On November 10, the Executive Branch, in issuing its Supreme Decree No. 256-2018-EF, placed regulations on information procedures to which financial entities must now abide in order for the National Superintendence of Customs and Tax Administration (SUNAT) to be able to deliver on the automatic exchange of information, a requirement that corresponds to Peru under the Andean Community of Nations.

The entities will need to detail, in relation to each reportable account, basic information concerning the persons involved, account numbers, corporate names and accumulated balances. All these data must be imputed in the currency in which the account is denominated.

A reportable account is an account opened by a person or association with one or more persons coming from a reportable jurisdiction (a country with which Peru has an information exchange agreement).

The required information must be presented annually, between January 2 and May 31 of the year following that to which the information to be declared corresponds.