Intending to improve tax compliance on Transfer Pricing, the SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria – National Superintendence of Customs and Tax Administration) has issued Resolution No. 000123-2024, which introduces changes to Annex III of Superintendence Resolution No. 014-2018, which regulates the filing of the Informative Affidavit Local Report.
Updating of the Regulations for 2024
This resolution adds item 7 to point 5.2 of section 5 of Annex 3, which establishes guidelines to file the technical support when employing a method other than the Comparable Uncontrolled Price (CUP) in export or import transactions of the goods included in Annex No. 2 of the Income Tax Law Regulations. The referred technical support must demonstrate reasonable and pertinent economic, financial, and technical reasons to justify employing another method different from the CUP. Additionally, it will have to show the analyzed documentation of the uncomparable independent third-party transactions even if reasonable adjustments were applied and support how these adjustments detract from the reliability of the application of the method. These supports should quantitatively demonstrate the distortions of the CUP employment and, on the other hand, the comparability improvement when using other methodologies.
Impact on Transfer Pricing Statements
The Transfer Pricing statements in which analysis of export or import transactions of goods included in Annex No. 2 of the RLIR must incorporate some new chapters to comply with the new provisions. Conversely, the rest of the procedures for the statement have not undergone any changes.
Recommendations for Compliance
In order to ensure compliance with the new regulations, companies must:
- Review export and import transactions that may be included in Annex No. 2 of the RLIR.
- Train their personnel on the new regulatory requirements.
- Consider the assistance of Transfer Pricing experts to ensure a proper review of their export and import transactions.
These measures will not only avoid penalties but also contribute to better management of the tax risks associated with related party transactions.
Ensure compliance with the new SUNAT Transfer Pricing regulations. Please contact us at TPC Group for expert advice to ensure your company is under the updated regulations.
Visit TPC Group for more information.
Source: National Superintendence of Customs and Tax Administration (SUNAT) - Resolution N° 000123-2024. / Superintendence Resolution No. 014-2018.
