On September 13th, the Executive set changes on the Income Tax (IT) collection in order to introduce the possibility of relief from the Income Tax payment the stock purchase from abroad. The aim is to avoid the double taxation. The policy, which was announced through the Legislative Decree Nº 1424, will come into force January 1st, 2019.
The decree emerge from the delegation of legislative powers from the Congress to the Executive in June, 2018. The Ministry of Economy and Finance’s decision reach the incomes obtained from the indirect disposal of shares or representative participations in Perú and abroad. In turn, through the Legislative Decree Nº 1418, Martín Vizcarra Government released the public-private associations from the Income Tax payment, only when the person responsible for the credit risk is the one who acquire the collection rights.
On the other hand, the Superintendence of the Securities Market, through Resolution No. 026-2018, amended the Regulations of Mutual Funds for Investment in Securities and their Administrators. The regulations contemplate, among other points, the maximum participation limit allowed for certain types of funds.