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Peru Provides Extension for Secondary Local Filing of CbC Reports

Peru has published Resolution No. 054-2019/SUNAT of 13 March 2019, which provides an extension of the deadline for the filing of Country-by-Country (CbC) reports by non-parent constituent entities resident in Peru under secondary local filing requirements. The resolution notes that although Peru has agreements for the exchange of CbC reports, it is unable to receive reports until after it has passed a pending evaluation by the OECD regarding compliance with information confidentiality and security standards. Because of this, secondary local filing will not be required until the last working day of the month following the month in which the tax authority (SUNAT) publishes on its website that it has been approved for automatic exchange by the OECD. This extension of the deadline applies:

  • For the 2017 reporting fiscal year in cases where a constituent entity would be required to file a CbC report locally because the jurisdiction of its ultimate parent does not have a competent authority agreement for the exchange of CbC reports with Peru; and
  • For the 2018 reporting fiscal year in cases where a constituent entity would be required to file a CbC report locally because any of the conditions for secondary local filing are met: parent not required to file, no CbC exchange agreement, or systemic failure for exchange.

With respect to CbC exchange, SUNAT has published a list of jurisdictions with which a competent authority agreement is in place. Non-parent constituent entities resident in Peru whose ultimate parent is resident in one of the listed jurisdictions are not required to file a CbC report for the 2017 reporting fiscal year.

Note - Peru previously provided an extension to 14 March to 21 March 2019 in respect of the 2017 reporting fiscal year based on the same condition as above (previous coverage). With respect to the 2018 reporting fiscal year, it is assumed that if Peru is approved by the OECD and this is announced by August 2019, then the standard deadline in October 2019 would apply and not the end of the following month deadline as provided for in the resolution.

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