The Current Context
In the current tax scenario, SUNAT has significantly increased its annual audit processes. This makes it more important than ever to conduct a thorough preventive review to ensure compliance and avoid costly penalties.
Critical Points in the IR 2024 Calculation
Deduction of Interest and Tax EBITDA
A fundamental aspect that companies must consider is the correct calculation of tax EBITDA. The current regulations establish specific limits for the deduction of financial expenses, and an error in this calculation may result in incorrect deductions that are subsequently observed by SUNAT.
According to the current regulations, the limit for the deduction of net financial interest is 30% of the tax EBITDA of the previous year. It is important to specify that this limit applies when net financial expenses exceed 2,500 UIT.
The tax EBITDA is calculated by taking the net income (after offsetting losses), plus net interest, plus depreciation and amortization. Financial expenses exceeding this limit will not be deductible in the year, although they may be carried forward to the following 4 years.
Requirements for Deductible Expenses
Adequate documentation of expenses continues to be a critical point. It is not enough to have the payment voucher, each expense must comply with the requirements established in the Income Tax Law and its regulations. This includes demonstrating the causality of the expense and having all the necessary supporting documentation.
It is worth mentioning that SUNAT has published a specific guide on the reliability and causality of the expense, where it details the recommended documents to support different types of operations, which serves as an important reference for companies when structuring their supporting files.
Treatment of Intangible Assets and Depreciation
In the case of the differences between the financial and tax treatment of intangible assets and depreciation, it is recommended to correctly identify these differences in order to quantify the allowances to be taken into account in the calculation of income tax.
For example, while in accounting terms an asset can be depreciated according to its real economic use, in tax terms it must adhere to the maximum rates allowed by law, which requires a particular follow-up of each asset in order to correctly quantify the tax assessments both for the year and accumulated.
Frequent Errors to Avoid
Late Accounting Update
One of the most common mistakes is to keep the accounting out of date until the time of the annual tax return. The consequences of this out-of-date accounting are evidenced in frequent situations such as when the invoicing of suppliers of the previous year is only recorded in the first months of the following year, losing the opportunity to deduct the expense in the corresponding period according to the accrual criterion. A similar situation occurs with the deposits of deductions made after the deadline for not having a timely control of the vouchers subject to SPOT, which generates the loss of the tax credit and the deduction of the expense.
This practice not only affects business decision making, but can also result in lost opportunities to deduct expenses in the correct period.
Intragroup Services
For companies that receive services from other companies of the group, it is essential to have the proper support of the Benefit Test. SUNAT rigorously evaluates whether these services have generated real value for the local company, and the lack of documentation may result in the disregard of these deductions.
For proper support, it is essential to maintain an organized file that includes not only contracts and invoices, but also tangible evidence such as technical reports, progress reports, minutes of meetings, coordination emails and, especially, indicators that demonstrate the improvement generated by the service in the operation or profitability of the business. The key is to document not only the execution of the service but also to quantify the economic or commercial benefit obtained, thus avoiding questions about the deductibility of the expense.
Relevant Technical Aspects
Derivative Financial Instruments
If your company makes use of derivative financial instruments, it is essential to ensure that the appropriate tax treatment is complied with. Although these instruments may be considered as risk hedging in the financial field, the expenses generated by the execution of the contracts comprising these instruments must comply with the provisions established in the Income Tax Law in order to be eligible for deduction under the causality principle of Article 37 of the aforementioned Law.
Allowance for doubtful accounts
Provisions for doubtful accounts must meet specific conditions to be tax deductible. It is important to check that each provision complies with the requirements established in the regulations, such as, for example, that the debt is overdue and the existence of financial difficulties of the debtor is demonstrated; that collection actions have been carried out without results (evidenced by notarized letters, mails or protests of securities); that the provision is recorded in the Inventory and Balance Sheet Book at year-end; and that the debts do not correspond to related companies or are not secured by real rights.
Compliance with these requirements must be duly documented to support the deductibility of the expense in the event of an audit or control action by SUNAT.
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