The Peru tax authority (SUNAT) published a release on 2 December 2020 announcing that the deadline for secondary local filing of Country-by-Country (CbC) reports has been set following the recent completion of Peru's assessment on meeting security and confidentiality standards by the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, and the inclusion of Peru as a reciprocal jurisdiction for the automatic exchange of information. As previously reported, Peru has provided open-ended extensions of the deadlines for secondary local filing by constituent entities in Peru of foreign-parented groups, pending the completion of the OECD assessment.

As provided in the release, the secondary local filing requirements are now effective, including with respect to the 2017, 2018, and 2019 reporting fiscal years. The deadline for all three years is set at the last business day of January 2021 (i.e., 29 January 2021). Although the prior resolutions providing for the extensions included slightly different local filing conditions, the release includes that local filing is required for all three years if any of the three standard local filing conditions are met, including where:

• The ultimate parent is not required to file a CbC report in its jurisdiction;
• The ultimate parent's jurisdiction has an international agreement for exchange with Peru but does not have a competent authority agreement with Peru for exchanging CbC reports; or
• There is a systemic failure for exchange.

The key condition is the lack of a competent authority agreement for exchanging CbC reports. Currently, Peru has active exchange relationships with 70 countries based on the CbC Multilateral Competent Authority Agreement (MCAA). However, this does not cover U.S. MNE groups since the U.S. did not sign on to the MCAA and, as such, U.S. MNE groups are subject to local filing requirements in Peru until a bilateral agreement is signed.

For the 2020 and future reporting fiscal years, standard local filing deadlines will apply. Click the following link for the SUNAT CbC reporting webpage for more information.