On 26 December 2024, in an extraordinary edition, Supreme Decree No. 285-2024-EF was published, approving the following regulatory provisions:

Subjects covered by the regime

Individuals, undivided estates and conjugal partnerships that opted to be taxed as such, provided that they have been domiciled in the country in any taxable year prior to 2023.

• Undivided inheritance: Both the undeclared income of the inheritance and that of the deceased may be included in the tax return.
• Spousal partnership: The undeclared income corresponding to the partnership may be included in the tax return.

Subjects and undeclared income excluded from the system

Natural persons are excluded from the regime in the following cases:

1. Income in high-risk jurisdictions: Money, assets or rights that represent undeclared income and that as of 31 December 2022 are located in countries or jurisdictions categorized by the Financial Action Task Force as high risk or non-cooperative.
2. Convicted sentence: Individuals with a conviction or enforceable sentence in force for the crimes indicated in the law at the time of admission.
3. Public Officials: Persons who since 2009 have had or at the time of joining the regime have the status of public official.
4. Final rulings: Undeclared income that at the time of joining the regime is contained in a duly notified and final determination ruling.

This exclusion also applies to the marital partnership that has opted to be taxed as such if one of the spouses is included in any of the aforementioned cases.

Taxable income

The taxable base is constituted by the net income received until 31 December 2022, provided that it qualifies as undeclared income and is represented by money, goods or rights located inside or outside the country.

Net income: This is calculated by subtracting returns, bonuses, discounts and other similar items from gross income.

Capital gains: For undeclared income constituting capital gains, net income is obtained by deducting the computable cost, unless this is also undeclared income not prescribed.

Receipt of income: Net income is considered to have been received when, according to the criteria of the Income Tax Law, the tax liability has been generated.

In order to determine whether the net income is represented in cash, goods or identifiable rights, the following, among others, must be considered:

• Money: The amount deposited in one or more accounts of companies of the national or foreign financial system as of 31 December 2022 is considered. If the money was not deposited in such accounts by that date, it must be deposited before joining the regime.
• Assets or rights: The acquisition value, i.e., the consideration paid, is considered. If it was acquired through financial leasing, the value of the purchase option and the agreed installments are added. If it was produced or built by the subject, the cost incurred is considered.
• Receivables: The amount of the receivables in favor of the subject that are not recorded in securities is considered.
• Co-ownership: The acquisition value or the amount of money corresponding to the subject's participation quota is considered.

Determination of the tax

The tax is calculated by applying a rate of 10% on the taxable base, excluding repatriated cash.

If the money is repatriated, the applicable rate is 7% on the taxable base corresponding to the repatriated money.

Repatriation

The repatriated money must remain in the country for a minimum period of 12 months, counted from the date of presentation of the declaration.

Requirements for the acceptance

1. Submit the affidavit until 29 December 2024, indicating the following:

• The net income received that constitutes the taxable base, including the amount of consumption in the case of unjustified capital gains
• The date and value of acquisition of the assets or rights, their location as of 31 December 2022, and any other relevant information
• The amount of money in local currency, identifying the companies of the financial system and their location
• The identification of money, goods or rights in the name of an intermediary person, company or entity, or transferred to a trust
• For repatriated money, the means of payment used and the accounts of the financial system supervised by the SBS (Superintendency of Banking, Insurance and AFP)
• In the case of joint accounts, the name of the person who generated the undeclared income

2. Make the total payment of the tax corresponding to the net income stated in the tax return. This requirement also applies to undeclared income from prescribed years or periods.

Substitute or rectifying returns

Taxpayers had until 29 December 2024 to file more than one affidavit to fully replace the previous return.

Effects of joining the regime

1. Fulfillment of obligations: All income tax obligations corresponding to undeclared income under the regime are considered fulfilled. SUNAT cannot determine obligations, infractions, penalties and late payment interest or apply the Consumer Price Index related to such income.
2. Tax and customs offenses: Criminal action by the Public Prosecutor's Office is not applicable, nor is the communication of indications by SUNAT with respect to undeclared income under the regime.
3. Laundering of assets: Criminal action for laundering of assets is not applicable when the origin of the undeclared income under the regime derives from tax and/or customs crimes, provided that the corresponding action or communication has not been initiated.

Effective

The Regulation is effective as of 27 December 2024.

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We hope this information is of relevance to you and your company. Please do not hesitate to contact us if you require any advice in this regard.

Spanish version

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