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Peru Publishes Catalog of High Tax Risk Schemes for GAAR Purposes

The Peru tax authority (SUNAT) has updated its guidance on the general anti-abuse rules (GAAR) with the publication of a catalog of high tax risk schemes. The catalog includes five schemes in particular that imply a potential breach of tax obligations for which the GAAR would apply, including schemes that would lead to an incorrect determination of tax or obtaining an undue tax advantage. These include:

  • Schemes involving the deduction of royalties on trademarks by a company where the registration of the trademarks is allowed to expire and then (re)registered by a shareholder (natural person) that is subject to a lower income tax rate on the royalty income;
  • Schemes involving the transfer of shares in a resident company by a non-resident company through a foreign trust or similar for the avoidance of tax in Peru;
  • Schemes involving a change in residence by a non-resident company holding shares in a resident company in order to take advantage of a tax treaty providing more favorable treatment of capital gains on a transfer of shares;
  • Schemes involving the transfer of developed trademarks to a jurisdiction that only taxes national source income in order to avoid paying tax in Peru or in the other jurisdiction; and
  • Schemes involving the transfer of the management team of a company to a related loss-making company that then charges for management services in order to take advantage of greater expenses and the offset of service income against the losses.

According to SUNAT, additional schemes will be added to the catalog over time.

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