Peru Enacts Law to Promote Economic Growth Including New Depreciation Rules, and Exemptions from VAT and the Net Assets Tax

On 16 November 2014, Peru enacted and published Law No. 30264 in the Official Gazette. The law includes the introduction of a new special depreciation regime for buildings, provides value added tax (VAT) exemption for certain imported goods and services, and makes permanent certain exemptions from the Temporary Tax on Net Assets (ITAN).  

Special Depreciation Regime for Buildings

Under the new regime, buildings may be depreciated for income tax purposes at a rate of 20% per year…