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04 April 2022 Peru’s President amends silent partnership rules The legislative decree modifies the tax treatment of silent partnerships. Specifically, the legislative decree establishes that income distributed to the silent partner will be considered dividends and dividends distributed to nonresident silent partners will be considered Peruvian-source income, subject to 5% withholding. On 26 March 2022, Peru’s President enacted Legislative Decree 1541, amending the Income Tax Law to modify the silent partnership rules. On 2 April 2021, the Peruvian Tax Court published, in the Official Gazette, Resolution 02398-11-2021, which established that income distributed to a silent partner should be treated as dividends. The Resolution is mandatory, which means the Peruvian tax authority must follow it. For information on this issue, see EY Global Tax Alert, Peruvian Tax Court concludes income received by a silent partner in a silent partnership will be treated as dividends, dated 7 April 2021. On 27 October 2021 Peru’s President asked Congress for the power to enact tax measures. On 27 December 2021, the Congress approved the President’s request to enact different tax measures, including modifications to the silent partnership rules. For information on the approval of the President’s request to enact certain tax measures, see EY Global Tax Alert, Peru enacts law allowing the President to enact various tax measures, dated 4 January 2022.
Roberto Cores | roberto.cores@pe.ey.com Ramón Bueno-Tizón | ramon.bueno-tizon@pe.ey.com Ingrid Zevallos | ingrid.zevallos@pe.ey.com Lucas Moreno | lucas.moreno@lan.ey.com Ana Mingramm | ana.mingramm@ey.com Pablo Wejcman | pablo.wejcman@ey.com Enrique Perez Grovas | enrique.perezgrovas@ey.com
Raul Moreno, Tokyo | raul.moreno@jp.ey.com Luis Coronado, Singapore | luis.coronado@sg.ey.com Document ID: 2022-5349 |