in the fideicomiso such as in the assets held or
the parties to the arrangement must also be in writing and verified before
a notary. As a general rule, fideicomisos are not required to be registered
with any public authority. Registration with SUNARP, the Securities
Market Superintendence, and the SBS are optional, although to enforce the
fideicomiso against third parties, the fideicomiso must be registered with the
SUNARP. However, any securities issued as part of the securitisation process
to create a securitisation fideicomiso (Fideicomiso de Titulizacin) must be
registered with the Securities Market Superintendence in the case of public
offerings. According to article3 of Resolution No.316-2008 of the SUNARP,
registration in the public registry requires submission of the deed establishing
the fideicomiso before a public notary and to SUNARP. Any amendments to
the fiduciario or fideicomitente must also be recorded both in the deed and
these changes must also be submitted to the SUNARP.
Ownership information retained by the fideicomiso

104. As only financial entities can act as the fiduciario in a fideicomiso
arrangement (and companies regulated by the Securities Market Superintendence
in the case of securitisation trusts), they will come under the provisions of the
AML law whereby all financial institutions are obliged to identify all parties
to the fideicomiso arrangement and maintain this updated information for a
minimum period of five years from when the transaction was entered into
(see above sectionA.1 on Perus AML regulations). In the event of failure
to maintain such information, the AML regime provides for strict sanctions
that can be enforced (see sectionA.1.6 Enforcement below). Therefore, the
requirements of Perus AML regime ensure that full ownership information
on fideicomitentes, fiduciarios and fideicomisario of all fideicomiso arrangements is available in Peru.
105. The fideicomisario has no property right or right to benefit from
the property until the specific condition as established by the fideicomitente is met. Once the condition is met the full property is transferred to
the beneficiary without restrictions. When the property includes shares of

companies, the two transfers must be reported in the deed of the entity or its
shareholders ledger.
Tax Law
106. Fideicomisos are not taxable arrangements and, in general, are not
subject to income tax or VAT. Securitisation trusts, however, are considered
taxpayers for VAT purposes and are thus required to register with the SUNAT.
107. Provisions of the Law of the Financial System and the Securities
Market Law ensure the availability of ownership information at all stages
within the fideicomiso when the property transfers from the owner of the
assets at any given time; i.e.from the settlor to the trustee or the beneficiary.
Further, as the trustee must agree to carry out the arrangement as requested by
the fideicomitente, the fiduciario would necessarily have to know the identity
and retain ownership information of the fideicomitente and the fideicomisario.
Foreign Trusts
108. As Peru does not recognise the common law concept of trust,
Peruvian law does not contain any specific provisions dedicated to foreign
trusts with a link to Peru. The Law of the Financial System does not contain
any provisions relating to the formation of trusts with non-resident settlors
or beneficiaries or foreign assets managed by a Peruvian trustee. Peruvian
authorities advise, however, that the situation of a Peruvian resident acting as
trustee for a foreign trust has not yet arisen in Peru and is highly unlikely as
the concept of trusts does not exist in Peru.
109. Whilst to date, no foreign trusts have been established in Peru,
on 24July 2016, SUNAT issued Resolution No.177-2016 establishing the
obligation for a trustee domiciled in Peru to file an informative return (in
nature similar to an affidavit) regarding a trust created under foreign law.
This return will be required to be submitted to the SUNAT at the time that
the trustee commences acting as trustee for the foreign trust and any time
thereinafter when modifications to the trust, settlor(s) or beneficiaries occur
and shall contain information on the trust (such as date of creation, country
of origin, conditions and purpose) as well as on the settlor(s) and beneficiaries. In order to file such a return, the trustee must also first register in the
RUC. Resolution No.177-2016 will be applied to all persons acting as trustees
of foreign trusts as of 31December 2016. Peruvian officials advise that the
first informative returns will be due in February 2017 relating to information
as of 1January 2017. The effectiveness of the Peruvian law in dealing with
ownership information concerning trusts created under foreign law will be
examined during Perus EOIR review.
Conclusion
110. Peruvian law does not recognise trusts as defined under common
law; rather it provides for fideicomisos, or fiduciary arrangements akin to
trusts. Individuals are not permitted to manage trust assets; only legal persons (being an entity regulated by the SBS or in the case of securitisation
trusts, an entity regulated by the Securities Market Superintendence) may act
as fiduciarios. Fiduciarios of fideicomisos are required to maintain updated
identify information on settlors and beneficiaries pursuant to AML rules
and regulations and can be penalised for failure to provide such information
upon demand by the Financial Intelligence Unit (UIF) or the SBS. Pursuant
to Resolution No.178-2016/SUNAT, Peruvian residents administering trusts
formed under the laws of a foreign jurisdiction are required to submit to
SUNAT information on the particulars of the foreign trust as well as on the
settlor(s) and beneficiaries.
Foundations (ToRA.1.5)
111. The concept of a private foundation does not exist under the laws of
Peru. The Civil Code provides for the creation of public foundations operating on a non-profit basis and having exclusively one of the following public
interest objectives: cultural, research, charitable, religious, welfare, or possessing other social objectives (art.99 Civil Code). Having non-profit status,
foundations do not distribute profits to their members nor do they carry out
any commercial activities. Upon dissolution, their assets are disbursed to the
objective stated in their constitution whereby the assets will be applied for
another foundation that shares the same public interest objective (art.110,
Civil Code). Foundations are governed by the Civil Code, which states that
the act establishing the foundation, must contain identity information of the
founding member(s) (art.101, Civil Code). Foundations are required to register with the National Administrative Register of Foundations by submitting
to the Foundation Oversight Council, inter alia, the act of incorporation (or
the constitutive act of the foundation) detailing the names of all founding
members. In the case of a change to a member of the foundation, this change
and details of the new member must also be communicated to the National
Administrative Register of Foundations. Therefore, while legal provisions
exist to identify all parties to a foundation, given their status as non-profit
entities, Peruvian foundations are not considered entities of relevance under
the Terms of Reference.
Enforcement provisions to ensure availability of information

(ToRA.1.6)
112. Jurisdictions should have in place effective enforcement provisions
to ensure the availability of information. One possibility among others is to
possess sufficiently strong compulsory powers. This section of the report
assesses whether the provisions requiring the availability of information
with the public authorities or within the entities reviewed in SectionA.1 are
enforceable and failures are punishable.
Companies and Partnerships

113. All companies and partnerships are required to register with
SUNARP in order to have proper legal status. Failure to register in the
RUC is an offense punishable by a fine of 1 tax unit (UIT), which for 2016
was PEN3950 (approximately USD1179), and confiscation of property
as appropriate (art.173Tax Code).11 Publicly listed companies must also
register in the Public Securities Market Registry. Failure to submit the requisite information by issuers or legal persons under the Securities Market
Superintendences supervision is punishable by a reprimand or a fine not
less than between 1 and 25 UITs, or PEN3950-96250 (USD1179-29000)
(art.2.10 of Sanctions Regulation).
114. All companies are required to keep updated shareholder registers (or
minutes books containing information on shareholders). Failure to maintain
the shareholder register during the prescribed period for taxes constitutes an
offence punishable with a fine of 0.3% of the companys annual net income,
but not less than 10% of UIT nor more than 12 UITs, or PEN385-46200
(USD116-13920) (art.175(2) Tax Code). Failure to keep a shareholder register can result in a fine of up to 6% of annual net income. Non-compliance
with the obligation to provide or communicate information required for registration or failure to update records is punishable by a fine a 50% of UIT or
confiscation.
115. Legal entities under the supervision of the SBS have additional
obligations to maintain information on shareholders. Non-compliance with
record-keeping obligations set out under the Law of the Financial System
(as enforced by the SBS) is considered a serious offence by article10 of the
Sanctions Regulations (approved by SBS Resolution No.816-2005) and can
result in the following applicable penalties, inter alia: (i)between UIT20-100
11.
Applicable sanctions for the offences described in this section and throughout the
report are listed in Annex4.1 of the Tax Code in Table I, entitled Infractions and
Sanctions. Table1 lists the offense as described in the relevant article of the Tax
Code with the corresponding penalty.

in the case of legal persons; (ii)a fine of UIT3-50 in the case of natural persons; (iii)temporary suspension of registration by the SBS for up to 6months;
and, (iv)suspension of the director, manager or any other employee responsible for a period of between 3-10days.
116. Failure to submit information upon request by the SBS is also an
offence, the penalty for which may entail suspension of the shareholders
rights (including the right to vote and participate in profits) (art.50 Law of
the Financial System).
117. Certain changes must be registered with SUNAT in the RUC. These
changes include any changes of partners or participants, as well as issuances,
transfers or cancellations of shares. Actions taken with respect to shares must
be communicated to the SUNAT within the following month by filing Virtual
Form 1605. Failure to update information contained in the RUC is an offence
punishable with a penalty of half a UIT or confiscation of property (art.176(3)
Tax Code). Failure to provide documentation on share activities within the
deadline is punishable by a fine of up to 30% of the UIT, or approximately
PEN1283 (USD387) (art.176(2) Tax Code).
118. All companies and partnerships must be registered and file with
SUNAT and file an income tax return on an annual basis. The return must
contain: the full name of the company or partnership, the name of all shareholders and partners and (in the case of individuals) their date of birth, type and
number of identity document, country of residence, percentage of ownership
and date from which the person became a shareholder or partner. Failure to
file an annual return is punishable with a fine of UIT1 (art.176(2) Tax Code).
Trusts
119. Only in certain circumstances are trusts ( fideicomisos) required to
register with a public authority or supervisory body (see sectionA.1.4 on
trusts for more detailed information). Where a fideicomiso is required to register with the SBS and fails to do so, the applicable sanction is either a fine of
between UIT20-100 imposed on the fiduciario, temporary suspension of the
entry in the register (of up to 6months), suspension of the manager, director
or any other employee responsible for the default for 3-10days (arts.241 and
274 Law No.27602). This penalty is applicable to the failure to comply with
any record-keeping provisions, including those to submit updated ownership
information.
120. In the case of securitisation trusts, securities companies that provide
the service of a fiduciario in these cases and which fail to register with the
Public Registry of the Securities Market are subject to a penalty of between
UIT50-700, suspension of operating license for between 10-45days, or revocation of operating license of the security company. Breach of the fiduciary
duty to identify the settlor(s) and beneficiaries is a serious offence that carries
with it a fine of between UIT25-50 or suspension of the operating license for
up to 20days (art.2 AnnexXIX Sanctions Regulation).
121. With respect to securitisation fideicomisos (which are considered
taxpayers for VAT), failure to register with the SUNAT where required is a
violation punishable with a fine of UIT1 confiscation of property, as appropriate (art.172Tax Code). According to the Income Tax Law, the settlors and the
beneficiaries of securitisation fideicomisos are obliged to register with SUNAT
and file annual tax returns for their generated profits. Failure to file an annual
return where required is punishable by a fine of UIT1 (art.176(2) Tax Code).
Conclusion
122. Peru has sufficient enforcement provisions in place in its legal framework. Their effectiveness will be assessed as part of the next peer review.
Phase1 determination
The element is in place
A.2. Accounting records

Jurisdictions should ensure that reliable accounting records are kept for all
relevant entities and arrangements.
General requirements (ToRA.2.1)

