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ConsultantPRESENT:
Tax reform 2018-2019. The 7 legislative decrees that modify the Law of IGV, Law of Income Tax and Tax Code.
In summary, these are the seven legislative decrees published on Thursday, September 13, 2018, in the official newspaper El Peruano.
1. Legislative Decree 1419:Modifies the VAT Law and includes casino and slot machine games within the scope of application of the Selective Consumption Tax.
2. Legislative Decree 1420: Modifies the Tax Code regarding the regime of infractions and sanctions linked to payment vouchers, books and physical and electronic records.
3. Legislative Decree 1421: Modifies the Tax Code regarding the extemporaneous means of proving, admissible evidence, exclusionary intervention of property, term to resolve appeal, resolution of compliance, among others. The amendments contained in the aforementioned Legislative Decree 1421 are intended to have more efficient tax procedures and strengthen the management of the Tax Court.
4. Legislative Decree 1422: Modifies the Tax Code and establishes parameters for the application of Rule XVI. In this regard, it is provided that the application of the second to fifth paragraphs of Rule XVI of the Preliminary Title is carried out in a definitive inspection procedure and provided that the body of the SUNAT that carries out said procedure previously has a favorable opinion. of a Review Committee. The jurisdiction of the Review Committee covers cases in which the acts, situations and economic relations contemplated in the first and sixth paragraphs of Rule XVI are also presented in the same inspection procedure in which the second to the fifth paragraphs mentioned above apply cited.
5. Legislative Decree 1423: They perfect and simplify the special regimes for the refund of the general sales tax.
6. Legislative Decree 1424: Modifies the Income Tax Law in the following aspects:
- The treatment applicable to the income derived from the indirect transfer of shares or participations representative of the capital of legal persons domiciled in the country and to the income of permanent establishments of sole proprietorships, companies and entities of any nature incorporated abroad is perfected. - The treatment of direct credit is modified and indirect credit incorporated to mitigate the economic double taxation.
- The treatment applicable to the deduction of interest expenses for the determination of Income Tax of the third category is modified.
7. Legislative Decree 1425: Modifies the Income Tax Law that defines the concept of accrued. - The accrual principle is defined in Article 57 of the Law.
- Article 32 of the Income Tax Law is modified with respect to market value with respect to financial derivative instruments. In this sense, the concept of accrued for tax purposes is as follows: For this purpose, it is understood that income accrues when the substantial events for its generation have occurred, provided that the right to obtain them is not subject to a condition precedent , regardless of the opportunity in which they are charged and even when the precise terms for payment have not been set. However, when the consideration or part of it is set based on a fact or event that will occur in the future, the income accrues when said event or event occurs.
