The crisis caused by COVID-19 has forced the implementation of extraordinary measures to ensure the continuity of business operations. Below are ten key tax measures designed to provide relief to the corporate sector.
1. Extension of Deadlines for Monthly Declarations
The Tax Administration (SUNAT) has extended the deadlines for the filing and payment of monthly tax obligations, allowing companies to manage their cash flow more effectively during the lockdown period.
2. Flexibility in the Installment Payment System
New facilities have been established for the postponement and/or installment payment of tax debts, including lower interest rates and extended repayment periods.
3. Accelerated Depreciation
To encourage investment and provide liquidity, higher depreciation rates have been authorized for certain fixed assets acquired during the emergency period.
4. Early Refund of General Sales Tax (VAT/IGV)
The process for the early recovery of the IGV has been streamlined for small and medium-sized enterprises (SMEs) to inject immediate capital into their operations.
5. Modification of Income Tax Installment Payments
Rules have been adjusted to allow for the suspension or reduction of monthly Income Tax installment payments based on the actual decrease in corporate revenue.
6. Special Regime for Tax Losses
The period for offsetting tax losses generated during the fiscal year 2020 has been extended, providing a longer window for companies to recover from the impact of the pandemic.
7. Temporary Suspension of Discretionary Penalties
SUNAT has adopted a policy of not imposing certain tax penalties during the emergency period, applying the principle of discretion in favor of the taxpayer.
8. Digitalization of Administrative Procedures
The use of the “SOL Virtual Desk” has been prioritized to allow all tax procedures to be carried out remotely, avoiding physical contact and ensuring business continuity.
9. Special Treatment for Donations
Tax incentives have been reinforced for companies making donations to support the health emergency, facilitating the deduction of these expenses for Income Tax purposes.
10. Deferral of Electronic Ledger Entries
The deadlines for recording operations in electronic sales and purchase ledgers have been postponed to align with the new filing dates for monthly declarations.
Conclusion
These measures represent a significant effort to mitigate the economic effects of the pandemic. It is essential for companies to perform a detailed follow-up on the specific requirements of each regulation to correctly apply these benefits.
