Peru Introduces New Tax Incentives for Textile and Agriculture and Sectors

Peru published Law No. 31969 of 22 December 2023 in the Official Gazette on 30 December 2023, which entered into force on 1 January 2024 and provides for the introduction of new incentives to promote competitiveness and job creation in the textile, clothing, agricultural and irrigation, agro-export, and agro-industrial sectors.

One of the main incentives is a 20% tax credit for the reinvestment of profits, after tax, during the years 2024, 2025, 2026, 2027, and 2028, subject to certain cond…