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August 20, 2021
Peru creates a new tax-free zone
Certain activities in the district of San Ignacio, Cajamarca will not be subject to taxes.
On 14 August 2021, Peru enacted Law No. 31343, creating a new tax-free zone in Peru — Zona Franca de Cajamarca (ZOFRACAJAMARCA) in the district of San Ignacio, Cajamarca (northern Peru).
The following activities will not be subject to corporate income tax, value-added tax, excise tax, customs duties, and any other taxes imposed by the Federal Government and local governments:
Law No. 31343 went into effect on 15 August 2021. The Executive Power is expected to issue regulations implementing the law within the next 30 calendar days.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Asesores S.C.R.L, Lima
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young Abogados, Latin America Business Center, Madrid
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific