Peru’s President amends law regulating use of Peruvian banking system for tax purposes

The legislative decree reduces the threshold at which taxpayers must route payments through the Peruvian banking system. It also allows taxpayers to make payments to nonresidents through foreign banking/financial entities for certain transactions.

On 3 March 2022, Peru’s President enacted Legislative Decree 1529, amending Law 28194, which regulates the use of the Peruvian banking system for tax purposes.

Background

On 27 October 2021, Peru’s President asked Congress for the power to enact tax measu…