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Special instalment regime for tax debts in Peru: Terms, benefits, and exclusions

19.11.2024

The recently published legislative decree no. 1634 introduces a special instalment programme for tax debts in Peru. It is managed by the Peruvian financial authority SUNAT and covers debts payable up to 31 December 2023. The Ecovis experts explain the details.

What are the most important changes?

• Applications for this instalment plan can be submitted until 20 December 2024.
• Eligible debts include income tax, VAT, selective consumption tax, mining special tax, customs duties, and others. The programme applies to debts with enforceable resolutions, payment orders, fines, or balances from existing instalment plans.
• Debts under dispute or in the collection process may also be included; however, for disputed debts, applicants must withdraw their claim upon applying for the instalment plan. SUNAT will notify the relevant authorities upon approval of the application.
• Certain debts and taxpayers are excluded from this programme, including debts under insolvency proceedings, withheld or collected taxes, and debts already settled with final judgments. Individuals or entities with convictions for tax or customs offenses are also excluded. Public entities are generally excluded, except for State enterprises.
• The programme offers a discount on interests and fines based on the debt amount and payment method—whether paid in full, in a summary plan, or through instalment payments of up to 72 months. A monthly minimum of PEN 260 (PEN=Peruvian sol, 100 PEN is the equivalent of around USD 27) applies to instalment plans, and in some cases, guarantees may be required. Approved instalment agreements will halt enforcement actions, while SUNAT retains its audit rights on debts not previously audited.

Are you affected by tax debts? We will support you in repaying them in accordance with the rules.

Octavio Salazar Mesias, Partner, ECOVIS Peru, Lima, Peru

Resident Director Services Australia: Expert Guidance for International Businesses

08.11.2024

David Conley brings over 25 years of experience in tax and business consulting to his role as a director of Sydney accounting and business advisory firm, ECOVIS Clark Jacobs. His career journey, which includes stints at global firms such as Ernst & Young, Deloitte and PwC, has equipped him with a unique perspective on the importance of tailored, client-focused solutions.

One of David’s specialisations is resident director services, addressing the needs of international businesses entering the Australian market. Under Australian law, a proprietary company must have at least one director who is a resident of Australia. When non-resident clients cannot identify a suitable director, David steps in to provide this essential service.

In this role, David is able to help deal with the challenges that companies face when entering the Australian market. “Many companies struggle with local compliance requirements, from ASIC and ATO compliance, through to employment and payroll issues.  An increasingly important issue is also navigating the complexities of Australian tax law around transfer pricing matters, but we have the local expertise to ensure these are dealt with as required” he notes.

The scope of resident director services includes ensuring compliance with the Australian Corporations Act, fulfilling regulatory reporting obligations, and offering strategic support for business growth. As both an accountant and advisor, David takes a holistic approach to client relationships, effectively acting as a ‘guardian’ of their Australian operations.

“Within the accounting function, our firm can also provide bookkeeping and payroll services and connect clients with suitable HR and legal advisers,” David explains. “This is invaluable to parent companies overseas, as they can trust that their Australian subsidiary is managed by a single provider with its best interests at heart.”

A notable trend David observes is the growing emphasis on offshore companies undertaking Research & Development (R&D) in Australia. “The government’s active promotion of R&D particularly through tax incentives presents significant opportunities, across all industries, even in areas of medical research traditionally undertaken overseas.”  Indeed, apart from software development, engineering, agriculture and energy, there has been an increase in undertaking clinical trials in Australia due to our world class laboratories and scientific facilities, and the regulatory framework supporting them.

What does David enjoy most about his role? “It’s rewarding to identify solutions that support business expansion. I also love the variety of working with international clients and exposing our team to global matters. As accountants, we’re deeply invested in our clients’ success, and taking on the role of resident director adds an extra, personal dimension to that commitment.”

New Whitepaper Release: How ESG is Shaping Business Sectors by Alexandra Pasareanu

05.11.2024

We are pleased to announce the release of a comprehensive whitepaper by Alexandra Pasareanu, Director from ECOVIS Wingrave Yeats, London.

Titled “How is ESG Impacting Your Business Sector?”, this whitepaper provides an in-depth analysis of the role Environmental, Social, and Governance (ESG) principles play across multiple sectors, including Financial Services, Retail, Technology, and Real Estate, among others.

In this timely and insightful paper, Alexandra explores the latest challenges and opportunities ESG principles bring to businesses worldwide, addressing the regulatory demands, reporting standards, and the shift towards sustainable practices that impact every aspect of modern business operations. With a focus on helping companies navigate this evolving landscape, the whitepaper offers practical guidance on integrating ESG strategies for long-term resilience and competitive advantage.

Visit our Sustainability Matters and ESG Services page to read the full whitepaper and discover how ECOVIS can support your journey towards a sustainable and socially responsible future.