Peru Clarifies Informative Affidavit Requirements for Goods´ Transactions with Related Parties

| Image Credits: HQ of the Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT), Lima, Peru.

On September 6, 2024, the Superintendencia Nacional de Aduanas y de Administración Tributaria (SUNAT), Peru’s tax administration, released a report detailing the requirements for the Informative Affidavit related to the import and export of commodities involving related parties. These transactions are subject to transfer pricing regulations.

We are pleased to provide you with the English translation of the document via this Link.

SUBMISSION DEADLINES AND COMPLIANCE CHALLENGES

According to the report, companies are required to submit the Informative Affidavit by the date of arrival for imports and by the date of shipment for exports. However, complying with these deadlines can be challenging, as some of the necessary data might not be available in time.

PENALTIES FOR NON-COMPLIANCE

If the affidavit is not submitted by the required deadline, SUNAT will recalculate the agreed price using international commodity quotations, potentially leading to increased tax liability. In addition, companies will face fines for late submissions.

OPTIONS FOR CORRECTING LATE SUBMISSIONS

Companies that correct and submit the affidavit after the deadline may benefit from reduced fines under the gradual penalty regime. However, the recalculated price will still apply if it leads to a higher tax burden in Peru.

TECHNICAL REPORT REQUIREMENT FOR ALTERNATIVE METHODS

SUNAT also emphasized that companies using transfer pricing methods other than the comparable uncontrolled price (CUP) method must include a technical transfer pricing report along with the affidavit.

This guidance highlights the importance of timely and accurate compliance with transfer pricing regulations to avoid financial penalties and recalculations that could affect tax liabilities.

SOURCE/ RECOMMENDED READ:

• INFORME N.º 000063-2024-SUNAT/7T0000 (sunat.gob.pe) 
• Peru’s tax administration report in EN (PDF)