Sign up for tax alert emails    GTNU homepage    Tax newsroom    Email document    Print document    Download document

February 1, 2022

Peruvian Tax Authority establishes guidelines on using Peruvian banking system to pay for indirect transfers of shares

The guidelines establish that taxpayers do not have to prove that payments for the indirect transfer of shares were made through the Peruvian banking system if certain conditions are met.

In Ruling 4-2022-SUNAT/7T0000 (issued 10 January 2022), the Peruvian Tax Authority established guidelines for when taxpayers must use the Peruvian banking system to pay for indirect transfers of shares.


Law 28194 requires taxpayers to use the Peruvian banking system for payments over US$1,000. A taxpayer that does not use the Peruvian banking system to make payments generally cannot treat those payments as deductible expenses or as cost basis for tax purposes.

In 2011, Peru enacted Law 29663, which established that the indirect transfer of Peruvian shares is a taxable event for purposes of calculating and determining the capital gain subject to tax. As a result, it was not clear whether taxpayers were required to use the Peruvian banking system to make payments for indirect share transfers.

Ruling 000004—2022-SUNAT/7T0000

Under Ruling 4-2022-SUNAT/7T0000, a taxpayer does not have to prove, for purposes of certifying tax basis, that it used the Peruvian banking system to pay for an indirect transfer of shares if:

  • The taxpayer (a nonresident entity) acquires shares issued by another nonresident entity that owns a Peruvian resident entity, triggering a taxable indirect transfer in Peru
  • The payment for the shares was made before 1 January 2012

Ruling 4-2022-SUNAT/7T0000 does not address whether payments made after 1 January 2012, for indirect share transfers must go through the Peruvian banking system to certify the shares’ tax bases.


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


The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.


Copyright © 2024, Ernst & Young LLP.


All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.


Any U.S. tax advice contained herein was not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.


"EY" refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.


Privacy  |  Cookies  |  BCR  |  Legal  |  Global Code of Conduct Opt out of all email from EY Global Limited.


Cookie Settings

This site uses cookies to provide you with a personalized browsing experience and allows us to understand more about you. More information on the cookies we use can be found here. By clicking 'Yes, I accept' you agree and consent to our use of cookies. More information on what these cookies are and how we use them, including how you can manage them, is outlined in our Privacy Notice. Please note that your decision to decline the use of cookies is limited to this site only, and not in relation to other EY sites or Please refer to the privacy notice/policy on these sites for more information.

Yes, I accept         Find out more