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Peru Provides Extended Loss Carry-forward and Payment Deferral Regime Due to COVID-19

Peru has published Legislative Decree No. 1481 of 7 May 2020 in the Official Gazette, which extends the number of years losses may be carried forward to provide relief for COVID-19. This includes that net losses incurred in 2020 may be carried forward for up to five years beginning from 2021, instead of the standard four years.

Peru has also published Legislative Decree No. 1487 of 9 May 2020 in the Official Gazette, which establishes a tax payment deferral regime for COVID-19. The regime is available for taxes and related debts administered by Peru's tax authority (SUNAT). This includes payments on account for corporate income tax for the periods January, February, and March 2020, provided that the term of deferment does not extend beyond 31 December 2020. The regime is not available for taxes withheld, taxes involved in bankruptcy proceedings, and certain others.

Subject to certain other conditions, taxpayers of corporate income tax may be eligible for the regime if they have experienced a decrease in net monthly income in the tax periods March and April 2020 as compared to the same periods in 2019. If a taxpayer did not have income in March and April 2019, certain other rules apply to determine eligibility.

If approved, taxes and other debts may be deferred for up to 6 months, deferred for up to 6 months and paid in up to 30 monthly installments, or paid in up to 36 months installments. As mentioned for corporate income tax, however, deferment may not extend beyond 31 December 2020.

Deferment interest also applies, which is equal to 40% of the default interest rate (TIM). In the event that deferment is lost because the payment conditions are not complied with, the full TIM rate is applied.

The deadline to apply for the deferral regime is 31 August 2020.

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