Tax Regimes in Peru

Tax Regimes in Peru

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Tax regimes are categories in which taxpayers, either individuals or legal entities, who perform activities that generate third category income must be incorporated for the payment of their taxes.

There are four tax regimes in Peru, such as the Nuevo Régimen Único Simplificado or New Simplified Single Regime (New RUS), the Régimen Especial del Impuesto a la Renta or Special Income Tax Regime (RER), the MYPE (La Micro y Pequeña Empresa or Micro and Small Business) Tax Regime and the General Regime. The incorporation of each of these will depend, among others, on the level of income or activity performed by the taxpayer.

The purpose of this article is to briefly explain these regimes, their characteristics, benefits, and incorporation requirements.

  • New Single Simplified Regime

Natural persons with a business, i.e., persons who own a small business with final consumers (such as a warehouse, hardware store, among others) and those who develop a trade, may be included in this regime.

For this purpose, the monthly income must not exceed S/8,000.00 or S/96,000.00 per year. Likewise, the level of purchases must not exceed the aforementioned limit.

  • Type of vouchers

Taxpayers subject to this regime may issue sales slips, waybills, and tickets.

  • Maximum asset value

The maximum value of the assets must be S/70,000.00, not including vehicles or land.

  • Monthly fee

A monthly fee must be paid depending on the category of your location. In case you are in category 1 (income or purchases in soles up to 5,000) the payment will be S/20. If you are in category 2 (income or purchases up to 8,000 soles) the payment will be S/50.

  • Benefits

Taxpayers will not be required to keep accounting books, but make monthly payments, among the benefits of this regime. Neither filing monthly or annual affidavits and the access to the SIS Entrepreneur will be available.

  • Exclusions

The charge transport activities, national or international land transport service for passengers, travel agencies, propaganda, and/or publicity are excluded from this regime.

  • Special Income Regime

This regime aims at small companies, provided they carry out the commercialization of goods activities and/or provision of services whose annual net income or purchases do not exceed S/525,000.00 and do not have more than ten employees.

  • Type of vouchers

Taxpayers subject to this regime may issue all the payment vouchers allowed.

  • Maximum asset value

The maximum value of the assets must be S/126,000.00, not including vehicles or land.

  • Formal requirements

Taxpayers included in the RER must file a monthly affidavit and are required to keep a record of purchases, and sales.

  • Taxes payable

In the case of the payment of monthly income tax, this will correspond to 1.5% of net monthly income, and the general sales tax will be 18%.

  • Benefits

Only two records must be kept, and no annual affidavits must be filed.

  • MYPE Tax Regime

As its name indicates, this regime aims at Micro and Small Companies that carry out activities that generate third category income and whose income does not exceed 1700 UIT (Unidad Impositiva Tributaria or Tax Unit).

  • Type of vouchers

Taxpayers subject to this regime may issue all the payment vouchers allowed.

  • Affidavits

The taxpayer must pay as a monthly payment on account of Income Tax depending on its income. In case it is less than 300 UIT, the rate will correspond to 1% of the Net Income. In the case of exceeding, the rate will be 1.5% or the coefficient, according to whichever is higher.

Thus, an annual Income Tax Affidavit must be filed to the National Superintendence of Customs and Tax Administration, with a rate of 10%, if the annual income does not exceed 15 UIT. In case the income is higher, the rate will be 29.5%.

  • Benefits

Any economic activity can be carried out under this regime, simple accounting will be kept with the keeping of the Sales Register, Purchase, and the Daily Book.

The taxpayer may also benefit from an extension of 3 months in the case of VAT.

  • General Regime

This regime aims at medium and large companies, whose income exceeds 1700 UIT. All taxpayers not included in the other regimes are included in this regime.

  • Type of vouchers

Taxpayers subject to this regime may issue all the payment vouchers allowed.

  • Affidavits

Monthly payments on account of income tax must be made at a rate of 1.5% or the coefficient, whichever is greater.

In addition, an Annual Income Tax Affidavit must be filed at a rate of 29.5%.

  • Benefits

Any activity can be included in this regime without any income limit, and in case the company has losses, it can be compensated.

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