Tax Newsletter - September 2025

Law promoting the productive, competitive, and sustainable transformation of the agricultural sector with social protection for modern agriculture is approved. Law No. 32434, published on September 10, 2025, establishes provisions to promote the transformation of the agricultural sector, with an emphasis on formalization, associativity, and social protection for small producers. To this end, the law provides for tax benefits, as well as various rules related to agricultural property.

With regard to the tax regime, the following provisions are established:

- Validity of the Regime: It comes into force on January 1, 2026.

- Beneficiaries: Agricultural companies that grow crops and/or raise livestock, as well as those that mainly carry out agro-industrial activities—to be determined by supreme decree—provided that they mainly use agricultural products and are located outside Metropolitan Lima and the Constitutional Province of Callao.

- Income Tax (IR)

- Reduced Rate: Companies with income exceeding 150 UIT will determine their annual IR as follows:

- Payments on account: These will be calculated at a rate of 0.8% on net income when Article 85(b) of the Income Tax Law applies.

- Depreciation: A depreciation rate of 20% per annum shall apply to investments in water and irrigation infrastructure acquired or constructed between fiscal years 2026 and 2035.

- Additional Deduction: Agricultural companies may apply an additional deduction of 25% on the value of purchases made from small producers registered in the registry provided for by law, in accordance with the limits and conditions established in said regulation.

- VAT Tax Refund: They will be entitled to request a refund of the VAT shown on payment receipts related to purchases and/or imports, provided that it has not been used as a cost or expense for income tax purposes. This benefit applies to those who produce and sell agricultural goods exempt from VAT included in Appendix I of the VAT Law. The procedure will be approved by supreme decree by the MEF.

- VAT Exemption: Agricultural companies that had previously waived the exemption may reapply to SUNAT within three months of the law coming into force.

A special tax and customs regime applicable to Private Special Economic Zones (ZEEP) is created. - Law No. 32449, published on September 26, 2025, approved the ZEEP regime to promote investment, diversify production, and boost exports. Its main provisions are as follows:

- Private special economic zones are defined as a part of the national territory determined by law, subject to special tax and customs treatment, and operated by a natural or legal person with private capital. The boundaries of such areas are georeferenced by supreme decree of the Ministry of Foreign Trade and Tourism.

- To access this regime, taxpayers must meet requirements such as carrying out their main activity within the ZEEP, investing a minimum of 2,000 UIT in the first two years, having infrastructure and qualified personnel, submitting audited financial statements, and registering with SUNAT with authorization from MINCETUR.

Tax benefits:

- Progressive annual Income Tax Rate:

- Accelerated depreciation: Fixed assets acquired after signing the contract with the ZEEP operator may be depreciated by up to 25% per year starting in the sixth year.

Those who are under other special regimes, come from previous business reorganizations, or carry out prohibited activities, such as financial, accounting, or legal services, extractive activities, fishing, or intellectual property through royalties, will not be eligible. In these cases, the entire income will be subject to the general income tax rate.

- Exemption from VAT and ISC: Transactions carried out within the ZEEP will not be subject to VAT and ISC. Services provided from the ZEEP to the rest of the country are considered use of services, while those provided from the country to the ZEEP qualify as exports. Likewise, services provided by private operators to users will be exempt from VAT during the authorization period.

Seizures in the form of withholding from deduction accounts.- Report No. 0100-2025-SUNAT/7T0000 states that enforcement officers who are not from SUNAT, within the framework of the coercive powers granted by the Enforcement Law and the Tax Code, may order seizures in the form of withholding against funds released at the request of taxpayers: i) from the business day following the date on which notification of the resolution approving the request for release of such funds is made; and ii) provided that they have lost their unattachable status as a result of the issuance and notification of a favorable resolution approving a request for release of funds.

Additionally, it is noted that a resolution ordering a seizure measure on the released funds from the deduction account opened at the Banco de la Nación must be notified to the aforementioned banking institution.

Electronic notification is not valid if the associated email address is disabled (Ruling No. 975/2025). - The Constitutional Court has ruled that notification of administrative acts issued by SUNAT is not satisfied solely by sending them to the electronic mailbox, but rather that the associated email addresses must be validated as operational, since SUNAT has a duty to ensure that taxpayers are fully aware of administrative acts and can exercise their right of defense, resorting to complementary notification mechanisms, such as notification at the taxpayer's legal or tax address.

In this case, the taxpayer claimed that his right to defense and due process had been violated in the audit procedure, as the resolutions had been notified to an email address that was disabled due to the cessation of his activities, a fact that was demonstrated with screenshots. Therefore, the Constitutional Court upheld the appeal for protection.

Accelerated depreciation within the legal framework of leasing (RTF No. 07561-11-2025). The Tax Court states that the accelerated depreciation expense (leasing) must correlate with the assets actually disposed of.

The taxpayer deducted an accelerated depreciation expense for fixed assets acquired through leasing in his income tax return. This depreciation was 50% per annum in accordance with the term of the contract (2 years). Despite recognizing the validity of the deduction, SUNAT questioned it because part of the production generated with the depreciated fixed assets was not sold and, for this, Article 20 of the Income Tax Law only allows the deduction of the computable cost of the assets actually sold. Therefore, it determined that only 67% of the depreciation was deductible, and 33% had to be deferred.

For the company, the deduction was valid because (i) it complied with the requirements of Article 18 of Legislative Decree No. 299; (ii) the leasing rule does not make accelerated depreciation conditional on the sale of the goods produced; and (iii) the depreciated assets were used exclusively in productive activity.

However, the Tax Court upheld SUNAT's position, stating that the company should not have deducted 100% of the expense if part of the production remained in inventory.

Insufficient support for the cost of disposal of fixed assets in a transfer of mining concessions (RTF No. 04377-5-2025). In this case, SUNAT adjusted the cost of disposal of fixed assets of a mining company, considering that it did not prove that such assets were part of the transfer of mining concessions. The taxpayer supported the cost with the corresponding Fixed Asset Register, proof of payment for the purchase of machinery and equipment, the mining concession transfer agreement, and its annual tax return.

Both SUNAT and the Tax Court concluded that the documentation submitted by the appellant did not prove the cost of disposal of the fixed assets observed because: i) the Registry alone does not prove that the fixed assets are included in the cost of disposal of the transfer of mining concessions carried out by the appellant; ii) although the mining concession transfer agreement includes the integral and accessory parts, it does not detail the fixed assets included in the transfer; and iii) payment receipts only prove the acquisition of goods; however, they do not prove that these assets constitute integral or accessory parts of the mining concessions that were transferred.