123. The Terms of Reference sets out the standards for the maintenance
of reliable accounting records and the necessary accounting record retention
period. It provides that reliable accounting records should be kept for all relevant entities and arrangements. To be reliable, accounting records should:
(i)correctly explain all transactions; (ii)enable the financial position of the
entity or arrangement to be determined with reasonable accuracy at any time;
and (iii)allow financial statements to be prepared. Accounting records should
further include underlying documentation (such as invoices, contracts, etc.)
and need to be kept for a minimum of five years.
124. In Peru, general obligations to maintain accounting records can
be found in the General Law of the National System of Accounting and
Companies Law, which require businesses to keep records of transactions
in accordance with the principles adopted by the Accounting Standards
Board (art.16 General Law of the National System of Accouting). Detailed
obligations to maintain accounting records are further established by the
Commercial Code and Tax Code, as described below.
Commercial laws
125. The Commercial Code contains general accounting requirements for
all traders, defined as persons who are legally capable engage in regular
trade and do so (art.1 Commercial Code). Under article3 of the Commercial
Code a presumption of carrying on trade exists for any business whose primary
purpose is to carry on commercial transactions. Article33 of the Commercial
Code requires that individuals and companies conducting commercial transactions keep (i)an inventory and balance book, (ii)a journal, (iii)a ledger, and
(iv)other books ordered by laws. The inventory book must list: (i)all assets,
such as in the form of money, securities, credits, bills for collection, movables
and real estate property, goods and effects of all kinds, appreciated at their real
value and form; (ii)liabilities, such as in the form of debt and other pending
obligations; (iii)the balance between assets and liabilities (art.37 Commercial
Code). A detailed description of operations and transactions should be recorded
in the journal (or daybook) (art.38 Commercial Code). The Commercial
Code further requires that companies and businessmen engage the services of
qualified or certified accountants in keeping their books and records (art.35).
Article23 of the Companies Law also require that companies prepare financial
statements in accordance with generally accepted accounting principles.
Tax Law
126. All legal entities formed in Peru, as well as branches, agencies and
other permanent establishments of individuals or legal persons not domiciled
in Peru but having a sufficient nexus to Peru are subject to the Tax Code,
whose accounting record requirements are set out below.
127. Articles87(4) and (7) of the Tax Code provides that taxpayers must
keep books and accounting records required by the laws, regulations or
Superintendence Resolutions issued by the SUNAT. The Tax Code states that
taxpayers are to keep books and records, as well as documents and history
of operations or situations which constitute facts likely to generate tax obligations or which are related to them in line with the requirements laid out in
Superintendence Resolution No.234-2006/SUNAT.
128. In addition to the requirements set out under the Tax Code, article37 of the Value Added Tax Law also requires taxpayers subject to VAT
tax to keep accounting records in the form of a record of sales and income,
a purchase record and a log of all consignment transactions (art.37 VATA).
Taxpayers may keep such records in paper or electronic format. Books and
records relating to tax matters must be notarised (art.2.1 Superintendence
Resolution No.234-2006/SUNAT).Notaries are required to keep a log of
such authentications as a matter of public record (art.2.3 Superintendence
Resolution No.234-2006/SUNAT).
129. Accounting records must correctly explain all transactions and

reflect details of all expenses, as well as sales and purchases. For the purpose of maintaining adequate records under the Income Tax Law, books
and records that comprise accounting records include cash books and bank
statements, inventories and balance sheets, journals, ledgers, and registers
of purchases and sales and income (art.12.1 Superintendence Resolution
No.234-2006/SUNAT). Such books and records need to contain a minimum
of information, detailed information on transactions and operations (including nature of operation, method of payment, means of payment) (art.13.1
Superintendence Resolution No.234-2006/SUNAT).
130. Accounting records must also enable the financial position of the
company to be ascertained with reasonable truthfulness and accuracy and
reflect details of its assets and liabilities. Records must reflect, on a monthly
basis, a minimum of information on cash movements (such as credit and debit
balances) and revenues and expenses (art.13 Superintendence Resolution
No.234-2006/SUNAT). Companies earning over a certain threshold will
further be required to maintain inventories on tangible and intangible assets
(arts.12 and 13 Superintendence Resolution No.234-2006/SUNAT).
131. Companies with annual income of up to 150 UITs (USD174000)
are required to keep records of purchases and sales, and a general journal of
simplified format (similar to a cash book). Companies with annual income
from UIT150-500 (USD174000-580000) are required to keep records of
purchases and sales, a journal, and a ledger. Companies with annual income
from UIT500-1700 (USD580000-1972000) are required to keep all of
the above as well as an inventory and balance sheet (containing details of
financial accounts and the companys financial position). Finally, companies
with annual income of more than UIT1700 (USD1972000) are required to
keep all of the above as well as books specifically prescribed by the Income
Tax Law, such as a book to record the withholding of income tax on payments
other than those to employees, a fixed asset register, permanent physical
inventory, permanent inventory valuation, or others.
Companies supervised by the SBS

132. In addition to the accounting requirements set out under the Tax
Code, financial companies supervised by the SBS must keep all accounting
records prescribed by the Income Tax Law as well as present their financial statements in accordance with the Accounting Manual for Financial
Institutions prepared by the SBS in line with International Financial
Reporting Standards. Pursuant to article349 of the Banking Law, the SBS
has the power to set general rules relating to the preparation, presentation
and publication of financial statements, as well as on the consolidation of
financial statements in line with the generally accepted accounting principles.

The financial institutions accounting manual requires that books and records
must correctly explain a companys transactions, enable a companys financial position to be determined with reasonable accuracy, and allow financial
statements to be prepared.
133. Finally, with respect to fideicomisos established under Peruvian law,
accounting obligations will depend on whether the fideicomiso comes under
the Law of the Financial System or the Securities Market Law. Pursuant
to article256 of the Law of the Financial System, fiduciarios must keep
an inventory book and accounting records, including balance sheets and
financial statements, updated at least every six months of each fideicomiso.
Accounting records must document the transactions of each fideicomiso
(art.14 Law of the Financial System). Additionally, fiduciarios must submit
accounting records and financial statements to the SBS on an annual basis
(art.256(6) Law of the Financial System and art.11 of SBS Resolution
No.1010-99). The Law of the Financial System requires fiduciarios to
maintain authenticated accounting records separately for each fideicomiso
managed. Failure to maintain the required information is a serious offence
punishable under the Sanctions Regulation approved by SBS Resolution
No.816-2005 by a fine of 20-100 UITs in the case of a legal person and suspension of director, manager or any other employee responsible for between
three to ten days. It is also noted that the accounting records that must be
maintained by the fiduciario in respect of the fideicomiso are required to be
in accordance with the accounting record requirements set out under the Tax
Code (art.273 Law of the Financial System).
134. Fideicomisos de de titulizacin are taxable for VAT purposes and
are therefore subject to the VAT accounting and record keeping obligations,
which require the maintenance of a record of sales, a purchase record and
a record of appropriations. In addition to the applicable tax provisions, the
Securities Market Superintendence also sets accounting standards for entities
under its supervision. Securitisation companies administering fideicomisos
de de titulizacin do not have specific accounting obligations under the
Securities Market Law and therefore apply general accounting principles;
however, article306 of the Securities Market Law empowers the Securities
Market Superintendence to approve additional requirements for the preparation of financial statements by a corporation administering a fideicomiso
under the Securities Market Law. Securitisation companies that fail to maintain accounting records as required by law are subject to a fine of between
UIT25-50, or PEN98750-197500 (USD30107-60214) (Appendix V of the
Rules of Sanctions (CONASEV Resolution No.055-2001-EF-94.10)).
135. Securitisation companies are responsible for the preparation of the
relevant financial statements of each of the fideicomisos de titulizacin
they manage. Securitisation companies that fail to maintain accounting
records as required by securities market regulation are subject to a fine of

between UIT25-50, or PEN98750-197500 (USD30107-60214) in accordance with Appendix V of the Rules of Sanctions (CONASEV Resolution
No.055-2001-EF-94.10).
Underlying documentation (ToRA.2.2)

136. Articles87(4) and (7) of the Tax Code sets out the requirements for
the accounting information, that must be maintained by entities subject to the
Tax Code. In particular, article87(11) sets out that the taxpayer must maintain
proof of payment, payment receipts, copies of contracts and invoices and all
documents supporting costs or expenses. Further, article87(11) sets out that
accounting records must support the possession of goods with [] invoices,
purchase receipts and any other document provided to support possession.
Therefore, the above specific obligations shall require the taxpayer to keep
underlying documentation of transactions (such as invoices, contracts, etc.)
in line with the international standard.
Document retention (ToRA.2.3)

Commercial Code
137. The Commercial Code requires that all traders keep their books
and records for up to five years after liquidation of their business (art.49)
although no penalties are set out for failure to do so. Underlying documentation may be destroyed after a period of ten years except where an ongoing
issue requires their preservation.
Tax Code
138. The Tax Code sets out minimum retention periods for maintaining all
documents, including accounting information. In particular, Article43 of the
Tax Code requires that all entities keep accounting records for four years if
the taxpayer filed a tax return, six years if he or she failed to file a tax return,
and ten years if the taxpayer failed to pay a withholding tax.
139. Peruvian officials advise that, pursuant to the statutory timeframe, a
retention period of four years results in records being maintained for between
five and six years from the time of the taxable event, depending on when it
occurred. The retention period is calculated as starting from 1January of
the year following the deadline for the respective annual return (art.44Tax
Code). In Peru, the fiscal year runs from 1January through 31December
and tax returns for the accrued income generated during the fiscal year must
be filed by 31March of the following year, so income generated in Year 1

will be filed by 31March of Year2. The retention period will then begin to
run on January first of the following year (Year 3). Therefore, all accounting
documents generated in Year 1 will have to be maintained four years from
the date of the filing of the income tax return in Year 3. For example, income
accrued in 2009 must be filed in an annual return in March 2010. The retention period will then begin to run starting from January 2011. A four year
retention period commencing from 1January 2011 will expire on 1January
2015. Therefore, even records pertaining to income generated in December
2009 will have to be kept for a minimum of five years.
140. Further, under certain circumstances where the retention period is
interrupted, the period for retention period may also in fact be longer than
that stipulated in article43. Interruption of the prescribed retention period
takes place, inter alia, in the instance of a refund request, a tax inspection, instalment request or partial payment of debt (art.45, Tax Code). The
retention period is suspended, for instance, in the case of tax litigation or
contentious tax proceedings, so in some instances, the retention period will
be lengthened even further (art.46Tax Code).
141. Under article175 of the Tax Code, failure to keep proper accounting
books and records is an infringement punishable by a fine of 0.6% of annual
net income (art.175(1) Tax Code).
SBS
142. Companies that fall into the category of financial companies (under
the supervision of the SBS) must keep their books and documents for a period
of ten years and management and investment funds under the supervision of
the Securities Market Superintendence must keep records (including supporting documentation) for not less than ten years. Failure to comply with
these obligations is considered a serious offence and is punishable with a fine
of between 20-100 UITs in the case of legal persons and a fine of between
3-50 UITs in the case of individuals, as well as suspension of a director,
manager or any other responsible employee for between 3 and 10days (art.10
Sanctions Regulation approved by Resolution No.816-2005).
Conclusion
143. Both tax and commercial laws in Peru require that companies maintain reliable accounting records, including underlying documents in a manner
consistent with the international standard. Commercial law requires that
accounting records be kept for up to five years after liquidation of a business.
Further, in practice, the Tax Code requires that accounting records are maintained for a minimum of five years in line with the standard.
Determination and factors underlying recommendations

A.3. Banking information

Banking information should be available for all account-holders.
Record-keeping requirements (ToRA.3.1)

