Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Peru 2016: Phase 1: Legal and Regulatory Framework

94 Pages·2016·1.394 MB·English

by  OECD

Global Forum on Transparency and Exchange of Information GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE
for Tax Purposes
OF INFORMATION FOR TAX PURPOSES
PEER REVIEWS, PHASE 1: PERU
The Global Forum on Transparency and Exchange of Information for Tax Purposes is
the multilateral framework within which work in the area of tax transparency and exchange
of information is carried out by over 130 jurisdictions which participate in the work Peer Review Report
of the Global Forum on an equal footing.
The Global Forum is charged with in-depth monitoring and peer review of the implementation Phase 1
of the standards of transparency and exchange of information for tax purposes.
These standards are primarily refl ected in the 2002 OECD Model Agreement on Exchange
Legal and Regulatory Framework
of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax
Convention on Income and on Capital and its commentary as updated in 2004, which has
been incorporated in the UN Model Tax Convention.
The standards provide for international exchange on request of foreseeably relevant
information for the administration or enforcement of the domestic tax laws of a requesting PERU
party. “Fishing expeditions” are not authorised, but all foreseeably relevant information
must be provided, including bank information and information held by fi duciaries, regardless
of the existence of a domestic tax interest or the application of a dual criminality standard.
All members of the Global Forum, as well as jurisdictions identifi ed by the Global Forum
as relevant to its work, are being reviewed. This process is undertaken in two phases.
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Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework ee
for the exchange of information, while Phase 2 reviews look at the practical implementation r R
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of that framework. Some Global Forum members are undergoing combined – Phase 1 vie
plus Phase 2 – reviews. The ultimate goal is to help jurisdictions to effectively implement w
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All review reports are published once approved by the Global Forum and they thus represent rt P
agreed Global Forum reports. h
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For more information on the work of the Global Forum on Transparency and Exchange of 1
Information for Tax Purposes, and for copies of the published review reports, please visit Le
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www.oecd.org/tax/transparency and www.eoi-tax.org. a
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Consult this publication on line at http://dx.doi.org/10.1787/9789264265752-en.
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This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and P
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ISBN 978-92-64-26574-5
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23 2016 37 1 P

