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23 May, 2007 10:29:12

Peru: An evaluation of recent regulation of the derivative financial instruments



AmCham PeruInfo provided and translated by the
American Chamber of Commerce of Peru (AmCham Peru)



By Walther Belaúnde, Partner, Acerta Asesores and President of the Committee on Tax Matters

With derivative financial instruments (IFD) being the tools that contribute to a suitable plan to neutralize market price variations, it is convenient to analyze the most important aspects of the long-anticipated IFD tax regulations. Particularly the operations with IFD that were contracted outside the country, since these were the operations that were subject to the greatest criticism by the Sunat.

Positions of the Sunat before the Results Obtained in the Operations with IFD

1) Until 2005, whenever the results generated by IFD contracted outside the country were negative (a loss), the Sunat did not accept the deduction of the loss on the basis of an erroneous interpretation of Article 51 of the Orderly Unique Text of the Income Tax Law (TUO), which establishes that resident taxpayers will compensate one another for the results of their sources that produce foreign income, and only if these operations result in net income, will they be added to their Peruvian income.
Evidently, Article 51 of the TUO was not applicable to IFD contracted outside Peru, since the taxpayer who is resident of Peru and contracts these instruments is not carrying out an activity abroad. In effect, simply contracting an IFD outside of Peru cannot be considered as undertaking an activity abroad, another reason why cases of coverage IFD are treated as goods or services located in Peruvian territory.

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13 November, 2006 13:44:22

Interbank interest rates in Peru remain at 4.5 percent

(LIP-wb) -- The Board of Peru's Central Bank announced in an official press release its approval to maintain the reference interest rate for the interbank market at 4.50 percent, considering that:

a. Inflation continues to be at the lower band of the announced target range (1.5 – 2.5 percent), as a result of which the estimated evolution of inflation described in the Inflation Report of September stands. Thus, in the 2006-2007 forecast horizon, inflation would temporarily settle at the lower band of the target range –due to the reversal of the increase in the price of some food products–, converging gradually to 2.5 percent.

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3 November, 2006 16:00:17

Lima has the best market segment

(by Ronald Tietjen - translated by Wolfy Becker)

(LIP-wb) -- Not in Asia, not on Wall Street or in Europe - the loudest music at international stock exchanges is currently played in little Peru. The local "Lima General" is beating the most important indexes by a great margin. And it doesn't look that this may change anytime soon.

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