Peru completed its domestic ratification procedures on February 27, 2014, in respect of the double taxation agreement (DTA) with South Korea. The treaty was signed on 10 May 2012 and will enter into force when both countries have completed their ratification procedures.
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South Korea has published Law No. 20612 in the Official Gazette on 31 December 2024, amending the International Tax Adjustment Act, which includes several adjustments to the Global Minimum Tax provisions. The law introduces measures aligned with
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Peru has issued Superintendency Resolution No. 000304-2024/SUNAT of 30 December 2024 on 31 December 2024 outlining the submission deadlines for annual tax returns for the 2024 tax year. This includes extended deadlines for submitting annual income
Read More The Peruvian Official Gazette published Law No. 32217 on 29 December 2024, extending the accelerated depreciation benefit period for renewable electricity projects from 31 December 2025 to 31 December 2030. The extension also includes a 20%
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Peru has increased the value of its Tax Unit (Unidad Impositiva Tributaria - UIT) for the 2025 fiscal year. The value will rise from PEN 5,150 to PEN 5,350, as outlined in Supreme Decree No. 260-2024-EF. This announcement was published on 17
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The Korea-Philippine Free Trade Agreement (FTA) entered into force on 31 December 2024, as announced by the Korean Embassy in Manila on Monday, 30 December 2024. Under the Free Trade Agreement (FTA), South Korea will eliminate tariffs on 94.8% of
Read More Peru’s Congress has approved a tax relief measure under Law 32,201 on 26 December 2024, exempting VAT on fees related to international money remittances. The exemption includes fees charged to beneficiaries receiving funds from abroad and to
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