This page offers an overview of tax developments being reported globally by KPMG member firms in response to the Novel Coronavirus (COVID-19).
The content will be updated regularly. However, due to the fast-moving pace of change, it may not always reflect the most current developments in a given jurisdiction. Please refer to the date of accuracy and refer to the relevant links, under additional information, for original source information.
Specific rule to carryforward for losses incurred 2020 fiscal year
(*) System A: Tax losses incurred in a fiscal year may be carried forward for taxpayers to offset 100% of earnings obtained in the following four fiscal years.
System B: Tax losses incurred in a fiscal year may be carried forward indefinitely for taxpayers to offset 50% of earnings in future fiscal years.
Special depreciation rules
By means Legislative Decree No. 1488 (published on May 10, 2020), special depreciation rules were established under which the companies may apply 20% annual depreciation in case of buildings and constructions provided that the following conditions are met:
Taxpayers who acquire assets (i.e. buildings and constructions) during 2020, 2021 y 2022 fiscal years that met conditions indicated in points i) and ii), may also apply the 20% annual depreciation.
However, said 20% annual depreciation will not be applicable when said assets have been totally or partially built before January 1, 2020.
In addition, taxpayers may apply the following annual depreciation percentages in case of assets acquired in fiscal years 2020 and 2021:
Depreciation regime applicable to hotels and lodgings, travel and tourism agencies, restaurants and non-sporting entertainment activities:
Under this regime, taxpayers may apply a % depreciation for fiscal years 2021 and 2022 for the following assets that, as of December 31, 2020, have not been fully depreciated:
Buildings and constructions = 20% annual depreciation.
Ground transportation vehicles (except railways) = 33.33% annual depreciation.
'Electronic Billing Systems (in Spanish, Sistema de Facturación Electrónica)
Extension of the date of appointment of companies supervised by the Superintendence of Banking and Insurance as Electronic Issuers:
New dates according to annual revenue obtaining in 2019 fiscal year
Early VAT Recovery Regime for MYPE (in Spanish, Régimen de Recuperación Anticipada del IGV – RERA MYPE)
Early VAT Recovery Regime for MYPE was created through Law No. 30296 (published on December 31, 2014) and is applicable to companies considering as MYPE (i.e. Micro and Small scale companies, in Spanish, Micro y Pequeñas empresas).
By means Legislative Decree No. 1463 (published on April 17, 2020), provides as follows:
Extend the period of validity of Early VAT Recovery Regime for MYPE companies with annual revenue not higher than 300 Tax Unit:
Temporary inclusion of companies in the Early VAT Recovery Regime for MYPE, provided that such companies obtain revenue higher than 300 Tax Unit up to 2,300 Tax Unit and have opted for the MYPE Tax Regime or the IT General Regime:
Alternative Regime for the Postponement and/or Payment in installments (Fractionation) of the tax debts administered by SUNAT or the Health Contribution of Essalud