Worldwide transfer pricing reference guide 2014

Peru (continued)
Penalty relief
Where a taxpayer does not comply with the obligation to have a transfer pricing technical study or present the transfer pricing
information return and is subject to penalties the following reductions may be made:
• A 100% penalty reduction if the taxpayer files the transfer pricing information return after the due date, but before it is discovered and
compelled to do so by SUNAT
• An 80% (transfer pricing study) or 90% (transfer pricing return) penalty reduction if the taxpayer rectifies the infraction and pays the
corresponding fine within the time established by SUNAT
• A 50% (transfer pricing study) or 80% (transfer pricing return) penalty reduction if the taxpayer rectifies the infraction, but does not pay
the corresponding fine within the timeframe established by SUNAT
Documentation requirements
Since 2006, taxpayers have been required to keep a transfer pricing study if they fall within the scope of the transfer pricing rules
contained in Article 32-A of the PITL, and if they meet either of the following conditions:
• The company’s income exceeds PEN6 million (about US$2.2 million) and the amount of its intercompany transactions exceeds PEN1
million (about US$360,000)
• The company has been engaged in transactions from, to or through a low-tax jurisdiction
From 30 June 2012 on, transfer pricing formal obligations (transfer pricing study and transfer pricing return) will apply only to
transactions that involve taxable income and/or deductible tax expense.
Documentation deadlines
Prior to 2012, there was no requirement to present the transfer pricing study to the tax authority. However, as provided by Ruling
N°167–2006–SUNAT, the tax authority can request a transfer pricing study from taxpayer after the fiscal year closes.
The deadline for filing the transfer pricing return for the fiscal year 2010 onwards was June of the calendar year following the close of
the fiscal year of the corresponding transfer pricing return.
From fiscal year 2012 onwards, the transfer pricing technical study should be filed alongside the transfer pricing information return.
The deadline for the filing of both transfer pricing documents for the fiscal year 2012 was October 2013. The deadline for filing in
following years is yet to be determined.
Statute of limitations on transfer pricing assessments
According to Articles 87-7 and 43 of the Peruvian Tax Code, the statute of limitations on income tax assessments is four years after
1 January of the year that follows the year the annual income tax return is due (generally, 31 March) and six years for returns that were
never filed.
Return disclosures/related party disclosures
The main details to be disclosed in the transfer pricing information return are not only the value of the transactions, the transfer pricing
method selected and the related party with whom the transactions were made, but also, from fiscal year 2012 onwards the results of the
tested party, the interquartile range of selected comparables and the value of the transfer pricing adjustments.
Transfer pricing–specific returns
An annual transfer pricing information return should be filled by taxpayers in June, if they meet the following conditions:
• The amount of intercompany transactions exceeds PEN200, 000 (about US$72, 000)
or
• The company has been engaged in transactions from, to or through a low-tax jurisdiction for which the market value is lower than the
computable cost
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