Peru: Import and export of commodities subject to transfer pricing regulations
Companies must submit Informative Affidavit by the day of arrival for imports and the day of shipment for exports
Peru’s tax administration (Superintendencia Nacional de Aduanas y de Administración Tributaria or SUNAT) on September 6, 2024, published a report (Spanish) addressing questions about the Informative Affidavit required for the import and export of commodities with related parties, which are subject to transfer pricing regulations.
Companies must submit this affidavit by the day of arrival for imports and the day of shipment for exports. However, timely and complete compliance is challenging because some required data may not be available by these deadlines. If the affidavit is not submitted on time, the agreed price will be recalculated based on international commodity quotations, and fines will be imposed.
If the affidavit is corrected and submitted after the deadline, fines will be reduced according to the gradual penalty regime, but the recalculated price will still apply if it results in higher tax in Peru. Additionally, companies using methods other than the comparable uncontrolled price (CUP) method must attach a technical transfer pricing report.
Read a September 2024 report prepared by the KPMG member firm in Peru