Peru and Spain will resume income tax treaty negotiations in March 2025, as announced by Luis Ibérico, Peruvian ambassador to Spain. during an event on 15 October 2024.
An income tax treaty was signed in 2006, but it was never ratified.
Approximately 500 Spanish companies are active in Peru, making Spain the second-largest source of foreign direct investment in the country, following the United Kingdom, with a share of 17% of total foreign investment.
If an agreement is reached, the new treaty will need to be signed and ratified before it can take effect.
