Importance of Transfer Pricing in Peru in 2024

July 9, 2024

Introduction

In 2024, transfer pricing continues to be a critical aspect of tax compliance in Peru. The National Superintendency of Tax Administration (SUNAT) maintains a rigorous focus on ensuring that transactions between related companies are carried out at market values. In this article, we highlight the importance of transfer pricing SUNAT and its impact on business operations in Peru.  

Relevance of Transfer Pricing in the Global Context

Transfer pricing is essential to ensure that transactions between related companies are carried out at market values, thus avoiding the erosion of the tax base and the transfer of profits to jurisdictions with lower tax rates. In a globalized environment, their correct application is crucial for tax fairness.  

SUNAT regulations on Transfer Pricing

SUNAT requires companies to conduct a detailed analysis and maintain adequate documentation to support their transfer pricing policies. This includes the filing of the Local Report, Master Report and Country-by-Country Report, ensuring transparency and fairness in intercompany transactions.  

Transfer Pricing Compliance Benefits

  • Reduced Tax Risks: Complying with transfer pricing regulations reduces the risk of tax adjustments and penalties from SUNAT.  
  • Transparency and Trust: Maintaining accurate and complete documentation generates trust between tax authorities and stakeholders.  
  • Resource Optimization: Proper transfer pricing analysis and application allows for better resource management and efficient tax planning.  

Common Challenges and How to Overcome Them

  • Regulatory Complexity: Transfer pricing regulations can be complex. Expert advice is essential to understand and correctly apply the regulations.  
  • Comprehensive Documentation: Maintaining comprehensive and up-to-date documentation can be challenging, but is crucial for compliance. Technology and specialized software can help.  
  • Ongoing Training: Training key personnel on transfer pricing regulations and practices is essential to ensure ongoing compliance.  

Conclusions and Recommendations

The importance of transfer pricing in Peru in 2024 cannot be underestimated. Complying with SUNAT regulations is not only a legal obligation, but also offers multiple benefits to companies, from reducing tax risks to optimizing resources. At TPC Group, we offer specialized advice to help you comply with these obligations efficiently and effectively.  

Call to Action

Do you need transfer pricing advice? Contact us at TPC Group to get personalized consulting and ensure compliance with your tax obligations.  

Source: SUNAT (National Superintendence of Tax Administration)