144. Banking information should be available for all account-holders and
should include all records pertaining to the accounts as well as to related
financial and transactional information.
145. All financial entities in Peru are subject to the regulatory requirements
of the SBS, including those prescribed regarding customer identification and
record-keeping. The Law of the Financial System requires financial entities
to take reliable means to verify the identity, representation, domicile, legal
capacity, occupation, and corporate purpose of their customers. Pursuant
to article375(2), financial entities are required to record and verify by reliable means, the identity, representation, domicile, legal capacity, occupation
and corporate purpose of persons, whether they are habitual or occasional
customers, via the presentation of documents (such as national identity cards,
passports, birth certificates, drivers license, social contracts and or other
corporate documents, or any other official or private documents). This verification is to be performed when establishing business relations (especially
the opening of new accounts), granting saving books, entering into fiduciary
transactions, renting of safe deposit boxes or performing cash transactions
above a certain amount in accordance with the provisions of the SBS.
146. Financial entities are required to conduct sufficient customer due
diligence to identify their clients as well as ultimate beneficiaries (art.27 until
32 AML Regulation approved by SBS Resolution No.2660-2015). Documents
supporting the identification process are required to be maintained and kept up
to date. In the course of carrying out due diligence, SBS Resolution No.26602015 (SBS Rulebook) requires financial entities to collect and maintain the
following information from their clients: full names and mothers maiden
name, identification document type and number, nationality and residence,
address and contact information, identity of legal representatives and holders
of power of attorney, amongst other relevant information. Further, the following information is required from institutional clients: company name, taxpayer
number, corporate objective, identity of shareholders and associates who own
more than 25% of the companys capital, information on related legal persons,

and address and contact information of the main office, among other relevant
information. Due diligence is required to be carried out on an ongoing basis
and can be carried out using a risk-based approach.
147. Financial companies are prohibited from keeping anonymous
accounts or accounts under fictitious names (article375(1)). Where the financial institution believes that a client is not acting in his or her own benefit,
it must take reasonable measures to identify the person on whose behalf
the client is acting (article375(3)). Financial entities are required to keep
such records throughout the period of operation and at least ten years after
the financing of a transaction (article375(4)). Identity registries of clients,
account files and commercial correspondence must be kept at least ten years
after an account has been closed (article375(5)).
148. Furthermore, Article15 of Resolution 5860-2009 as issued by the
SBS states that among the documents that financial entities are required to
keep for at least ten years are the details of all banking transactions including
the identity of all persons involved in the banking transactions.
Conclusion
149. The customer identification obligations and record keeping obligations
set out under the Law of the Financial System require banking information in
line with the standard to be available in Peru for all transactions by all account
holders.
The element is in place.
Compliance with the Standards: Access to information 53
B. Access to information
Overview
150. A variety of information may be needed in a tax enquiry and jurisdictions should have the authority to obtain all such information. This includes
information held by banks and other financial institutions as well as information concerning the ownership of companies or the identity of interest holders in
other persons or entities, such as partnerships and trusts, as well as accounting
information in respect of all such entities. This section of the report examines
whether Perus legal and regulatory framework gives the authorities access
powers that cover the right types of persons and information and whether rights
and safeguards would be compatible with effective exchange of information.
151. As regards requests and provision of information, the competent
authority under Perus TIEAs is the Superintendent of the SUNAT. In the
case of its DTCs and the Andean Community Directive the competent authority is the Minister of the Economy and Finance who delegates this role to his
authorised representative being the Superintendent of the SUNAT.
152. The SUNAT has significant information resources at its disposal,
including ownership, identity, and accounting information. Further, the
SUNAT has broad access powers under the Tax Code to obtain all types
of ownership, accounting and banking information not already in its own
databases. In order to obtain passive banking transaction information
(information related to the bank holders bank account (i.e.savings accounts,
checking accounts, deposits, bank certificates, etc.), the SUNAT is required
to obtain a court order to access this information directly from the bank and
in total the process of accessing information directly from the financial institution usually takes 10 to 15 working days.
153. In regards to secrecy provisions, it is noted that while the attorneyclient privilege set out in Perus domestic legislation is found to be in line
with the standard, the extent of secrecy provisions as they apply to other professions may impede the access to information. While generally, professional
secrecy should not impede access to information, a recommendation for Peru
54 Compliance with the Standards: Access to information

to clarify the extent of professional secrecy has been made. ElementB.1 was
found to be in place.
154. Application of rights and safeguards in Peru do not restrict the scope
of information that the SUNAT can obtain and there are no notification procedures in Peru. Therefore, elementB.2 was found to be in place.
B.1. Competent Authoritys ability to obtain and provide information

Competent authorities should have the power to obtain and provide information that is the
subject of a request under an exchange of information arrangement from any person within
their territorial jurisdiction who is in possession or control of such information (irrespective
of any legal obligation on such person to maintain the secrecy of the information).
155. Competent authorities should have the power to obtain and provide
information held by banks, other financial institutions, and any person acting
in an agency or fiduciary capacity including nominees and trustees, as well
as information regarding the ownership of companies, partnerships, trusts,
foundations, and other relevant entities including, to the extent that it is held
by the jurisdictions authorities or is within the possession or control of persons within the jurisdictions territorial jurisdiction, ownership information
on all such persons in an ownership chain.12 Competent authorities should
also have the power to obtain and provide accounting records for all relevant
entities and arrangements.13
156. As regards requests and provision of information, the competent authority under Perus TIEAs is the Superintendent of the National Superintendence
of Customs and Tax Administration (SUNAT, Superintendencia Nacional de
Aduanas y Administracin Tributaria). In the case of its DTCs and the Andean
Community Directive the competent authority is the Minister of the Economy
and Finance, and for the purposes of EOI, this role is delegated via Ministerial
Resolution No.586-2008-EF/10, to his authorised representative, being the
Superintendent of the SUNAT.
Ownership, identity and bank information (ToRB.1.1)

157. As above outlined, the SUNAT already has much ownership information in its database (see sectionA.1 Availability of Ownership Information). In
cases where the information must be accessed from third parties, the SUNAT
has broad access powers to obtain ownership and identity information and
accounting records from any person for both domestic tax purposes and in
order to comply with their exchange of information obligations under Perus
12.
13.
See OECD Model TIEA Article5(4).

See JAHGA Report paragraphs6 and 22.
treaties. The access powers are contained in the Tax Code, namely Article62,
titled the Right to Inspect.
158. Pursuant to Article62, the SUNAT has broad powers of inspection
and investigation. In order to exercise its supervisory function including the
inspection, investigation and overseeing of compliance with tax obligations,
even for those persons who are exempted or exonerated from paying tax, the
SUNAT may14:
a. Demand debtors to display and present books, records, documents or
any documentation which may relate to a tax liability or accounting;
b. ask for documents submitted electronically documents or copies of
information held in electronic form in the case of electronic data;
c. Require third parties to present and display information and books,
records or documents and any commercial correspondence, including those identifying the customers of the third party;
d. Require the taxpayer or third parties to provide information in
person within 5business days;
e. Conduct an inventory (where applicable), carrying out physical checks
as well as assessing its valuation and registration;
f.
In the case of the presumption of tax evasion, immobilise books,

files, documents and records for a period of up to 5days;
g. Seize books, files, documents, records, or documents relating to the

generation of a tax liability for a period of up to 15 working days in
the case of the presumption of tax evasion;
h. Carry out inspections of any private premises, including private
homes, with a court order;
i.
Request assistance of police officers where required;
j.
Request information via a court order from financial institutions

regarding the passive transactions of their clients;
k. Investigate facts that pertain to tax violations, the securing of evidence

and identifying the offender; and
l.
Require public or private entities to report or check the fulfilment of

tax obligations of individuals and entities subject to its competence
or with whom they perform transactions.
14 Please note that this is the unofficial Global Forum Secretariat translation of this
provision.

159. The SUNAT periodically requests certain information from individuals and legal entities (see sectionA.1.1 Company ownership and identity
information required to be provided to government authorities). In addition,
the SUNAT may also require the production of information from other government authorities such as the Securities Market Superintendence, the SBS
or the SUNARP and any other government entity for the purposes of fulfilling its inspection and supervisory functions under the Tax Code. Therefore,
while the SUNAT already has a lot of ownership information at its disposal,
the extent of the powers set out under article62 should enable the SUNAT to
access all other ownership and identity information.
Accessing bank information

160. Article62(10) of the Tax Code sets out that the SUNAT may request
information from financial institutions in the following cases:
a. For passive transactions with its customers, in the case where the
taxpayer is the subject of an inspection, including information relating to subjects linked to the facts under investigation. Information
about said transactions shall be required by the judge at the request
of the tax administration. The request must be initiated and resolved
in a period of 72hours. The requested information will be provided
in the form and conditions indicated by the tax administration,
within 10business days of the judgment, but it is exceptionally possible to extend the period for another 10business days at the judges
discretion; and
b. For other transactions with its customers, which shall be provided in
the form, term and conditions indicated by the tax administration.
161. Although passive transactions is not defined, Peruvian authorities have confirmed that it refers to those bank dealings which are related
to the bank holders bank account (i.e.savings accounts, checking accounts,
deposits, bank certificates, etc.). Therefore, while a court order is required for
the disclosure of bank information related to passive transactions, pursuant
to article62(10)(b) the same requirement will not apply to bank information
related to other transactions (i.e.loans, credit cards, investments, etc.). The
SUNAT has reported that it is able to access all non-passive transaction
information directly from the financial entity.
162. Pursuant to article62, paragraph10(a), the tax administration may
request financial institutions to provide information regarding passive
transactions of their clients through a court order, where the taxpayer is the
subject of an inspection including information relating to subjects linked to
the facts under investigation (emphasis added). Peruvian authorities have
reported that the reference to taxpayers that are the subject of an inspection
would also apply to taxpayers subject to the general supervision of the tax
authority as well as subject to a classic tax audit procedure in the jurisdictions
of its treaty partners and that are the subject of a request under its international conventions.
163. There is explicit reference made in the Tax Code to Perus obligations to exchange information under its EOI agreements: Rule III of the
Preliminary Title of the Tax Code sets out that:
The international agreements passed by Congress and ratified
by the President are sources of tax law.
164. Therefore, all DTCs, as agreements passed by Congress and ratified
by the President are considered sources of directly applicable tax law in Peru.
Further as the articles of the Peruvian Constitution are understood to be
numerus apertus (open list), this means that in addition to DTCs, TIEAs as an
agreement enacted via legislative resolution and ratified by the President are
also a recognised sources of tax law in Peru. Article85 of the Tax Code also
references its international agreements and refers to the exemption from confidentiality of taxpayer information to permit information to be exchanged
with another authority pursuant to an EOI agreement. Therefore, the Tax
Code clearly contemplates the use of the powers contained therein for both
domestic and exchange of information purposes, thus enabling bank secrecy
to be lifted for exchange of information purposes.
165. Further, Report 0136-2015-SUNAT/5D000 as issued by the SUNAT
in 2015, confirms that under the exchange of information provisions contained in its international agreements, and pursuant to its own domestic
legislation, the SUNAT is authorised to obtain information protected by bank
secrecy which is requested by the competent authority of another Contracting
State, even if the SUNAT does not need this information for its own tax purposes. In order to access banking information protected by bank secrecy the
SUNAT must follow the procedure provided by domestic legislation. While
the report is not legally binding, its sets out the position of the SUNAT in
regards to accessing banking information for the purposes of exchange of
information under its international agreements.
166. The Tax Code establishes strict deadlines for the disclosure of bank
information regarding passive transactions through a court order. The request
by the Tax Administration to the judge must be initiated and resolved within
72hours. The requested information must be provided in the form and conditions indicated by the Tax Administration, within 10 working days from
the notification of the judicial order. This time limit may be exceptionally
extended by an additional ten days, for valid reasons, at the judges discretion. Peruvian authorities have confirmed that the factors that the judge make
take into account in order to extend the timeline for providing the banking

