Corporate tax
Tax rate for resident companies |
Tax rate of 27% on the net profit. The distribution of profits to non-residents is taxed generally at 4.1%, which leads then to an effective tax rate of 30%. A special regime applies to small businessmen and some low income companies, the tax rate is then 2.5% of the monthly incomes.
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Taxe rate on long-term capital gains |
Capital gains are taxed in Peru at the rate of 30%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
Dividends are not subjected either to the tax or to the deduction at the source.
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Tax rate on branches |
Branches are subjected to the same tax as the Peruvian companies, however they do not benefit from instigations in the setting up.
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Income tax
Fiscal year |
The fiscal year begins on January 1st and ends on December 31st of the same year.
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Income tax rate |
Levy on individuals incomes is made according to a system of annual units. The rate of a unity is fixed annually by the government. A unity is equal to 2 400 PES.
| 0 to 54 units | 15% | | Beyond 54 units | 30% |
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Tax deductions or
other allowances |
The taxpayers benefit from various deductions according to the nature of their income (salary, pension, etc.). For example, the employees of a company benefit from a tax relief of 20%.
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VAT rates
Standard rates |
The rate of the "General Sales Tax" (IGV) on August the 1st of 2003 is 19% for most of goods and services.
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Reduced rates |
Export of goods, chattels and services are not affected by this tax.
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Other important taxes
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Name of tax |
Rate |
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Health care fund; payed by employer
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9% on worker's gross salary
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Pension Fund; paid by employee
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13% on worker's gross salary
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Extraordinary Solidarity Tax; payed by employer
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5%
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Succession duties on the purchases of real estates
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3%
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Accounting
Introduction
In Peru, 3 big phases of evolution have been necessary to recognize the importance of accounting as element of decision :
- Before 1955, the Code of the Business dated 1902 required from companies to have a basical accounting system
- Between 1955 and 1974 : the resolution n?56 authorizes companies to use mechanical systems for the bookkeeping. Documents must be numbered, monthly summarized and annually regrouped.
- Since 1974 : the Peruvian accounting system is influenced by the French, American and Italian systems because the companies employ accounting software packages coming from other countries.
General accounting principles
As the structure of accounts and big masses are inspired by various models, it is difficult to establish a precise plan of their presentation.
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Obligations and publications
Accounts must be established in national currency in agreement with the new accounting plan introduced in 1987. Accounting must be kept in accordance with current standards but companies have no obligation in terms of structure for annual reports : nevertheless, they have to publish a balance sheet, a profit and loss account and annexes which should be guaranteed by an independent auditor.
Certification and auditing
The certification of accounts became compulsory in Peru in 1974, with the creation of the "Commission Nacional de Empresas y Valores". The national accounting system was implemented in 1987 to harmonize and standardize operations and financial results.
Only the accountants who hold the public Certified Accountant's status are authorized to control and guarantee the accounts of companies.
Professionals and representative organizations
" Commission Nacional de Empresas y Valores ".
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Export Entreprises SA ©, All rights reserved
Last modified in
January 2003
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