The tax authority of Peru published Resolution No. 355-2013/SUNAT in the Official Gazette on 12 December 2013. The Resolution would extend the temporary exemption for commodities transactions from the application of the withholding income tax regime until 30 June 2014.

The withholding income tax regime, as established by the tax authorityā€™s Resolution No. 234-2005/SUNAT, is applicable to transactions for which the purchaser is required to issue a ā€œsettlement of purchaseā€ document and to transactions for which the purchaser issues the document even if not required.