GLOBAL FORUM ON TRANSPARENCY AND EXCHANGE OF INFORMATION FOR TAX PURPOSES Peer Review Report Phase Legal and Regulatory Framework PERU Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Peru 2016 PHASE 1: LEGAL AND REGULATORY FRAMEWORK November 2016 (reflecting the legal and regulatory framework as at August 2016) This work is published on the responsibility of the Secretary-General of the OECD The opinions expressed and arguments employed herein not necessarily reflect the official views of the OECD or of the governments of its member countries or those of the Global Forum on Transparency and Exchange of Information for Tax Purposes This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area Please cite this publication as: OECD (2016), Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Peru 2016: Phase 1: Legal and Regulatory Framework, OECD Publishing http://dx.doi.org/10.1787/9789264265752-en ISBN 978-92-64-26574-5 (print) ISBN 978-92-64-26575-2 (PDF) Series: Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews ISSN 2219-4681 (print) ISSN 2219-469X (online) Corrigenda to OECD publications may be found on line at: www.oecd.org/publishing/corrigenda © OECD 2016 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of OECD as source and copyright owner is given All requests for public or commercial use and translation rights should be submitted to rights@oecd.org Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at info@copyright.com or the Centre franỗais dexploitation du droit de copie (CFC) at contact@cfcopies.com TABLE OF CONTENTS – Table of Contents About the Global Forum ����������������������������������������������������������������������������������������� Abbreviations ����������������������������������������������������������������������������������������������������������� Executive summary��������������������������������������������������������������������������������������������������� Introduction������������������������������������������������������������������������������������������������������������� 13 Information and methodology used for the peer review of Peru ������������������������� 13 Overview of Peru ��������������������������������������������������������������������������������������������������14 Recent developments��������������������������������������������������������������������������������������������� 19 Compliance with the Standards����������������������������������������������������������������������������� 21 A Availability of information������������������������������������������������������������������������������� 21 Overview��������������������������������������������������������������������������������������������������������������� 21 A.1 Ownership and identity information������������������������������������������������������������� 22 A.2 Accounting records��������������������������������������������������������������������������������������� 45 A.3 Banking information������������������������������������������������������������������������������������� 51 B Access to information����������������������������������������������������������������������������������������� 53 Overview��������������������������������������������������������������������������������������������������������������� 53 B.1 Competent Authority’s ability to obtain and provide information ��������������� 54 B.2 Notification requirements and rights and safeguards����������������������������������� 65 C Exchanging information����������������������������������������������������������������������������������� 67 Overview��������������������������������������������������������������������������������������������������������������� 67 C.1 Exchange-of-information mechanisms ��������������������������������������������������������� 68 C.2 Exchange-of-information mechanisms with all relevant partners ��������������� 76 C.3 Confidentiality����������������������������������������������������������������������������������������������� 77 PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 – TABLE OF CONTENTS C.4 Rights and safeguards of taxpayers and third parties����������������������������������� 80 C.5 Timeliness of responses to requests for information������������������������������������� 82 Summary of determinations and factors underlying recommendations����������� 85 Annex 1: Jurisdiction’s response to the review report ��������������������������������������� 87 Annex 2: List of all exchange-of-information mechanisms in effect����������������� 88 Annex 3: List of all laws, regulations and other material received������������������� 89 PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 ABOUT THE GLOBAL FORUM – About the Global Forum The Global Forum on Transparency and Exchange of Information for Tax Purposes is the multilateral framework within which work in the area of tax transparency and exchange of information is carried out by over 130 jurisdictions, which participate in the Global Forum on an equal footing The Global Forum is charged with in-depth monitoring and peer review of the implementation of the international standards of transparency and exchange of information for tax purposes These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004 The standards have also been incorporated into the UN Model Tax Convention The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party Fishing expeditions are not authorised but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed This process is undertaken in two phases Phase reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 reviews look at the practical implementation of that framework Some Global Forum members are undergoing combined – Phase 1 and Phase 2 – reviews The Global Forum has also put in place