information include the quantity of information requested and the number of
taxpayers for which information is requested.
167. Article143 of the Law of the Financial System further regulates
the bank secrecy provision established under article2, subsection5 of the
Constitution, and establishes circumstances and applicable procedures for lifting
bank secrecy (so-called levantamiento de secreto bancario). Article143 establishes that banking secrecy does not apply when the information is required by:
1. Judges and courts in the regular course of their duties and with specific reference to a particular process, in which the customer is part
of the company to whom the request is contracted.
2. The Prosecutors Office in cases of presumed illicit enrichment
of public officials and employees or those who administer or have
administered state resources or bodies to which it provides financial
support.
3. The Attorney General or the government of a country with which
it has entered into an agreement to fight, suppress and punish illicit
drug trafficking or terrorism, or generally in the case of movements
suspected to be money laundering or assets with reference to financial transactions and banking operations by persons suspected of
involvement in such criminal activities or who are under investigation or when suspicion of responsibility falls upon them.
4. The President of the Legislative Research Commission, with the
agreement of the Commission concerned and in relation to events
that compromise the public interest.
5. The SBS, in the exercise of his supervisory functions.
168. In the case where banking information is required for taxation purposes and specifically for an EOI request, this will fall under paragraph1
above, whereby the SUNAT obtains a court order from a judge in order to
access the banking information directly from the financial institution.
169. In cases of paragraphs2, 3 and 4, the request for information is
channelled through the Banking Superintendent and in this regard the SBS
has issued Resolution 1132-2015, amended by 3880-2016 setting out specific requirements for requests for banking information as received by the
financial institutions. Pursuant to article4 titled Receipt and processing of
requests for bank secrecy lifting and delivery to the companies:
4. Requests for bank secrecy lifting, according to the provisions
set forth in article143 of the General Law, shall be presented
by written notice, attaching supporting documents.
Notice from the competent authority shall specifically indicate: complete name or business name of individuals and/or
corporations and/or number of the account holder, of which
lifting of bank secrecy is being requested; their type and
number of identity document or taxpayer identification number
(RUC No.); indication of information requested, investigated
crime and case identification, investigation or process for this
request; as well as the specific period of passive transactions
for which information is requested and updated address where
requested information shall be delivered. In the case of foreign
persons, where available, a nationality and/or country of emission of identity document should also be provided.
170. In cases where the SUNAT requests banking information from the
financial institution, as this is performed via court order, the judge is not
required to comply with the requirements of these resolutions of the SBS.
Resolutions SBS No.1132-2015 and 3308-2016 set out the requirements to be
followed by other authorities in order to lift bank secrecy. Nevertheless, in
order to have in place a streamlined and coherent process for the accessing
of banking information by all authorities in Peru, in July 2016, the requirements for accessing banking information were amended to ensure that a
bank account number is sufficient to access banking information from the
financial institution in Peru. In this way, Resolution 1132-2015 as amended
in July 2016, now sets out that requests should provide the complete name or
business name of individuals or legal persons, domestic or foreigner, and/or
the number of the account holder, of which lifting of bank secrecy is being
requested. In addition, the type and number of identity document or taxpayer
ID will be required only if it is available.
171. Therefore, in cases where banking information related to passive
transactions in not already at the disposal of the tax authorities, the SUNAT
must apply for a court order from a judge permitting them to access the
banking information from the financial institution. In total this process takes
10-15 working days. This process is in line with the standard and ensures
that all types of banking information can be accessed in Peru pursuant to an
EOI request.
Accounting records (ToRB.1.2)

172. For the purposes of accessing information, article62(1) and (3) specifically refer to the SUNAT having access to accounting information. It is
therefore clear that accounting information is accessible by the SUNAT to the
same extent as ownership and identity information.
Use of information gathering measures absent domestic tax interest

(ToRB.1.3)
173. The concept of domestic tax interest describes a situation where a
contracting party can only provide information to another contracting party
if it has an interest in the requested information for its own tax purposes.
174. Peru has no domestic tax interest with respect to its information gathering powers. The powers under section62 of the Tax Code are to be used in
the supervisory role of the tax authorities, which it specifically mentions refer
to inspection, investigation and control of compliance with tax obligations.
Peruvian authorities have reported that the reference to tax obligations
extends to those under its international conventions.
175. As set out above, there is explicit reference made in the Tax Code to
Perus international agreements being a recognised source of tax law. Further,
article85 of the Tax Code also references its international agreements and
refers to the exemption from confidentiality of taxpayer information to
permit information to be exchanged with another authority pursuant to an
EOI agreement. Therefore, the Tax Code clearly contemplates the use of the
powers contained therein for both domestic and exchange of information
purposes, thus enabling bank secrecy to be lifted for exchange of information
purposes.
176. In regards to accessing banking information, as outlined above, it
is noted that Report 0136-2015-SUNAT/5D000 as issued by the SUNAT in
2015, confirms that under the exchange of information provisions contained
in its international agreements, and pursuant to its own domestic legislation,
the SUNAT is authorised to obtain protected information by bank secrecy
which is requested by the competent authority of other contracting state, even
if the SUNAT does not need this information for its own tax purposes.
177. Finally, it is noted that Peruvian authorities have confirmed that the
access powers set out under article62 of the Tax Code have been used to
access and exchange information successfully with its treaty partners for the
purposes of an EOI request. Therefore, the information gathering powers
provided to the SUNAT under the Tax Statute can be used to provide EOI
assistance regardless of whether Peru needs the information for its own
domestic tax purposes.
Compulsory powers (ToRB.1.4)

178. Jurisdictions should have in place effective enforcement provisions
to compel the production of information. In Peru, penalties exist for failure
to provide information requested by the Tax Administration and the Tax
Administration also has significant powers to compel information.
179. The Tax Code empowers the SUNAT to request taxpayers and other
third parties for them to appear at the Tax Administration offices to answer
questions or demands for information when it relates to their pertinent tax
obligations (art.62(3) and (5)Tax Code).
180. The Tax Code sets out penalties in cases where persons fail to
comply with a request to supply information or fail to appear to provide information or evidence. Penalties in the Tax Code related to these offences are
expressed in terms of Tax Units15 or the Annual Net Income of an entity.
The Annual Net Income is the amount of net sales and/or service income and
other net incomes generated by an entity within a tax year.
181. In cases where an entity refuses to comply with a request for information, a penalty of up to 0.3% of the Annual Net Income of an entity may
be imposed. In cases where an entity does not derive income, a penalty of at
least 10% of the value of a Tax Unit and up to 25Tax Units may be imposed
(art.177(5) Tax Code). In addition, in those cases where false information is
provided, this is deemed to be an offence (art.177(6) Tax Code) and will be
liable to the same fine.
Secrecy provisions (ToRB.1.5)

182. Jurisdictions should not decline on the basis of their secrecy provisions (e.g.bank secrecy, corporate secrecy) to respond to a request for
information made pursuant to an exchange of information mechanism.
Bank Secrecy
183. Under Peruvian law, bank secrecy is regulated by the Political
Constitution of 1993 (article2, subsection5), the Law of the Financial
System (Law No.26702, article140) and the Tax Code (Supreme Decree
No.133-2013-EF, article62, paragraph10). Specifically, article2(5) of the
Constitution sets out that:
Every person has the right:
(5) To request, without statement of a cause, information he
requires, and receive it from any public entity within the legal
term, at its respective cost. Exception is hereby made of information affecting personal privacy and that expressly excluded by the
law or for reasons of homeland security.
15. In 2016 one taxpayer unit (UIT) was equal to PEN3950 (approximately
USD1179).

Bank secrecy and the confidentiality of tax filings may be lifted
by request of a judge, the Government Attorney General, or
a congressional investigation committee, in accordance with
law and provided that such information refers to a case under
investigation.
184. This provision of the Constitution refers to the right a person has to
request information from any public entity and provides for restrictions to
this right with respect to the information protected by bank secrecy and tax
secrecy. Although the Constitution clearly recognises the concept of bank
secrecy, it does not define its scope. The Constitution also recognises that
bank (and tax) secrecy is not absolute and provides for limited circumstances
where secrecy could be lifted. That is, at the request of a judge, the Attorney
General or a parliamentary investigative commission, in accordance with
law and provided that such information refers to a case under investigation
(emphasis added). As outlined above, Peruvian authorities have reported that
these powers will apply equally to a domestic case or in those cases where the
investigation is being conducted elsewhere.
185. Article140 of the Law of the Financial System provides that financial
institutions, as well as their directors, officers and servers, are prohibited
to provide any information about their clients to the extent this information
relates to passive transactions (i.e.savings accounts, checking accounts,
deposits, bank certificates, etc.). Article140 also provides for three exceptions where such information may be disclosed:

where authorised by the client in writing;
as provided for in the articles142 and 143 of the Law of the Financial
System (see below);
where such information relates to suspicious transactions for antimoney laundering purposes, in which case the financial entity is
required to inform the UIF about the details of suspicious transactions. Under the Criminal Code, failure to provide such information
to the UIF may result in imprisonment for four to eight years.
186. Article143 of The Law of the Financial System establishes that banking
secrecy does not apply when the information is required by:
1. Judges and courts in the regular course of their duties and with specific reference to a particular process, in which the customer is part
of the company to whom the request is made.
2. The Prosecutors Office in cases of presumed illicit enrichment
of public officials and employees or those who administer or have
administered state resources or bodies to which it provides financial
support.
3. The Attorney General or the government of a country with which

it has entered into an agreement to fight, suppress and punish illicit
drug trafficking or terrorism, or generally in the case of suspicious
movements of money laundering or assets with reference to financial
transactions and banking operations by persons suspected of involvement in such criminal activities or who are under investigation or
when suspicion of responsibility overtake them.
4. The President of the Legislative Research Commission, with the
agreement of the Commission concerned and in relation to events
that compromise the public interest.
5. The Superintendent, in the exercise of his supervisory functions.
187. Article62(10) of the Tax Code sets out that the SUNAT may request
information from financial institutions for passive transactions with its customers (being those bank dealings affecting the bank holders bank account)
via court order while the same requirement does not apply to bank information related to other transactions (i.e.loans, credit cards, investments, etc.)
which may be accessed from the financial institution without a court order.
188. Further, as set out above, Report 0136-2015-SUNAT/5D000 as issued
by the SUNAT in 2015, confirms that under the exchange of information
provisions contained in its international agreements, and pursuant to its own
domestic legislation, the SUNAT is authorised to obtain information protected by bank secrecy which is requested by the competent authority of the
other Contracting State, even if the SUNAT does not need this information
for its own tax purposes. In order to access banking information protected by
bank secrecy the SUNAT must follow the procedure provided by domestic
legislation. Therefore, the requirements for accessing banking information in
Peru are in line with the international standard.
Attorney-client privilege
189. Article18(2) of the Constitution provides that everyone has the right
to keep professional secrecy. Further, article220 of the Civil Procedure
Code sets out that No one may be compelled to testify in legal proceedings
on facts known under professional or confessional secret and when provision
of the law can or should keep secret. Article165 of the Penal Code sets out
that a breach of professional secrecy is an offence sanctioned by imprisonment of up to two years. A fine will also be applied which is calculated as a
margin of 25% to 50% of the daily income of the person to whom the fine is
applied.

