On 3 November 2017, the tax Administration in Peru issued report no. 039-2017-SUNAT/7T0000, clarifying the exchange rate applicable to capital gains arising from the transfer of shares.
The report refers to a transaction as part of which a non-resident entity sells shares issued by a Peruvian entity to another Peruvian entity. The price of the transaction is set using a foreign currency. The report clarifies that the exchange rate applicable to converting the capital gain realized in the foreign currency to Peruvian currency is that published by the Banking and Insurance Authority (Superintendencia de Banca y Seguros, SBS) at the closing of the day on which the transaction is paid.
