Tax Newsletter – August 2021



Electronic system for keeping the Sales and Income Record.- With Superintendence Resolution Nº 112-2021/SUNAT, published on July 31, 2021, new provisions were established for keeping the Sales and Income Record electronically, so that the PLE and PORTAL Electronic Book Systems incorporate the information related to the electronic payment vouchers and debit and credit notes generated in all the electronic issuance systems.

i) The “Electronic Sales and Income Record (RVIE)” module is created, which shall be available through SUNAT Online Operations and shall allow the recording of period operations and subsequent adjustments, as well as the storage, filing and preserve by SUNAT of the RVIE in place of the generator.

ii) Subjects that must keep their Sales and Income Record electronically shall be gradually obliged to have the RVIE from the periods November 2021 or April 2022, as the case may be.

iii) Subjects that, being obliged to keep the Sales and Income Record, are not obliged to do so electronically, may choose to join the RVIE from April 2022, provided they have a user code and SOL key.

Finally, the aforementioned resolution also adopted version 5.3 of the Electronic Books Program (PLE), which shall be available to interested parties in SUNAT Virtual from December 1, 2021, to be used from that date and even to record what was omitted prior to that date.

Free Trade Zone is created in the Cajamarca Region.- Through Law Nº 31343, published on August 14, 2021, the Free Zone of the Cajamarca Region is created in order to promote investment and the development of production, commercialization, industrial, agro-industrial, maquila and service activities. The main provisions are as follows:

i) The Cajamarca Free Zone shall be located in the district of San Ignacio, province of San Ignacio, department of Cajamarca.

ii) Users engaged in production, commercialization, industrial, agro-industrial, maquila and service activities are exempt from Income Tax, General Sales Tax (IGV), Selective Consumption Tax, Municipal Promotion Tax (IPM), Customs duties and tariffs, as well as all taxes, both from the central, regional and municipal governments, created or to be created, including those that require an express exemption, except for contributions to pension rights, ESSALUD and its fees.

iii) Transactions carried out between users within the Free Trade Zone are exempt from IGV and IPM.

iv) The Executive Branch must approve the regulations within 30 calendar days.


Provision of financial information to SUNAT.- Report Nº 074-2021-SUNAT/7T0000 states that in order to determine whether it is appropriate to provide financial information referred to in Supreme Decree Nº 430-2020-EF and Superintendence Resolution Nº 067-2021-SUNAT:

(i) To determine the “balance” for the period January 2021, the financial system company must consider the debits and credits made to the account in that month, excluding transactions or operations carried out up to 12.31.2020. Likewise, for the period February 2021 onwards, debits and credits made from 1.1.2021 up to the last day of the period being reported or up to the last day on which the account exists in that period must be considered.

ii) To determine whether the information must be provided, when the holder has more than one account in a company of the financial system, the amounts corresponding to the balances of all the accounts must be added considering for this purpose, in absolute value, the amount resulting from the difference between the debits and credits of each account, i.e., without assigning a sign (positive or negative) to the result.

Limit for interest deduction.- Through Report Nº 072-2021-SUNAT/7T0000 SUNAT ruled on the limit for interest deduction referred to in paragraph a) of Article 37 of the Income Tax Law (LIR) in force in fiscal years 2019 and 2020, as follows:

(i) The referred limit for the deduction of interest is applicable to loans made in favor of consortiums that keep accounts independent from those of their contracting parties.

ii) For Income Tax purposes, in the case of consortia that keep independent accounting, the net equity is comprised of the items included in the accounts of the “Equity” element of the General Corporate Chart of Accounts, which come from the assets assigned by the members of the consortium and from the results generated by the consortium contract itself with independent accounting, as well as from the updates of the value of the equity.

iii) In case a consortium that keeps independent accounting has entered into a loan agreement with a local bank (not related) until September 13, 2018, and the latter has made some deliveries of money to the consortium after that date, the limit for deducting the interest corresponding to such deliveries shall be regulated, until December 31, 2020, by the provisions of paragraph a) of Article 37 of the LIR prior to the amendment established by Article 3 of Legislative Decree No. 1424.


Trustworthiness of payments for strategic, financial and administrative advice (RTF Nº 7788-3-2020).- In this case, the Tax Administration questioned the deduction of expenses for strategic, financial and administrative advice and the tax credit because the taxpayer had not proved its trustworthiness. SUNAT agreed to invoices, the employee payroll, an agreement signed with the taxpayer and slides, through a cross-check of information, but this documentation was not enough. 

The Tax Court considered that the expenses were not supported since the payment vouchers were not enough to prove the trustworthiness of the operations; the agreement does not show that the services were performed and the workers’ payroll is only a record. Finally, the resolution entity pointed out that in order to prove the trustworthiness of the services, the taxpayer must have presented appraisals, follow-up of the services rendered, progress report of the services, among others.

Tax Credit: Interest on loans with foreign related parties that exceed the limit determined by the Income Tax Law (RTF Nº 8030-9-2020).- The Tax Court stated that the tax credit corresponding to the interest expense on loans with related parties that exceed the limit of indebtedness provided for in the Income Tax Law may not be used, by virtue of the provisions of paragraph a) of Article 18 of the IGV Law, which requires that the acquisitions be allowed as an expense in order to qualify for the tax credit.

Market value for sale of real estate (RTF Nº 3499-1-2020).- In order to determine the market value of a property sold by the taxpayer, SUNAT used a database of commercial values of urban land to obtain information on the location, land areas and prices offered for 8 properties. In addition, it used a market study comprising commercial offers published on days other than the date of transfer of the property, and an appraiser compared the land with other land belonging to a different zoning.

In this regard, the Tax Court annulled the objection because it concluded that SUNAT had not correctly determined the market value of the property since: i) the annexes and tables attached to the appraisal report did not indicate the sources supporting the values used, in violation of Article II.E36 of the National Appraisal Regulation; ii) the market study of commercial offers considered publications from days other than the date of transfer of the property, in violation of Article I.11 of the aforementioned regulation; and, iii) the comparison with properties with different zoning infringed the provisions of Article II.C21 of the same regulation, which provides that in the absence of real estate value in the area, in the case of commercial appraisals, the land obtained by comparison with another land with the same zoning, among other requirements, shall be adopted.