a process for supplementary reports to follow-up on recommendations, as well as for the ongoing monitoring of jurisdictions following the conclusion of a review The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and for copies of the published review reports, please refer to www.oecd.org/tax/transparency and www.eoi-tax.org PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 Abbreviations – Abbreviations AML Anti-Money laundering BVL Bolsa de Valores de Lima CDD Customer due diligence CTF Counter Terrorism Financing DTC Double Tax Conventions EOI Exchange of information FATF Financial Action Task Force IBC International Business Company OECD Organisation for Economic Co-operation and Development OSCE Organismo Supervisor de las Contrataciones del Estado (SupervisoryAgency of the Government Procurement Office) RUC Registro unico de contribuyentes (Single Register of Taxpayers) RNP Registro Nacional del Proveedores del Estado (National Register of Government Providers) SBS Superintendencia de Banca, Seguros y AFP (Superintendence of Banking, Insurance and Private Pension Funds Administrators.) SMV Superintendencia de Mercado de Valores (Securities Market Superintendence) SUNARP Superintendencia Nacional de Registros Públicos (Superintendence of Public Registries in Peru) PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 – Abbreviations SUNAT Superintendencia Nacional de Aduanas y de Administración Tributaria (National Superintendence of Customs and Tax Administration) TIEA Tax Information Exchange Agreement UIF Unidad de Inteligencia Financiera (Financial Intelligence Unit) UIT Unidad Impositiva Tributaria (Tax Imposition Unit) VAT Value Added Tax PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 78 – Compliance with the Standards: Exchanging information Exchange of information agreements 252 Peru’s TIEAs with Argentina, Ecuador and the United States all contain a confidentiality provision similar to the standard as contained in Article 8 of the Model TIEA In addition, all of Peru’s DTCs (Brazil, Canada, Chile, Korea, Mexico, Portugal, and Switzerland) contain the equivalent of Article 26(2) of the OECD Model Convention and are therefore in line with the standard 253 The Andean Community Directive contains language to the effect that the information exchanged “will be considered confidential and may not be disclosed to any person other than the authorities responsible for the administration of taxes subject to this Decision” Although the agreement does not expressly state that information exchanged can be shared in court proceedings, the exchange of information relates to all information for the purposes of carrying out the agreement as well as domestic laws concerning fraud and tax evasion This wording implies that exchanged information will therefore be able to be shared in tax related court proceedings and is found to be in line with the international standard 254 There is no provision in Peruvian legislation specifically addressing the issue of confidentiality of information exchanged for tax purposes under DTCs, TIEAs, Directives or multilateral instruments on mutual administrative assistance Nevertheless, the exchange of information for tax purposes under DTCs, TIEAs, Directives or multilateral instruments on mutual administrative assistance is also subject to domestic privacy and disclosure laws Domestic law 255 In respect of exchanged information, subsection f) of article 38 of the Internal Regulations of SUNAT sets out that SUNAT officials “must maintain as confidential all information they have received during and after their working period in SUNAT, on any activity and confidential information of the employer” This provision protects any information received in an EOI request 256 Article 85 of the Tax Code defines what information is protected by tax confidentiality and sets out how this information may be used by SUNAT This sets out that the Tax Reserve (being the taxpayer information collected by the SUNAT) must be maintained as confidential information and may only be used by the tax administration for its own purposes 257 Within Peru, Circular N 001-2012/400000 of 23 March 2012 titled “Policies and standards for request, creation, delivery and use of accounts and passwords to access production information systems” sets out the confidentiality measures in respect of tax information in the database of the SUNAT In PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 Compliance with the Standards: Exchanging information – 79 particular, paragraph 5.3 of the circular titled “The Correct Use of Accounts” states that “access to accounts must be used exclusively for activities related to compliance of the functions assigned by the institution and information may not be used for illegal or unethical purposes” 258 Finally, in the event that domestic law provisions on general confidentiality rules were found to be less restrictive than those provided under the EOI agreements concluded by Peru, Peruvian officials have reported that the provisions of the international agreements will prevail ensuring that the international standard in regards to confidentiality is met Penalties for breach of confidentiality 259 Peruvian legislation establishes both criminal and disciplinary penalties for breach of confidentiality The Criminal Code currently contains several articles addressing criminal penalties for breach of confidentiality provisions Article 377 of the Criminal Code sets out that any public official who abuses his powersby commiting or ordering an arbitrary act, shall be punished with imprisonment, of no more than three years Furthermore, pursuant to article 377, any public official that illegally omits, denies or delays any action related to his position will