On 30 December 2022, Peru published Law No. 31659 in the Official Gazette modifying Law No. 30309. The Law promotes scientific research, technological development and technological innovation (R&D investments). The tax benefits are extended for an additional three years, until 31 December 2025, and projects that benefit from this deduction and continue beyond this date will continue to have this advantage until 31 December 2027. The Law is effective from 1 January 2023.
Taxpayers with a net income not exceeding 2,300 Tax Units (UIT) are eligible for the following deductions:
- 240% if the R&D project is conducted directly by the taxpayer or through a R&D center located in Peru; and
- 190% if the R&D project is conducted through R&D centers located outside Peru.
Taxpayers with a net income exceeding 2,300 (UIT) Tax Units are eligible for the following deductions:
- 190% if the R&D project is conducted directly by the taxpayer or through a R&D center located in Peru; and
- 160% if the R&D project is conducted through R&D centers located outside Peru.
Moreover, the additional deduction of 140%, 90%, or 60% for the taxpayer cannot exceed an annual limit of 500 Tax Units (UIT).