Peru Amends Tax Haven Status and Sets Deductible R&D Expense Limit

Peru has amended its Income Tax Law in July, 2012 and published it via Supreme Decree No. 258-2012-EF on December 18, 2012. This decree specifies the new regulations regarding tax havens, and sets a limit on deductible Research & Development expenses

Sunnyvale, CA (prHWY.com) February 18, 2013 - Peru has amended its Income Tax Law in July, 2012 and published it via Supreme Decree No. 258-2012-EF on December 18, 2012. This decree specifies the new regulations regarding tax havens, and sets a limit on deductible Research & Development expenses.

New Income Tax Regulations: Tax Havens
Countries that conclude a tax treaty with Peru, together with an information exchange clause will not be regarded as tax havens.

New Income Tax Regulations: Research & Development Expenses
The new rule also clarifies the deductible Research & Development expenses limit - to the lower of 10 % of net income or 300 tax units (UIT). The balance amount could be deductible in the coming years (subject to same annual limit), if the resultant R&D output is applied in the taxpayer's business.

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