Last June 12, 2024, Congress approved the new Bill No. 07536/2023-CR, which intends to implement a Special Income Tax Regime.
New Regime Purpose
The regularization and repatriation of income tax returns by individuals, undivided estates, or conjugal partnerships who chose to be taxed as such and are domiciled in the country. It would also apply to any unjustified capital increase.
What Does the Income Repatriation Imply?
It consists of the declaration and payment of those incomes generated abroad that were subject to income tax but were not withheld or paid.
Applicable Rates
|
Undeclared income generated up to 12/31/2023 |
10% |
| Income Repatriation |
7% |
Application to the Regime
The taxpayer could apply to the present regime until December 29, 2024, by filing the affidavit form established by the SUNAT (Superintendencia Nacional de Aduanas y Administración Tributaria – National Superintendence of Customs and Tax Administration).
Declaration and Rectification
In such a form, the taxpayer will declare the undeclared net income, apply the above rates, and pay the determined tax. In addition, he/she would be entitled to rectify his/her original return until June 30, 2025, if he/she does not determine a lower taxable income.
Effects of the Acceptance and Payment of the Tax
All income tax obligations regarding undeclared income will be considered fulfilled; therefore, the SUNAT will not be able to establish tax obligations related to this income nor infractions or penalties.
Source: Proyectos de Ley