Peru: The deadline is approaching for Peruvian consortia, funds and trusts to submit the declaration of ultimate beneficial owner

Peru - 22 / 04 / 2024

Any Peruvian or foreign company or investor who directly or indirectly participates in the results or exercises effective control of the legal arrangement shall take into account the declaration to be made within the first 20 days of July 2024.

Since 2019, the national tax agency of Peru (SUNAT) has been progressively establishing which taxpayers are required to submit the ultimate beneficial owner declaration.

The SUNAT has indicated that legal arrangements (such as Peruvian consortia, mutual funds, investment funds and trusts; as opposed to corporations) with Peruvian tax ID must submit their ultimate beneficial owner declaration within the deadline to comply with tax obligations corresponding to June 2024, which is approximately within the first 20 days of July 2024.

Therefore, legal arrangements must:

Conduct the due diligence procedure to identify the individuals who, for example, exercise effective control over the consortium, have an interest in the consortium's results, or have been or should been reported as ultimate beneficial owners of the vehicles participating in the consortium's results.
Prepare and submit the declaration.
Keep the supporting documentation organized for potential SUNAT audits.
Conduct periodic checks to detect changes and timely submit update declarations.

There is less than three months left until the deadline set to comply with this obligation, unless SUNAT publishes a resolution postponing it, as it did in November 2023 with Superintendence Resolution No. 000236-2023/SUNAT.

Not only operators, managers, administrators and trustees must be aware of fulfilling this obligation, but also any Peruvian or foreign company or investor who directly or indirectly participates in the results or exercises effective control of the legal arrangement, since they will be required to share information about their shareholders, creditors, administrators, etc., as the case may be, to include in the declaration.