Global Forum
on Transparency
and Exchange
of Information for Tax
Purposes Peer Reviews:
Peru 2016
PHASE 1: LEGAL AND REGULATORY FRAMEWORK
November 2016
(reflecting the legal and regulatory framework
as atAugust 2016)
ThisworkispublishedontheresponsibilityoftheSecretary-GeneraloftheOECD.
Theopinionsexpressedandargumentsemployedhereindonotnecessarilyreflect
theofficialviewsoftheOECDorofthegovernmentsofitsmembercountriesor
thoseoftheGlobalForumonTransparencyandExchangeofInformationforTax
Purposes.
Thisdocumentandanymapincludedhereinarewithoutprejudicetothestatusof
orsovereigntyoveranyterritory,tothedelimitationofinternationalfrontiersand
boundariesandtothenameofanyterritory,cityorarea.
Pleasecitethispublicationas:
OECD(2016),GlobalForumonTransparencyandExchangeofInformationforTaxPurposesPeer
Reviews:Peru2016:Phase1:LegalandRegulatoryFramework,OECDPublishing.
http://dx.doi.org/10.1787/9789264265752-en
ISBN978-92-64-26574-5(print)
ISBN978-92-64-26575-2(PDF)
Series:GlobalForumonTransparencyandExchangeofInformationforTaxPurposesPeerReviews
ISSN2219-4681(print)
ISSN2219-469X(online)
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TABLE OF CONTENTS – 3
Table of Contents
About the Global Forum                                             5
Abbreviations                                                      7
Executive summary                                                  9
Introduction                                                       13
Information and methodology used for the peer review of Peru             13
Overview of Peru                                                 14
Recent developments                                               19
Compliance with the Standards                                       21
A. Availability of information                                        21
Overview                                                        21
A1 Ownership and identity information                               22
A2 Accounting records                                            45
A3 Banking information                                           51
B. Access to information                                             53
Overview                                                        53
B1 Competent Authority’s ability to obtain and provide information        54
B2 Notification requirements and rights and safeguards                  65
C. Exchanging information                                          67
Overview                                                        67
C1 Exchange-of-information mechanisms                             68
C2 Exchange-of-information mechanisms with all relevant partners        76
C3 Confidentiality                                                77
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016
4 – TABLE OF CONTENTS
C4 Rights and safeguards of taxpayers and third parties                  80
C5 Timeliness of responses to requests for information                   82
Summary of determinations and factors underlying recommendations      85
Annex 1: Jurisdiction’s response to the review report                    87
Annex 2: List of all exchange-of-information mechanisms in effect         88
Annex 3: List of all laws, regulations and other material received          89
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016
ABOUT THE GLOBAL FORUM – 5
About the Global Forum
The Global Forum on Transparency and Exchange of Information for
Tax Purposes is the multilateral framework within which work in the area
of tax transparency and exchange of information is carried out by over
130 jurisdictions, which participate in the Global Forum on an equal footing
The Global Forum is charged with in-depth monitoring and peer
review of the implementation of the international standards of transpar-
ency and exchange of information for tax purposes These standards are
primarily reflected in the 2002 OECD Model Agreement on Exchange of
Information on Tax Matters and its commentary, and in Article 26 of the
OECD Model Tax Convention on Income and on Capital and its commen-
tary as updated in 2004 The standards have also been incorporated into
the UN Model Tax Convention
The standards provide for international exchange on request of fore-
seeably relevant information for the administration or enforcement of the
domestic tax laws of a requesting party Fishing expeditions are not authorised
but all foreseeably relevant information must be provided, including bank
information and information held by fiduciaries, regardless of the existence
of a domestic tax interest or the application of a dual criminality standard
All members of the Global Forum, as well as jurisdictions identified by
the Global Forum as relevant to its work, are being reviewed This process is
undertaken in two phases Phase 1 reviews assess the quality of a jurisdic-
tion’s legal and regulatory framework for the exchange of information, while
Phase 2 reviews look at the practical implementation of that framework Some
Global Forum members are undergoing combined – Phase 1 and Phase 2 –
reviews The Global Forum has also put in place a process for supplementary
reports to follow-up on recommendations, as well as for the ongoing monitor-
ing of jurisdictions following the conclusion of a review The ultimate goal is
to help jurisdictions to effectively implement the international standards of
transparency and exchange of information for tax purposes
All review reports are published once approved by the Global Forum
and they thus represent agreed Global Forum reports
For more information on the work of the Global Forum on Transparency
and Exchange of Information for Tax Purposes, and for copies of the pub-
lished review reports, please refer to wwwoecdorg/tax/transparency and
wwweoi-taxorg
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016

ABBREVIATIONS – 7
Abbreviations
AML Anti-Money laundering
BVL Bolsa de Valores de Lima
CDD Customer due diligence
CTF Counter Terrorism Financing
DTC Double Tax Conventions
EOI Exchange of information
FATF Financial Action Task Force
IBC International Business Company
OECD Organisation for Economic Co-operation and
Development
OSCE Organismo Supervisor de las Contrataciones del Estado
(SupervisoryAgency of the Government Procurement
Office)
RUC Registro unico de contribuyentes (Single Register of
Taxpayers)
RNP Registro Nacional del Proveedores del Estado (National
Register of Government Providers)
SBS Superintendencia de Banca, Seguros y AFP
(Superintendence of Banking, Insurance and Private
Pension Funds Administrators)
SMV Superintendencia de Mercado de Valores (Securities
Market Superintendence)
SUNARP Superintendencia Nacional de Registros Públicos
(Superintendence of Public Registries in Peru)
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016
8 – ABBREVIATIONS
SUNAT Superintendencia Nacional de Aduanas y de
Administración Tributaria (National Superintendence of
Customs and Tax Administration)
TIEA Tax Information Exchange Agreement
UIF Unidad de Inteligencia Financiera (Financial Intelligence
Unit)
UIT Unidad Impositiva Tributaria (Tax Imposition Unit)
VAT Value Added Tax
PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016