190. Decision 7811-2005-PA/TC of the Constitutional Court has developed the concept of professional secrecy in reference to Article18(2) of the
Constitution as follows:
The right to keep professional secrecy means an obligation
for the professionals (lawyer, notary, doctor, journalist, etc.) to
keep under reserve or confidentiality, the confessions, facts, situations or any news that have been appraised or entrusted directly
in his capacity as professional or technician in a particular art or
science.
191. Further, Decision 7811-2005-PA/TC of the Constitutional Court considers that professional secrecy extends to:
Any news, information factual situation or even projections
that is obtained due to reasons of expertise or knowledge of the
professional and in the course of exercise of a certain profession,
art, science or technique.
192. In regards to attorney-client privilege, article30 of the Lawyers Code
of Ethics sets out that:
Professional secrecy is the duty of confidentiality whereby the
lawyer must maintain as strictly confidential the facts and information related to a customer or potential customer disclosed in
the course of a professional relationship.
193. Article31 of the Lawyers Code of Ethics sets out that professional
secrecy acts in order to guarantee the trust relationship that must exist
between a lawyer and his client in order for the lawyer to provide an optimal
legal service and that the lawyer may only use confidential information in the
interest of his client.
194. The OECD Model TIEA provides that a jurisdiction can decline a
request for information which would reveal confidential communications
between a client and an attorney, solicitor or other admitted legal representative where such communications are: (a) produced for the purposes
of seeking or providing legal advice or (b) produced for the purposes of
use in existing or contemplated legal proceedings. A comparison of Perus
attorney-client privilege that set out in the OECD Model TIEA leads to the
conclusion that Perus standard is in line with that contemplated by the international standard. Peru has also confirmed that any information obtained by
an attorney when he acts in another capacity, such as nominee, shareholder,
trustee, company director will not be covered by professional secrecy.
195. However, it is noted that pursuant to Decision 7811-2005-PA/TC,
professional secrecy also extends to other professions in Peru such as doctors, notaries and journalists. In the event that information was requested
of professions, the extent to which confidential communications would be

deemed to be privileged, and therefore the information unable to be accessed
by the SUNAT, is unclear. The practical impact of the secrecy provisions on
effective EOI will be followed up in the next EOIR review of Peru.
Factor underlying recommendation
The extent of professional secrecy
in Peru is unclear and could impede
access to information.
Recommendation
Peru should ensure that professional
secrecy provisions do not impede
the ability of the authorities to access
information for the purposes of EOI.
B.2. Notification requirements and rights and safeguards

The rights and safeguards (e.g.notification, appeal rights) that apply to persons in the
requested jurisdiction should be compatible with effective exchange of information.
Not unduly prevent or delay exchange of information (ToRB.2.1)

196. Rights and safeguards should not unduly prevent or delay effective
exchange of information.16 For instance, notification rules should permit exceptions from prior notification (e.g.in cases in which the information request is
of a very urgent nature or the notification is likely to undermine the chance of
success of the investigation conducted by the requesting jurisdiction).
197. There are no notification rules in Peru even in the case where a court
order is required to obtain banking information. The SUNAT is not obliged to
inform any persons that are the subject of an EOI request of the existence of
the request or to notify them prior to contacting third parties to obtain information. The procedure to obtain information is described under B.1.
198. There is no specific appeal procedure to challenge any of the actions of
the Commissioner such as the exchange of information under an EOI request.
16.
See OECD Model TIEA Article1.
Compliance with the Standards: Exchanging information 67
C. Exchanging information
Overview
199. Jurisdictions generally cannot exchange information for tax purposes
unless they have a legal basis or mechanism for doing so. A jurisdictions
practical capacity to effectively exchange information relies both on having
adequate mechanisms in place as well as an adequate institutional framework. This section of the report examines whether Peru has a network of
information exchange that would allow it to achieve effective exchange of
information in practice.
200. Perus network of 11EOI mechanisms is comprised of 3TIEAs,
7bilateral DTCs and 1 Decision containing EOI provisions which facilitates
the exchange of information in tax matters between members of the Andean
Community. All of the agreements are to the standard and meet the internationally agreed standard containing sufficient provisions to enable Peru to
exchange all relevant information with all of its treaty partners. All of these
agreements are in force. As set out under PartB, Peru has full access to all
ownership, accounting and banking information and therefore is able to fully
comply with the terms of its information exchange agreements. As a result,
ElementC.1 was found to be in place.
201. Perus network of exchange agreements covers 12treaty partners. Peru
continues to expand its treaty network and is currently finalising all internal
procedures to join the Multilateral Convention which it hopes to sign in early
2017. Comments were sought from Global Forum members in the course of the
preparation of this report and in no cases has Peru refused to enter into an EOI
agreement. Consequently, ElementC.2 was found to be in place.
202. All EOI articles in Perus international agreements contain confidentiality provisions that meet the international standard and its domestic legislation
also contains appropriate confidentiality provisions and enforcement measures.
While each of the articles might vary slightly in wording, these provisions
contain all of the essential aspects of Article26(2) of the OECD Model Tax
Convention. Consequently, ElementC.3 was found to be in place.
68 Compliance with the Standards: Exchanging information

203. Perus international agreements protect rights and safeguards in
accordance with the standard, by ensuring that the parties are not obliged
to provide information that would disclose any trade, business, industrial,
commercial or professional secret or information the disclosure of which
would be contrary to public policy. Most of these rights and safeguards are
also explicitly provided under domestic law and the scope of attorney-client
privilege is found to be in line with the international standard. However, Peru
should ensure that professional secrecy as it applies to other professions does
not impede on effective EOI under its international agreements. ElementC.4
was found to be in place.
204. There appear to be no legal restrictions on the ability of Peru to
respond to requests within 90days of receipt by providing the information
requested or by providing an update on the status of the request. The present
report does not address this element, as this involves issues of practice that
will be dealt with in its EOIR review under the second round of reviews (see
sectionC.5 below).
C.1. Exchange-of-information mechanisms

Exchange of information mechanisms should allow for effective exchange of information.
205. To date, Peru has concluded seven bilateral DTCs and three TIEAs
as well as being a signatory since 2004 to the Andean Community Directive
with three other members of the Andean Community with a treaty network
extending to 12jurisdictions (see Annex2). All of these EOI agreements are
in force and are in line with the international standard.
206. According to article55 of Perus Constitution, all treaties concluded
by Peru, once in force, become part of the laws of Peru. In regards to the
hierarchy of laws, article200(4) of the Constitution specifically refers to
international treaties as having the force of law in Peru. Therefore, in Peru,
DTCs and TIEAs are attributed the same hierarchy as ordinary laws. In addition, the Fourth Final and Transitory Provision of the Constitution establishes
that laws concerning rights and freedoms recognised by the Constitution
shall be interpreted in accordance with the Universal Declaration of Human
Rights and the treaties and international agreements regarding those rights
that have been ratified by Peru. The Constitution, as the supreme body of law
in Peru, will prevail over international treaties.
207. As regards requests and provision of information, the competent authority under Perus TIEAs is the Superintendent of the National Superintendence
of Customs and Tax Administration (SUNAT, Superintendencia Nacional de
Aduanas y de Administracin Tributaria.). In the case of its DTCs and the Andean
Community Directive pursuant to Ministerial Resolution No.586-2008-EF/10,
the competent authority for exchange of information purposes is the Minister of

the Economy and Finance, who delegates this role to his authorised representative who is the Superintendent of the SUNAT.
208. Whilst this report is focused on the terms of its EOI agreements
and practices concerning EOI on request, it is noted that its TIEAs with the
United States, Argentina and Ecuador also provide for automatic and spontaneous exchange of information.
Foreseeably relevant standard (ToRC.1.1)

209. The international standard for exchange of information envisages
information exchange to the widest possible extent. Nevertheless, it does
not allow for fishing expeditions, i.e.speculative requests for information
that have no apparent nexus to an open inquiry or investigation. The balance
between these two competing considerations is captured in the standard of
foreseeable relevance which is included in Article1 of the OECD Model
TIEA set out below:
The competent authorities of the Contracting Parties shall provide
assistance through exchange of information that is foreseeably
relevant to the administration and enforcement of the domestic
laws of the Contracting Parties concerning taxes covered by this
Agreement. Such information shall include information that is
foreseeably relevant to the determination, assessment and collection of such taxes, the recovery and enforcement of tax claims, or
the investigation or prosecution of tax matters.
210. Four of Perus EOI agreements (Korea, Mexico, Portugal, and
Switzerland) contain an exchange of information article which is identical to
the OECD Model TIEA. These agreements therefore provide for exchange of
all information that is foreseeably relevant.
211. Perus DTC with Canada provides that the competent authorities will
exchange information which may be relevant to the determination, assessment and collection of taxes, the recovery and enforcement of tax claims,
and the enforcement of laws relating to tax crimes or crimes involving the
contravention of tax administration. This formulation is at least as broad as
foreseeably relevant.
212. The DTCs with Brazil and Chile provides for the exchange of information necessary for carrying out the provisions of this Convention or of
the domestic laws of the Contracting States. Similarly, this formulation is
interpreted by both authorities as being as broad as foreseeably relevant
and is therefore in line with the international standard.

213. The TIEA with the United States provides for the exchange of information to administer and enforce the domestic laws of the Contracting States
corresponding to the taxes covered by this Agreement, including information
to effect the determination, assessment, and collection of tax, the recovery and
enforcement of tax claims, as well as the investigation or prosecution of tax
crimes or crimes involving the contravention of tax administration. The language of the TIEA with Argentina also contains similar language and provides
for the exchange of information whereby the treaty partners are obliged to
exchange information to administer and enforce their domestic laws concerning taxes. In both of these agreements, the language is interpreted as obliging
both treaty partners to provide all requested information to the widest extent
and are therefore in line with the international standard.
214. The Andean Community Directive provides that the contracting
parties shall exchange such information as is required to resolve by mutual
agreement any difficulty or doubt that may arise from the application of this
Directive, and in order to determine the administrative controls required
to avoid fraud and tax evasion to carry out the provisions of the convention. Peruvian authorities interpret this provision as providing EOI for the
purposes of the Directive as well as for the administration of the domestic
laws concerning tax avoidance and tax fraud. However, it is recommended
that Peru propose to redraft the provisions of the EOI article of the Directive
within the framework of the Andean Community Commissions procedures
to ensure that it provides for the exchange of information that is foreseeably
relevant to the administration and enforcement of the domestic laws of all of
the Contracting Parties concerning taxes covered by the Directive.
In respect of all persons (ToRC.1.2)

215. For exchange of information to be effective it is necessary that a
jurisdictions obligation to provide information is not restricted by the residence or nationality of the person to whom the information relates or by the
residence or nationality of the person in possession or control of the information requested. For this reason, the international standard for the exchange of
information envisages that exchange of information mechanisms will provide
for the exchange of information in respect of all persons.
216. Paragraph 1 of the Model Tax Convention indicates that The
exchange of information is not restricted by Article1 which defines the
personal scope of the application of the Convention.17 All of Perus DTCs
(Brazil, Canada, Chile, Korea, Mexico, Portugal, and Switzerland) contain
an exchange of information article which includes this sentence and therefore
provide for the exchange of information in respect of all persons.
17.
DTCs apply to persons who are residents of one or both of the Contracting States.
217. Perus three TIEAs with the Argentina, Ecuador and the United
States are not restricted to certain persons such as those considered resident
in or nationals of neither contracting party, nor do they preclude the application of EOI provisions in respect to certain types of entities. Therefore, Perus
three TIEAs contain a similar jurisdictional scope provision and allow for
the exchange of information in respect of all persons. Similarly, the scope of
the Andean Community Directive is not restricted to persons residents in or
nationals of any of the contracting parties, nor do they preclude the application of EOI provisions in respect to certain types of entities and therefore it
allows for the exchange of information in respect of all persons.
Obligation to exchange all types of information (ToRC.1.3)

