On 10 November 2020, the Peruvian Tax Administration (SUNAT) has published Report No. 093-2020-SUNAT/7T0000 on its website, which clarifies the interest deduction limitations rules.
Through the Report, SUNAT analyzes the application of the interest deductibility limitation rule to interest derived from the issuance of securities debt securities that are acquired by institutional investors domiciled in the country, registered with a clearing institution, and settlement of securities subject to the Superintendency of Securities Market (SMV).
SUNAT has concluded that: “The exception established in literal e) of numeral 2 of subsection a) of Article 37 of the Income Tax Law, related to the deductibility limit of expenses for the net interest of 30% of EBITDA, it is not applicable to the interest on indebtedness from the issue, in national currency, of representative transferable securities of debt that are acquired by investors institutions domiciled in the country, registered in an institution of clearing and settlement of securities subject to the Superintendency of the Market of Securities, whose offer meets the established requirements in paragraphs a) and b) of Article 5 of the Values”.
