On 20 December 2023, Peru’s Congress announced it amended its tax code concerning Law 31962. The amendment is related to the interest rate that the Tax Authority should consider involving cases on refund claims for improper or excessive tax payments and penalties.
The applicable monthly interest rate on refund claims for improper or excessive tax payments should be 0.9%. It should be noted that this interest rate is the same as the interest rate applicable to taxpayers for late tax payments.
The Central Reserve Bank of Peru will determine the interest rate for penalties, which means the previous monthly interest rate of 0.9% will no longer be effective. Additionally, it is specified that interest on penalties will accrue from the date mandated by the Peruvian Tax Authority for payment.
The Law 31962 went into effect on 1 January 2024.