218. Jurisdictions cannot engage in effective exchange of information if
they cannot exchange information held by financial institutions, nominees or
persons acting in an agency or a fiduciary capacity. Both the OECD Model
Tax Convention and the Model TIEA, which are the authoritative sources of
the standards, stipulate that bank secrecy cannot form the basis for declining
a request to provide information and that a request for information cannot
be declined solely because the information relates to an ownership interest.
219. Article5(4)(a) and (b) of the Model TIEA provides that parties shall
ensure that its competent authoritieshave the authority to obtain and provide upon request: a) information held by banks, other financial institutions,
and any person acting in an agency or fiduciary capacity. Perus TIEA
with the United States expressly states that laws or practices of the requested
State pertaining to disclosure of information by banks, nominees or persons
acting in an agency or fiduciary capacity, or respecting ownership of interests
in a person (other than an individual) shall not prevent or otherwise affect the
authority of the requested State in exchanging information (art.4(4)(b)) and
therefore permit the exchange of bank information.
220. Article26(5) of the Model DTC provides that the contracting parties should not refuse to supply information because it is held by a bank,
other financial institution, nominee or person acting in an agency or fiduciary capacity.. Perus more recent DTCs, being those with Brazil, Korea,
Mexico, Portugal, and Switzerland all contain an EOI article with this wording and therefore permit the exchange of bank information.
221. Whilst its DTCs with Chile18 or Canada do not include a provision
equivalent to Article26(5) of the Model Tax Convention, the absence of this
18.
In December 2009, Chile enacted Law 20.406, which establishes a procedure that
allows the Tax Authority to access all bank information, including information
subject to bank confidentiality and secrecy for EOI purposes in all tax matters.

provision does not automatically create restrictions on the exchange of bank
information in Peru. Peru has access to bank information for tax purposes in
its domestic law (for a more detailed description of Perus ability to access
bank information, see sectionB.1.1 Ownership, identity and bank information), and pursuant to its treaties is able to exchange this type of information
when requested. While Perus TIEAs with Argentina and Ecuador do not
include a provision equivalent to Article26(5) of the Model Tax Convention,
the absence of this provision does not automatically create restrictions on
exchange of bank information in Peru. Nevertheless, it is noted that while
there are no impediments to Peru exchanging banking information, Ecuador
has not yet been assessed under the peer review process and therefore the
ability to which it can exchange banking information is unclear.
222. The Andean Community Directive does not include a provision
equivalent to Article26(5) of the Model Tax Convention. The agreement is
worded such that the member countries shall consult between themselves
and exchange any information required to resolve by mutual agreement any
difficulty or doubt that may arise from the application of this Directive, and
in order to determine the administrative controls required to avoid fraud
and tax evasion. It appears that this wording will require Peru to exchange
banking information in all situations where it may be requested by a member
country under the Directive. However, as two of the other members of the
Andean Community (Bolivia and Ecuador) have not been assessed for compliance with the international standard, it is unclear as to whether some of
these countries have restrictions to the access of bank information in their
domestic law.
Absence of domestic tax interest (ToRC.1.4)

223. The concept of domestic tax interest describes a situation where a
contracting party can only provide information to another contracting party
if it has an interest in the requested information for its own tax purposes. An
inability to provide information based on a domestic tax interest requirement
is not consistent with the international standard. Contracting parties must use
their information gathering measures even though invoked solely to obtain
and provide information to the other contracting party.
224. Article5(2) of the model TIEA states that a party shall use all relevant information gathering measures to provide the requesting party with
the information requested notwithstanding that the requested Party may not
need such information for its own tax purposes. The TIEA with the United
States does not expressly provide that information should be exchanged
without regard to a domestic tax interest. However, it specifically refers to
the enforcement of the domestic laws of both the parties concerning taxes
covered by the agreement. Therefore, this agreement permits Peru to gather
and exchange allow for information notwithstanding that it is not required for
its own domestic tax purposes.
225. Article26(4) of the Model DTC states that the requested party shall
use its information gathering measures to obtain the requested information,
even though it may not need such information for its own purposes. Six of
Perus DTCs (Brazil, Canada, Korea, Mexico, Portugal, and Switzerland)
contain a provision similar to article26(4) of the Model DTC and therefore
allow for information to be obtained and exchanged notwithstanding that it is
not required for a domestic tax purpose.
226. Whilst the Andean Community Directive does not include a provision equivalent to Article26(4) of the Model Tax Convention, the absence
of this provision does not, in principle, create restrictions on EOI provided
there is no domestic tax interest impediment to exchanging information in
the case of either contracting party. However, as two members of the Andean
Community (Bolivia and Ecuador) have not yet been assessed for compliance with the international standard, it is unclear as to whether some of these
countries may have a domestic tax interest restricting the exchange of all
information for tax purposes. Nevertheless, it is noted that as Peru does not
have a domestic tax interest requirement under its domestic law, Peru will
not be impeded from exchanging information where there is no domestic
tax interest in the laws of the other contracting parties under the Andean
Community Directive.
227. Perus agreements with Argentina, Chile, and Ecuador do not use
the same wording but nonetheless indicate, in each case, that the requested
authority must obtain the information as if it was for its own tax purposes,
which excludes a domestic tax interest requirement.
Absence of dual criminality principles (ToRC.1.5)

228. The principle of dual criminality provides that assistance can only be
provided if the conduct being investigated (and giving rise to an information
request) would constitute a crime under the laws of the requested country if
it had occurred in the requested country. In order to be effective, exchange of
information should not be constrained by the application of the dual criminality principle.
229. None of the exchange agreements concluded by Peru apply the dual
criminality principle to restrict the exchange of information.
Exchange of information in both civil and criminal tax matters

(ToRC.1.6)
230. Information exchange may be requested both for tax administration purposes and for tax prosecution purposes. The international standard
is not limited to information exchanged in criminal tax matters but extends
to information requested for tax administration purposes (also referred to as
civil tax matters).
231. All of the EOI articles in DTCs signed by Peru may be used to
obtain information to deal with both civil and criminal tax matters. Four of
Perus DTCs (Korea, Mexico, Portugal, and Switzerland) contain the explicit
wording of Article26(1) of the OECD Model Tax Convention, which refers
to information foreseeably relevant for carrying out the provisions of this
Convention or to the administration and enforcement of the domestic [tax]
laws. Further the DTCs with Brazil, Canda and Chile also contain wording
providing for the carrying out of the provisions of the domestic tax laws and
therefore will also provide for exchange for criminal and civil tax matters.
232. Perus three TIEAs make express provision to this effect in their
article1. Most of Perus DTCs refer more broadly to information necessary
or foreseeably relevant for carrying out the provisions of the Convention or
of the domestic laws concerning taxes covered by the Convention, without
excluding either civil or criminal matters. (The EOI article in a few DTCs
specifically mentions that the information exchange will occur including for
the prevention of fraud and/or evasion in relation to taxes, which are criminal
matters.)
233. Similarly, the Andean Community Directive provides that the contracting parties shall exchange such information as is required to resolve by
mutual agreement any difficulty or doubt that may arise from the application
of this Directive, and (emphasis added) in order to determine the administrative controls required to avoid fraud and tax evasion to carry out the
provisions of the convention. Peruvian authorities interpret this provision
as providing EOI for the purposes of the Directive which encompasses civil
matters as well as for the administration of the domestic laws concerning tax
avoidance and tax fraud (criminal matters).
234. Therefore all of Perus EOI agreements permit exchange of information in both civil and criminal tax matters.
Provide information in specific form requested (ToRC.1.7)

235. In some cases, a Contracting State may need to receive information
in a particular form to satisfy its evidentiary or other legal requirements.
Such forms may include depositions of witnesses and authenticated copies
of original records. Contracting States should endeavour as far as possible to

accommodate such requests. The requested State may decline to provide the
information in the specific form requested if, for instance, the requested form
is not known or permitted under its law or administrative practice. A refusal
to provide the information in the form requested does not affect the obligation
to provide the information.
236. Perus TIEA with the United States provides that the party will provide information in the same form as if the tax of the requested state were
the same as the requesting state. It specifies that books, papers, records and
personal property shall be provided. It also provides for witness depositions
and certified copies of documents.
237. Although there is nothing in any of Perus DTCs that expressly provide for the form of information, there is also nothing contained in any of the
DTCs that would limit it. In addition, there are no impediments in Peruvian
law which would prevent information being obtained in the form requested,
to the extent that it is consistent with its own domestic laws.
In force (ToRC.1.8)
238. Exchange of information cannot take place unless a jurisdiction has
exchange of information arrangements in force. Where EOI agreements have
been signed the international standard requires that jurisdictions must take
all steps necessary to bring them into force expeditiously.
239. Peru has a network of 11 signed agreements, all of which are in force
and to the standard. Being a member to the Andean Community Directive,
Perus EOI network covers 12treaty partners.
240. Once the provisions of a treaty have been agreed, the international
agreement is then signed by the President, the Minister of Foreign Affairs
or someone duly authorised by the President and granted full powers. The
process of ratification of DTCs and TIEAs will then depend on whether the
subject matter of the DTC or TIEA is related to the matters specified under
article56 of the Constitution. For that purpose, the Ministry of Foreign
Affairs must determine whether the treaty is related to the matters specified
under article56 of the Constitution and in this regard requests a written opinion from all relevant competent authorities.
241. In those cases where the treaty is determined to be related with
the matters specified under article56 of the Constitution (for example, if
it requires the modification or repeal of any law, or if it requires legislative measures for its application), the treaty is submitted by the President
to Congress for approval. Approval in Congress must be obtained from
the Foreign Affairs Commission and the plenary. If the treaty is approved,

Congress passes a legislative resolution, which must be signed by the
President in order for the agreement to come into force. After the legislative
resolution approving a treaty comes into force, the President may ratify the
treaty at any time by means of a Supreme Decree.
242. However, in those cases where the treaty is determined as not being
concerned with the matters specified under article56 of the Constitution (such
as was the case of its TIEAs with Argentina, Ecuador and the United States),
the treaty may be ratified directly by the President at any time by means of a
Supreme Decree. After that, the President must promptly inform Congress of
the ratification, but no previous congressional approval is required.
In effect (ToRC.1.9)
243. For information exchange to be effective the parties to an exchange
of information arrangement need to enact any legislation necessary to comply
with the terms of the arrangement.
244. For a DTC to come into force, its ratification by the President and
the complete text of the treaty must be published in the Official Gazette. The
DTC requires prior approval by Congress, and is ratified by the President at
any time after that approval is granted.
245. All of Perus DTCs that are in force have been given effect in this
manner.
C.2. Exchange-of-information mechanisms with all relevant partners

