The concept of the beneficial owner has become very important in Peru, especially in the field of taxation, as part of the efforts to combat money laundering and tax evasion. This concept is key to guaranteeing fiscal transparency, as it makes it possible to identify the people who really control and benefit from legal entities. In this article, we explain what it is, how it is regulated and why it is crucial for the tax system and the country’s economy.
What is the Ultimate Beneficiary in Peru?
In Peru, the ultimate beneficiary is the individual or individuals who directly or indirectly control or benefit from a legal entity. This includes those who own more than 25% of the company’s shares or have effective control over key decisions, such as the election of directors or strategic decision-making.
Frequently, the final beneficiaries are not the direct owners, but rather those who, through complex structures such as trusts or intermediary companies, exercise real control over the entity. The identification of these beneficiaries is essential to prevent illicit activities such as money laundering and the financing of terrorism, as well as to ensure compliance with tax obligations and improve corporate transparency.
How are the Final Beneficiaries Identified?
This process is carried out based on Legislative Decree 1372 , which ensures that the individuals who really control or benefit from a company are duly identified.
The main aspects that are taken into account to determine who is a beneficial owner are detailed below:
- Direct ownership : An individual who owns more than 10% of the shares or participations in a company is considered a beneficial owner.
- Effective control: A person is also considered a beneficial owner if they have the ability to significantly influence company decisions, even if their shareholding is less than 10%.
- Senior Management Position: In the case of a company belonging to a more complex structure, such as a trust or a holding company, the authorities must identify the individuals who actually control the entity, even if they are not the direct owners of the shares.
The Procedure for Registering Ultimate Beneficiaries in Peru
In Peru, companies must register their beneficial owners with the National Superintendency of Customs and Tax Administration (SUNAT), which is done by means of an affidavit. This process ensures that the tax authorities have access to clear and accurate information on the persons who actually control and benefit from the companies.
Steps for the Beneficial Owner Affidavit
- Identification of the final beneficiaries: Companies must review their ownership and control structure to identify the individuals who meet the criteria established by the regulations (more than 10%)
- Registration with SUNAT: The company must file an affidavit with SUNAT using the Register of Beneficial Owners (RBF) system. This system allows the digital submission of information, including details of the beneficial owners such as their full name, percentage of ownership, type of control over the entity, among other details.
- Regular updating: The registered information must be updated annually or whenever there are changes in the ownership or control structure of the company. It is mandatory to keep this information up to date to avoid sanctions.
- Compliance with established deadlines: Companies must file the declaration within the deadlines established by SUNAT to avoid fines and other sanctions. These deadlines are important to ensure transparency and regulatory compliance.
The Importance of Identifying the Ultimate Beneficiary
The correct identification and declaration of ultimate beneficiaries is essential for several key reasons:
- Prevention of money laundering: It helps to identify possible illegal activities and to prevent the use of companies to hide illegal funds.
- Tax evasion: It allows SUNAT to verify that companies comply with their tax obligations and that they are not evading taxes.
- Corporate transparency: It fosters a clearer and more reliable business environment, which is crucial for attracting investment and strengthening the economy.
Conclusion
The identification and declaration of ultimate beneficiaries in Peru is key to fiscal transparency and the fight against money laundering and tax evasion. Companies must comply with this obligation, ensuring the correct identification of beneficial owners and the filing of the declaration with SUNAT, to strengthen a more transparent and reliable business environment.
With VAG Global as your strategic ally, you will be able to guarantee timely compliance with your obligations, avoid sanctions and maintain the transparency required by current regulations. Let us help you successfully navigate the beneficial ownership requirements in Peru.