Keys on tax adjustments for 2022

1. Electronic billing

The Executive extended until June 30, 2022 the deadline for sending invoices and receipts for electronic fees to the purchaser of the good or user of the service and to the National Superintendency of Customs and Tax Administration (call).

This extension was given because As a result of the pandemic, it has not been possible to conclude the process of operational adaptation and systems that the companies of the country must carry out, for the issuance of the invoice and receipts for electronic fees.

“Sunat is finishing adapting billing systems to a fully electronic environment. By having an electronic receipt system, you have complete knowledge of all the operations that taxpayers carry out, and you will be able to have complete information regarding the tax life of companies,” said Humberto Astete, Tax partner at EY Peru.

2. VAT exemption

As part of the delegation of powers to legislate on tax matters, granted by Congress, the Executive approved the extension of the exemption from the general sales tax (IGV) contained in Appendices I and II of the VAT Law until December 31, 2022.

Astete specified that these appendices include essential products such as food. “It means that, As these goods are exempt, they do not transfer the value of the VAT to me, because they are basic products, it avoids price increases”, pointed.

Said resolution also provided for the exemption of this tax for the issuance of electronic money until the year 2024, since it is considered an instrument of financial inclusion in the country.

3. Exception to pay the IR

For this year, independent workers (4th category) who issue receipts for fees and receive monthly income that does not exceed S / 3,354 are not required to pay Income tax (IR), as established by Sunat, based on the rise of the ITU, which rose from S/ 4,400 to S/ 4,600.

Likewise, those who project that their income during 2022 from fourth or fifth category income will not exceed S / 40,250 may request the suspension of the withholdings or their payments on account of the IR.

4. Clarification to deduct taxes

Changes were made to the Income Tax Law regarding the limitation on the deduction of interest based on Ebitda, which is applicable as of 2021 for taxpayers who in the taxable year have income greater than 2,500 UIT.

As Astete explained, For the cases in which the companies have had losses in profits, to calculate the Ebitda, the base will be considered zero and not negative, to this add their depreciation, amortization and financial expenses. And finally, from that amount, take 30% to deduct financial expenses. “This precision was made because it was not clear, for the cases in which a negative amount of profit was calculated and the Ebitd came out zero, it was thought that there would be no possibility of deducting financial expenses in 2021.”

5. Hydrobiological activity in non-residents

The Income Tax Law was modified to change the presumed net income from Peruvian sources received by non-domiciled taxpayers in order to include the extraction and sale of hydrobiological resources. Thus, it was arranged that it be taxed at 9% of their gross income.

“It is presumed that companies not domiciled in Peru, which sell highly migratory hydrobiological resources extracted inside and outside the maritime domain to companies domiciled in Peru, obtain net income from a Peruvian source equal to 9% of the gross income they receive for that sale. The Ministry of Production will periodically determine the relationship of said resources”, indicates the norm.