The jurisdictions network of information exchange mechanisms should cover
all relevant partners.
246. Ultimately, the international standard requires that jurisdictions

exchange information with all relevant partners, meaning those partners
who are interested in entering into an information exchange arrangement.
Agreements cannot be concluded only with counterparties without economic
significance. If it appears that a jurisdiction is refusing to enter into agreements or negotiations with partners, in particular ones that have a reasonable
expectation of requiring information from that jurisdiction in order to properly
administer and enforce its tax laws it may indicate a lack of commitment to
implement the standards.
247. Peru has agreements providing for exchange of information with

12jurisdictions. This includes agreements with OECD member countries,
Global Forum member countries and regional partners such as Argentina,
Bolivia, Chile, Colombia, Ecuador and Mexico.
248. All of Perus agreements are in force covering 12jurisdictions,
including 4 of its main trading partners (Colombia, Bolivia, Ecuador, and
the United States), and all of its agreements allow for EOI according to the
international standard.
249. In terms of recent developments, Peru is currently finalising all internal procedures to join the Multilateral Convention which it hopes to sign in
early 2017.
250. Comments were sought from Global Forum members in the course of
the preparation of this report, and in no cases has Peru refused to negotiate an
EOI agreement. ElementC.2 was therefore found to be in place.
Factors underlying
recommendations
Recommendations
Peru should continue to develop
its EOI network with all relevant
partners.
C.3. Confidentiality
The jurisdictions mechanisms for exchange of information should have adequate
provisions to ensure the confidentiality of information received.
Information received: disclosure, use, and safeguards (ToRC.3.1);

all other information exchanged (ToRC.3.2)
251. Governments would not engage in information exchange without the
assurance that the information provided would only be used for the purposes
permitted under the exchange mechanism and that its confidentiality would
be preserved. Information exchange instruments must therefore contain
confidentiality provisions that spell out specifically to whom the information
can be disclosed and the purposes for which the information can be used. In
addition to the protections afforded by the confidentiality provisions of information exchange instruments countries with tax systems generally impose
strict confidentiality requirements on information collected for tax purposes.
Exchange of information agreements

252. Perus TIEAs with Argentina, Ecuador and the United States all
contain a confidentiality provision similar to the standard as contained in
Article8 of the Model TIEA. In addition, all of Perus DTCs (Brazil, Canada,
Chile, Korea, Mexico, Portugal, and Switzerland) contain the equivalent of
Article26(2) of the OECD Model Convention and are therefore in line with
the standard.
253. The Andean Community Directive contains language to the effect
that the information exchanged will be considered confidential and may
not be disclosed to any person other than the authorities responsible for the
administration of taxes subject to this Decision. Although the agreement
does not expressly state that information exchanged can be shared in court
proceedings, the exchange of information relates to all information for the
purposes of carrying out the agreement as well as domestic laws concerning
fraud and tax evasion. This wording implies that exchanged information will
therefore be able to be shared in tax related court proceedings and is found to
be in line with the international standard.
254. There is no provision in Peruvian legislation specifically addressing
the issue of confidentiality of information exchanged for tax purposes under
DTCs, TIEAs, Directives or multilateral instruments on mutual administrative assistance. Nevertheless, the exchange of information for tax purposes
under DTCs, TIEAs, Directives or multilateral instruments on mutual administrative assistance is also subject to domestic privacy and disclosure laws.
Domestic law
255. In respect of exchanged information, subsection f) of article38 of the
Internal Regulations of SUNAT sets out that SUNAT officials must maintain as confidential all information they have received during and after their
working period in SUNAT, on any activity and confidential information of
the employer. This provision protects any information received in an EOI
request.
256. Article85 of the Tax Code defines what information is protected by
tax confidentiality and sets out how this information may be used by SUNAT.
This sets out that the Tax Reserve (being the taxpayer information collected
by the SUNAT) must be maintained as confidential information and may
only be used by the tax administration for its own purposes.
257. Within Peru, Circular N. 001-2012/400000 of 23March 2012 titled
Policies and standards for request, creation, delivery and use of accounts and
passwords to access production information systems sets out the confidentiality measures in respect of tax information in the database of the SUNAT. In
particular, paragraph5.3 of the circular titled The Correct Use of Accounts

states that access to accounts must be used exclusively for activities related
to compliance of the functions assigned by the institution and information
may not be used for illegal or unethical purposes.
258. Finally, in the event that domestic law provisions on general confidentiality rules were found to be less restrictive than those provided under
the EOI agreements concluded by Peru, Peruvian officials have reported that
the provisions of the international agreements will prevail ensuring that the
international standard in regards to confidentiality is met.
Penalties for breach of confidentiality

259. Peruvian legislation establishes both criminal and disciplinary penalties for breach of confidentiality. The Criminal Code currently contains
several articles addressing criminal penalties for breach of confidentiality
provisions. Article377 of the Criminal Code sets out that any public official
who abuses his powersby commiting or ordering an arbitrary act, shall be
punished with imprisonment, of no more than three years. Furthermore, pursuant to article377, any public official that illegally omits, denies or delays
any action related to his position will be penalised with imprisonment for a
term of no more than two years and a fine calculated as a percentage of his
daily income for a period of 30 to 60days.
260. The SUNAT has also issued Resolution 235-2003/SUNAT titled
Internal Rules of Work. According to articles45-53 of Chapter XI
(Disciplinary Measures), in the case of improper disclosure and breaches of
confidentiality, the internal regulations of SUNAT impose sanctions ranging
from an official warning to dismissal.
261. In sum, the general domestic rules on confidentiality read in conjunction with the confidentiality provisions contained in Perus EOI agreements
would lead to the conclusion that information exchanged with foreign authorities may only be disclosed to persons or authorities, including courts and
administrative bodies, concerned with the assessment, collection, prosecution
or enforcement of the tax law in question or in criminal proceedings related
to such taxes.
C.4. Rights and safeguards of taxpayers and third parties

The exchange of information mechanisms should respect the rights and
safeguards of taxpayers and third parties.
Exceptions to requirement to provide information (ToRC.4.1)

262. The international standard allows requested parties not to supply
information in response to a request in certain identified situations where
an issue of trade, business or other legitimate secret may arise. Among other
reasons, an information request can be declined where the requested information would disclose confidential communications protected by attorney-client
privilege. Attorney-client privilege is a feature of the legal systems of many
countries. However, communications between a client and an attorney or other
admitted legal representative are, generally, only privileged to the extent that
the attorney or other legal representative acts in his or her capacity as an attorney or other legal representative.
263. Where attorney-client privilege is more broadly defined it does not
provide valid grounds on which to decline a request for exchange of information. To the extent, therefore, that an attorney acts as a nominee shareholder, a
trustee, a settlor, a company director or under a power of attorney to represent
a company in its business affairs, exchange of information resulting from and
relating to any such activity cannot be declined because of the attorney-client
privilege rule.
Exchange of information agreements

264. The limits with which information can be exchanged, as provided
for in Article26(3) of the OECD Model Tax Convention and Article7 of the
OECD Model TIEA, are included in each of the DTCs, TIEAs, and Andean
Community Directive concluded by Peru. That is, information which is
subject to legal privilege; which would disclose any trade, business, industrial, commercial or professional secret or trade process; or which would be
contrary to public policy, is not required to be exchanged. However, the term
professional secret is not defined in the EOI agreements and therefore this
term would derive its meaning from the Perus domestic laws.
Domestic law
265. As described in sectionB.1.5 above, professional secrecy is set out in
the Constitution as described by a decision of the Constitutional Court. The
scope of attorney-client privilege is set out under the Lawyers Code of Ethics
and is found to be in line with the scope of attorney-client privilege as set out
under the international standard.
266. In regards to other aspects of secrecy, Article260 of Decision 486 as

issued by the Andean Community Commission which is directly applicable
in Peru provides that:
Any undisclosed information that an individual or legal person
legitimately holds, that can be used in any productive, industrial
or commercial activity, and is capable of being transmitted to a
third party, to the extent that such information is to be considered
as:
a) A secret in the sense that as a body or in the precise configuration and assembly of its components, is generally not known or
readily accessible to individuals within the circles that normally
deal with the respective information;
b) It has commercial value due to its secrecy;
c) It has undergone reasonable measures by the rightful holder to
keep it secret.
267. The information of a trade secret may be related to the nature, characteristics or purposes of a product; method or production process; or the
ways or forms of distribution or marketing of products or services. This definition of a trade secret is seen as being in line with the international standard
and should not impede the exchange of information in Peru.
268. However, as set out in sectionB.1.5 above, it is noted that pursuant
to Decision 7811-2005-PA/TC, professional secrecy also extends to other
professions in Peru such as doctors, notaries and journalists. In the event that
information was requested of these professions, the extent to which confidential communications would be deemed to be privileged and therefore, the
information unable to be accessed by the SUNAT, is unclear. The practical
impact of the secrecy provisions on effective EOI will be followed up in the
next EOIR review of Peru.
Factors underlying
recommendations
Recommendations
There are some uncertainties as

to whether professional secrecy
provisions in Perus domestic laws
would impede the effective EOI under
its international agreements.
Peru should clarify the extent of

professional secrecy in its domestic
laws to ensure that it does not
impede the exchange on information
under its EOI agreements.
C.5. Timeliness of responses to requests for information

The jurisdiction should provide information under its network of agreements
in a timely manner.
Responses within 90days (ToRC.5.1)

269. In order for exchange of information to be effective it needs to be
provided in a timeframe which allows tax authorities to apply the information to the relevant cases. If a response is provided but only after a significant
lapse of time the information may no longer be of use to the requesting
authorities. This is particularly important in the context of international
cooperation as cases in this area must be of sufficient importance to warrant
making a request.
270. Pursuant to its agreements with Argentina and Ecuador, the requested
party should answer within six months of the request. In the agreement with
Argentina, it is set out that in the case of any difficulty in answering the
request, this may justify an additional two months in the response time. When
it appears impossible to answer the request within this deadline or because
of difficulties in gathering the information, the requested jurisdiction should
inform the requesting jurisdiction and indicate a possible date for the answer
or explain the nature of the difficulties. Finally, any refusal to answer an EOI
request must be made within three months.
271. Perus TIEA with the United States, which predates the OECD Model
TIEA, does not provide for a timeline to respond to an information request.
Nonetheless, Peru has reported that when EOI requests are received under
any of their agreements, it is internal policy to provide a response to all treaty
partners within 90days. The extent to which the timeliness of responses is
affected by the absence of a specified timeframe under its TIEAs will be
considered in the review of Perus practical effectiveness for exchange of
information under the second round of reviews.
Organisational process and resources (ToRC.5.2)

272. It is important that a jurisdiction have appropriate organisational
processes and resources in place to ensure a timely response. A review of
the practical application of these processes and the resources available will
be conducted in the context of the review of Perus practical effectiveness for
exchange of information under the second round of reviews.
Absence of restrictive conditions on exchange of information

