Peru: New provisions to advance pricing agreements

Tax Insights ()
On December 27, 2013, the Peruvian Tax Administration (SUNAT) published Resolution 377/2013, which clarifies and regulates the requirements and procedures to be followed when a resident taxpayer has an interest in setting up an Advance Pricing Agreement (APA). This Resolution follows the changes introduced to the Peruvian Income Tax Law and its regulations in 2012, which modified the requirements and transactions to be covered in an APA. Also, the modified regulations instituted a form of preliminary meetings, intended to evaluate the viability of the APA proposal prior to the submission of the final APA proposal.