be penalised with imprisonment for a term of no more than two years and a fine calculated as a percentage of his daily income for a period of 30 to 60 days 260 The SUNAT has also issued Resolution 235-2003/SUNAT titled “Internal Rules of Work” According to articles 45-53 of Chapter XI (Disciplinary Measures), in the case of improper disclosure and breaches of confidentiality, the internal regulations of SUNAT impose sanctions ranging from an official warning to dismissal 261 In sum, the general domestic rules on confidentiality read in conjunction with the confidentiality provisions contained in Peru’s EOI agreements would lead to the conclusion that information exchanged with foreign authorities may only be disclosed to persons or authorities, including courts and administrative bodies, concerned with the assessment, collection, prosecution or enforcement of the tax law in question or in criminal proceedings related to such taxes Phase 1 determination The element is in place PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 80 – Compliance with the Standards: Exchanging information C.4 Rights and safeguards of taxpayers and third parties The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties Exceptions to requirement to provide information (ToR C.4.1) 262 The international standard allows requested parties not to supply information in response to a request in certain identified situations where an issue of trade, business or other legitimate secret may arise Among other reasons, an information request can be declined where the requested information would disclose confidential communications protected by attorney-client privilege Attorney-client privilege is a feature of the legal systems of many countries However, communications between a client and an attorney or other admitted legal representative are, generally, only privileged to the extent that the attorney or other legal representative acts in his or her capacity as an attorney or other legal representative 263 Where attorney-client privilege is more broadly defined it does not provide valid grounds on which to decline a request for exchange of information To the extent, therefore, that an attorney acts as a nominee shareholder, a trustee, a settlor, a company director or under a power of attorney to represent a company in its business affairs, exchange of information resulting from and relating to any such activity cannot be declined because of the attorney-client privilege rule Exchange of information agreements 264 The limits with which information can be exchanged, as provided for in Article 26(3) of the OECD Model Tax Convention and Article 7 of the OECD Model TIEA, are included in each of the DTCs, TIEAs, and Andean Community Directive concluded by Peru That is, information which is subject to legal privilege; which would disclose any trade, business, industrial, commercial or professional secret or trade process; or which would be contrary to public policy, is not required to be exchanged However, the term “professional secret” is not defined in the EOI agreements and therefore this term would derive its meaning from the Peru’s domestic laws Domestic law 265 As described in section B.1.5 above, professional secrecy is set out in the Constitution as described by a decision of the Constitutional Court The scope of attorney-client privilege is set out under the Lawyers Code of Ethics and is found to be in line with the scope of attorney-client privilege as set out under the international standard PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 Compliance with the Standards: Exchanging information – 81 266 In regards to other aspects of secrecy, Article 260 of Decision 486 as issued by the Andean Community Commission which is directly applicable in Peru provides that: – Any undisclosed information that an individual or legal person legitimately holds, that can be used in any productive, industrial or commercial activity, and is capable of being transmitted to a third party, to the extent that such information is to be considered as: a) A secret in the sense that as a body or in the precise configuration and assembly of its components, is generally not known or readily accessible to individuals within the circles that normally deal with the respective information; b) It has commercial value due to its secrecy; c) It has undergone reasonable measures by the rightful holder to keep it secret 267 The information of a trade secret may be related to the nature, characteristics or purposes of a product; method or production process; or the ways or forms of distribution or marketing of products or services This definition of a trade secret is seen as being in line with the international standard and should not impede the exchange of information in Peru 268 However, as set out in section B.1.5 above, it is noted that pursuant to Decision 7811-2005-PA/TC, professional secrecy also extends to other professions in Peru such as doctors, notaries and journalists In the event that information was requested of these professions, the extent to which confidential communications would be deemed to be privileged and therefore, the information unable to be accessed by the SUNAT, is unclear The practical impact of the secrecy provisions on effective EOI will be followed up in the next EOIR review of Peru Determination and factors underlying recommendations Phase 1 determination The element is in place Factors underlying recommendations Recommendations There are some uncertainties as to whether professional secrecy provisions in Peru’s domestic laws would impede the effective EOI under its international agreements Peru should clarify the extent of professional secrecy in its domestic laws to ensure that it does not impede the