Coronavirus In Peru: The Invisible Enemy – What should be next from a tax perspective?
Published date | 18 March 2020 |
Author | Karen Temoche |
Law Firm | Rubio Leguía Normand |
English version:
Learn our main ideas on what government dispositions would businessmen in Peru expect from a tax perspective
Lima, March 18th, 2020.- We have always learned to fear what we could see, touch, feel, smell. I mean, what we could call visible enemies. Robbers, rapists, murderers, terrorists, drugs, drug dealers, guns, bombs, nuclear weapons in a war context.
Most of us have not been raised thinking that we could have invisible enemies that could also have a great effect in our lives.
This is the third day of mandatory lockdown in Peru that we all know is showing important economical not yet visible harmful effects. With a great effort of our government together with the clear commitment of most citizens, we all are trying to avoid more serious scenarios from a health public point of view, even more if we consider the weakness of the Peruvian Health System.
However, from an economical point of view, the invisible enemy brings some more risks. This year only a few industries could probably show revenues growth.
Most entities in Peru must be worried for what the future brings and each of them are currently living their own crisis.
From a tax perspective, our government has already approved certain dispositions essentially linked to the deferral of the accomplishment of tax formal obligations and payments dates.
It could be essential that in the near future our government could also evaluate certain flexibilities associated to; for instance, postponing tax audits during the rest of the year 2020; tax or administrative fines and interests forgiveness; exempting certain entities from accomplishing formal requirements such as obtaining letter of credits (applicable to importers, for instance); exempting tax payers from providing financial guarantees (obligatory to begin an action before the Judicial power once the Tax Court has resolved against a company’s interests, unless a judiciary protective measure is obtained which currently is not easy to obtain); or, from providing our Tax Administration with financial guarantees requested in case an entity would need to apply to a future deferral of certain tax obligations or for requesting an installment payment plan.
On the other hand, we could also expect, under these unique circumstances some new taxes, maybe over elements that are deemed to be exterior signs of wealth, an inheritance tax or previous used systems in Peru such as state bonds.
We are living unique times, just weeks ago, we did not...
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