Peru to exchange tax information on companies and individuals with other nations

 By Yasser Zola, Transfer Pricing Manager, BaseFirma Peru, Lima

The OECD-led Global Forum on Transparency and Exchange of Information for Tax Purposes has confirmed that Peru has complied with global security and confidentiality standards, Peru’s tax authority announced on October 19.

As such, in December, The Peruvian tax authority will receive its first batch of information within the framework of automatic exchange of information with jurisdictions that have signed and ratified the Convention on Mutual Administrative Assistance in Tax Matters.

This exchange of information will allow the Peruvian tax authority to gain access to international tax and financial information on more than 16,000 companies and 33,000 high net worth individuals based in Peru, the tax authority said. The information will help Peru fight tax avoidance and evasion stemming from financial transactions carried out abroad.

The Global Forum’s endorsement means that the Peruvian tax authority’s procedures ensure that information provided by taxpayers and foreign jurisdictions to Peru, as a result of the automatic exchange, will be protected and reviewed only by authorized officials for tax purposes.

— Yasser Zola is Transfer Pricing Manager, BaseFirma Perú, Lima.