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January 5, 2024

Peru's Congress amends Tax Code rules on interest for refunds and penalties

  • Law 31962 amends the Tax Code regulating the interest applicable for refund claims and penalties.
  • The new law affects the interest rate charged and the type of event that triggers interest liability.

Law 31962, published on 20 December 2023, amends the Tax Code with regard to the interest rate that the Tax Authority should considered in the following cases:

  • Refund claims for improper or excessive tax payments
  • Penalties

Interest on refund claims

Interest applicable to refund claims for improper or excessive tax payments should be the monthly interest rate of 0.9%, which is the same interest rate for late tax payments applicable to taxpayers. Note that before the publication of Law 31962, the Tax Code established differentiated interest rates, which were lower than 0.9% monthly.

Interest on penalties

The interest rate applicable to penalties will be fixed by the Central Reserve Bank of Peru, as opposed to the monthly interest rate of 0.9% that had applied before. It is also established that interest on penalties will accrue from the date on which the payment is required by the Peruvian Tax Authority. Formerly, the interest on penalties accrued beginning when the infraction was committed.

Note that Law 31962 entered into force as from 1 January 2024.

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Contact Information

For additional information concerning this Alert, please contact:

Ernst & Young Asesores Empresariales S.C.R.L, Lima

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor

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