On 30 December 2021, Peru’s President Pedro Castillo has enacted Legislative Decrees modifying new regime and tax incentives for agribusiness and other sectors. The Legislative Decrees are effective from 1 January 2021. Tax incentives provided by the Legislative Decrees are stated below:
Legislative Decrees 1515 and 1517
Legislative Decrees 1515 and 1517 provides tax incentives to the agribusiness. A corporate income tax (CIT) rate of 15% is applicable for taxpayers whose net income is up to 1,700 tax units. CIT rates for taxpayers whose net income exceeds 1,700 tax units are:
| Fiscal Year | CIT rate |
| 2022 | 15% |
| 2023-2024 | 20% |
| 2025-2027 | 25% |
| From 2028 | 29.50% |
Legislative Decree 1516
The Decree provides tax incentives for stability agreements. Here, the CIT rate will equal the rate applicable to the tax year in which the stability agreements are signed, plus two percentage points.
Legislative Decree 1518
The Decree provides tax incentives for highly migratory hydrobiological resources. The Decree sets a withholding tax rate of 2.7% for the income of nonresident entities to Peruvian entities for the sale of highly migratory hydrobiological resources.