(ToRC.5.3)
273. Exchange of information should not be subject to unreasonable, disproportionate or unduly restrictive conditions. As noted in PartB of this Report,
there are no aspects of Perus domestic laws that appear to impose additional
restrictive conditions on effective EOI that would be incompatible with the
international standard.
The assessment team is not in a position to evaluate whether this element
is in place, as it involves issues of practice that are dealt with in the
Phase2 review.
SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS 85
Summary of determinations and factors underlying

recommendations19
Determination
Factors underlying
recommendations
Recommendations
Jurisdictions should ensure that ownership and identity information for all relevant entities
and arrangements is available to their competent authorities (ToRA.1)
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities
and arrangements (ToRA.2)
Banking information should be available for all account-holders (ToRA.3)
Competent authorities should have the power to obtain and provide information that is the
subject of a request under an exchange of information arrangement from any person within
their territorial jurisdiction who is in possession or control of such information (irrespective
of any legal obligation on such person to maintain the secrecy of the information) (ToRB.1)
The element is in place. The extent of professional
secrecy in Peru is unclear
and could impede access to
information.
Peru should ensure that

professional secrecy
provisions do not impede
the ability of the authorities
to access information for the
purposes of EOI.
The rights and safeguards (e.g.notification, appeal rights) that apply to persons in the
requested jurisdiction should be compatible with effective exchange of information (ToRB.2)
Exchange of information mechanisms should allow for effective exchange of information
(ToRC.1)
19.
The ratings will be finalised as soon as a representative subset of Phase2 reviews

is completed.
86 SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS

Factors underlying
recommendations
Determination
Recommendations
The jurisdictions network of information exchange mechanisms should cover all relevant
partners (ToRC.2)
Peru should continue to

develop its EOI network with
all relevant partners.
The jurisdictions mechanisms for exchange of information should have adequate provisions
to ensure the confidentiality of information received(ToRC.3)
The exchange of information mechanisms should respect the rights and safeguards of
taxpayers and third parties (ToRC.4)
The element is in place. There are some uncertainties
as to whether professional
secrecy provisions in Perus
domestic laws would impede
the effective EOI under its
international agreements.
Peru should clarify the extent

of professional secrecy in its
domestic laws to ensure that it
does not impede the exchange
on information under its EOI
agreements.
The jurisdiction should provide information under its network of agreements in a timely
manner (ToRC.5)
The assessment team
is not in a position
to evaluate whether
this element is in
place, as it involves
issues of practice that
are dealt with in the
EOIR review of Peru
as conducted under
the second round of
reviews.
ANNEXES 87
Annex1: Jurisdictions response to the review report20

Peru joined the Global Forum in 2014 as part of the OECD Country
programme. Since its admission, the principal institutional and regulatory
domestic reforms, either enacted or proposed, reflect Peruvian commitment
to transparency and effective exchange of information for tax purposes.
Peru is particularly satisfied by the conclusions and recommendations
contained in this Peer Review Report Phase1 that shows strengths and
opportunities for further improvement, of which we remain quite aware.
The Republic of Peru would like to express its sincere appreciation for the
very professional work of the Assessment Team, Global Forum Secretariat
and the Peer Review Group during the course of the phase1 peer review.
It would also like to thank to Global Forum for providing with much
technical assistance in order to succeed our phase1 peer review. This assistance included both a pre-Phase1 training seminar with representatives of
competent authorities and the practical advices that helped Peru to strengthen
its capacity not only to undergo the peer review process but also to continue
implementing the reforms implied in a serious commitment to transparency
and effective exchange of information for tax purposes.
The Republic of Peru remains dedicated to the development of international tax transparency, and looks forward to continuing this work in order to
successfully approve the next round peer review process.
20.
This Annex presents the jurisdictions response to the review report and shall not
be deemed to represent the Global Forums views.
88 ANNEXES
Annex 2: List of all exchange-of-information mechanisms

ineffect
List of EOI agreements signed by Peru as of August 2016, including
seven bilateral DTCs and three TIEAs. Peru is also a party to the Andean
Community Directive signed on 4May 2004, which provides for the necessary legal basis to enhance cooperation and EOI among the four member
revenue authorities (Bolivia, Colombia, Ecuador and Peru) under Article19.
The EOI agreements listed below do not limit, nor are they limited by, provisions contained other EOI arrangements between the same parties concerned
or other instruments which relate to co-operation in tax matters.
No.
Jurisdiction
Type of EOI agreement Date signed
Date In force
Andean Community (Bolivia,

Colombia, Ecuador)
MTC
4-May-2004
1-Jan-2005
Argentina
TIEA
7-Oct-2004
8-Oct-2004
Brasil
DTC
17-Feb-2006
14-Aug-2009
Canada
DTC
20-July-2001
17-Feb-2003
Chile
DTC
08-June-2001 23-July-2003
Ecuador
TIEA
09-Mar-2002
07-Jan-2003
Korea
DTC
10-May-2012
03-Mar-2014
Mexico
DTC
27-Apr-2011
19-Feb-2014
Switzerland
DTC
21-Sept-2012
10-Mar-2014
10
Portugal
DTC
19-Nov-2012
12-Apr-2014
11
United States
TIEA
15-Feb-1990
31-Mar-1993
ANNEXES 89
Annex3: List of all laws, regulations and other

materialreceived
Constitution
Constitution of Peru
Civil and commercial laws

Cdigo de Comercio (Comercial Code)
Ley General de Sociedades No.26887 (Companies Law)
Financial sector laws

Ley General del Sistema Financiero N27602 (Law of the Financial System)
Ley N861 Ley del Mercado de Valores (Securities Market Law).
Ley N27693 (Law that creates the Financial Intelligence Unit)
Resolucin SBS No.10440-2008 (Regulations for the constitution, organisation and establishment of companies and representatives of the
Financial and Insurance Systems)
Decreto Supremo N054-97-EF (Consolidated Text of the Law of Private
Management System Pension Fund)
Resolution CONASEV N033-2011-EF/94.01.1 (Standard for the Prevention
of Money Laundering and Terrorist Financing)
Resolucin SBS N816-2005 (Sanctions Regulations)
Decreto Supremo N 093-2002-EF (Consolidated Text of Securities Market
Law)
Resolucin SBS N8930-2012 (Regulation of violations and penalties on
prevention of Money Laundering and Terrorist Financing)
90 ANNEXES
Resolucin SBS N Resolution 1010-99 (Regulation of Trust and Fiduciary
Services Companies)
Resolucin SBS N1132-2015 (Regulation that regulates the procedure
for requests for lifting of bank secrecy attention)
Resolucin SBS N3880-2016 (Modify article4 of the norm that regulates the procedure for requests for lifting of bank secrecy attention,
Resolution SBS No.1132-2015)
Tax laws
Cdigo Tributario (Tax Code)
TUO de la Ley del IGV (VAT Law)
TUO de la Ley del Impuesto a la Renta (Income Tax Law)
Resolucin de Superintendencia No.234-2006/SUNAT (Superintendence
Resolution establishing standards referring to books and record
linked to tax matters)
Ley N27334 (Law that extends the functions of the National Superintendence
of Tax Administration)
Ley N30296 (Law that promotes the Reactivation of the Economy)
Decreto Legislativo N943 Ley del Registro nico de Contribuyentes
(Law of Single Register of Taxpayers)
Resolucin de Superintendencia N210-2004/SUNAT (Regulation of the
Law of the Single Register of Taxpayer)
Resolucin Ministerial N586-2008-EF/10 (Resolution designating SUNAT
as the authorised representative for the role of EOI within the framework
of the agreements to avoid double taxation and prevent tax evasion)
Resolucin de Superintendencia N 235-2003/SUNAT (Internal Work
Rules of SUNAT)
Miscellaneous
Ley N28708 (General Law of the National System of Accounting)
Resolucin N 200-2001-SUNARP/SN (Companies Registry Regulation)
Resolucin de Superintendencia Nacional de los Registros Pblicos
N316-2008-SUNARP-SN (Regulation of the Registration of Trusts)
Decisin 486 Comunidad Andina (Andean Community Directive)
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(23 2016 37 1 P) ISBN 978-92-64-26574-5 2016
Global Forum on Transparency and Exchange of Information

for Tax Purposes
PEER REVIEWS, PHASE 1: PERU

The Global Forum on Transparency and Exchange of Information for Tax Purposes is
the multilateral framework within which work in the area of tax transparency and exchange
of information is carried out by over 130 jurisdictions which participate in the work
of the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review of the implementation
of the standards of transparency and exchange of information for tax purposes.
These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange
of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax
Convention on Income and on Capital and its commentary as updated in 2004, which has
been incorporated in the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant
information for the administration or enforcement of the domestic tax laws of a requesting
party. Fishing expeditions are not authorised, but all foreseeably relevant information
must be provided, including bank information and information held by fiduciaries, regardless
of the existence of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identified by the Global Forum
as relevant to its work, are being reviewed. This process is undertaken in two phases.
Phase 1 reviews assess the quality of a jurisdictions legal and regulatory framework
for the exchange of information, while Phase 2 reviews look at the practical implementation
of that framework. Some Global Forum members are undergoing combined Phase 1
plus Phase 2 reviews. The ultimate goal is to help jurisdictions to effectively implement
the international standards of transparency and exchange of information for tax purposes.
All review reports are published once approved by the Global Forum and they thus represent
agreed Global Forum reports.
For more information on the work of the Global Forum on Transparency and Exchange of
Information for Tax Purposes, and for copies of the published review reports, please visit
www.oecd.org/tax/transparency and www.eoi-tax.org.
Consult this publication on line at http://dx.doi.org/10.1787/9789264265752-en.

This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and
statistical databases.
Visit www.oecd-ilibrary.org for more information.
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About the Global Forum  5

ABOUT THE GLOBAL FORUM 5

About the Global Forum

Bolsa de Valores de Lima

Customer due diligence

Counter Terrorism Financing

Double Tax Conventions

Financial Action Task Force

International Business Company

Organisation for Economic Co-operation and

Organismo Supervisor de las Contrataciones del Estado

Registro unico de contribuyentes (Single Register of

Registro Nacional del Proveedores del Estado (National

Superintendencia de Banca, Seguros y AFP

Superintendencia de Mercado de Valores (Securities

Superintendencia Nacional de Registros Pblicos

Superintendencia Nacional de Aduanas y de

Tax Information Exchange Agreement

Unidad de Inteligencia Financiera (Financial Intelligence

Unidad Impositiva Tributaria (Tax Imposition Unit)

Value Added Tax

The Andean Community (Comunidad Andina) is a customs union operating as

Information and methodology used for the peer review of Peru

Governance and legal system

According to the Peruvian National Institute of Statistics and Information (INEI)

The Peruvian economy

Overview of the financial sector

Compliance with the Standards: Availability of information 21

Compliance with the Standards

22 Compliance with the Standards: Availability of information

A.1. Ownership and identity information

Compliance with the Standards: Availability of information 23

24 Compliance with the Standards: Availability of information

Capital Limited Liability Company (Sociedad Comercial de

Company ownership and identity information required to be provided

The Superintendence of Public Registries and Notaries

Compliance with the Standards: Availability of information 25

The Tax Administration

26 Compliance with the Standards: Availability of information

In 2016 one taxpayer unit (UIT) was equal to PEN3950 (approximately

Compliance with the Standards: Availability of information 27

Superintendence of Banks, Insurers and Private Pension Fund

Financial institutions (such as bank companies, financial companies,

Insurance companies; and

Companies providing complementary and related services (such as

28 Compliance with the Standards: Availability of information

Compliance with the Standards: Availability of information 29

The Securities Market Superintendence

30 Compliance with the Standards: Availability of information

Company ownership and identity information required to be held by

Compliance with the Standards: Availability of information 31

as a permanent establishment, at the time of registration with the SUNARP,

32 Compliance with the Standards: Availability of information

A similar registration requirement exists for domestic companies although not

Compliance with the Standards: Availability of information 33

34 Compliance with the Standards: Availability of information

Bearer shares (ToRA.1.2)

Compliance with the Standards: Availability of information 35

General Partnership (Sociedad Colectiva or Collective Society):

Limited Liability Partnership (Sociedad de Comandita Simple):

36 Compliance with the Standards: Availability of information

Ownership and identity information required to be provided to

The Superintendence of Public Registries and Notaries

About the Global Forum 5