exchange on information under its EOI agreements PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 82 – Compliance with the Standards: Exchanging information C.5 Timeliness of responses to requests for information The jurisdiction should provide information under its network of agreements in a timely manner Responses within 90 days (ToR C.5.1) 269 In order for exchange of information to be effective it needs to be provided in a timeframe which allows tax authorities to apply the information to the relevant cases If a response is provided but only after a significant lapse of time the information may no longer be of use to the requesting authorities This is particularly important in the context of international co‑operation as cases in this area must be of sufficient importance to warrant making a request 270 Pursuant to its agreements with Argentina and Ecuador, the requested party should answer within six months of the request In the agreement with Argentina, it is set out that in the case of any difficulty in answering the request, this may justify an additional two months in the response time When it appears impossible to answer the request within this deadline or because of difficulties in gathering the information, the requested jurisdiction should inform the requesting jurisdiction and indicate a possible date for the answer or explain the nature of the difficulties Finally, any refusal to answer an EOI request must be made within three months 271 Peru’s TIEA with the United States, which predates the OECD Model TIEA, does not provide for a timeline to respond to an information request Nonetheless, Peru has reported that when EOI requests are received under any of their agreements, it is internal policy to provide a response to all treaty partners within 90 days The extent to which the timeliness of responses is affected by the absence of a specified timeframe under its TIEAs will be considered in the review of Peru’s practical effectiveness for exchange of information under the second round of reviews Organisational process and resources (ToR C.5.2) 272 It is important that a jurisdiction have appropriate organisational processes and resources in place to ensure a timely response A review of the practical application of these processes and the resources available will be conducted in the context of the review of Peru’s practical effectiveness for exchange of information under the second round of reviews PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 Compliance with the Standards: Exchanging information – 83 Absence of restrictive conditions on exchange of information (ToR C.5.3) 273 Exchange of information should not be subject to unreasonable, disproportionate or unduly restrictive conditions As noted in Part B of this Report, there are no aspects of Peru’s domestic laws that appear to impose additional restrictive conditions on effective EOI that would be incompatible with the international standard Determination and factors underlying recommendations Phase 1 determination The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS – 85 Summary of determinations and factors underlying recommendations 19 Determination Factors underlying recommendations Recommendations Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities (ToR A.1) The element is in place Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements (ToR A.2) The element is in place Banking information should be available for all account-holders (ToR A.3) The element is in place Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information) (ToR B.1) The element is in place The extent of professional secrecy in Peru is unclear and could impede access to information Peru should ensure that professional secrecy provisions not impede the ability of the authorities to access information for the purposes of EOI The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information (ToR B.2) The element is in place Exchange of information mechanisms should allow for effective exchange of information (ToR C.1) The element is in place 19 The ratings will be finalised as soon as a representative subset of Phase 2 reviews is completed PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 86 – SUMMARY OF DETERMINATIONS AND FACTORS UNDERLYING RECOMMENDATIONS Factors underlying recommendations Determination Recommendations The jurisdictions’ network of information exchange mechanisms should cover all relevant partners (ToR C.2) The element is in place Peru should continue to develop its EOI network with all relevant partners The jurisdictions’ mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received(ToR C.3) The element is in place The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties (ToR C.4) The element is in place There are some uncertainties as to whether professional secrecy provisions in Peru’s domestic laws would impede the effective EOI under its international agreements Peru should clarify the extent of professional secrecy in its domestic laws to ensure that it does not impede the exchange on information under its EOI agreements The jurisdiction should provide information under its network of agreements in a timely manner (ToR C.5) The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the EOIR review of Peru as conducted under the second round of reviews PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 ANNEXES – 87 Annex 1: Jurisdiction’s response to the review report 20 Peru joined the Global Forum in 2014 as part of the OECD Country programme Since its admission, the principal institutional and regulatory domestic reforms, either enacted or proposed, reflect Peruvian commitment to transparency and effective exchange of information for tax purposes Peru is particularly satisfied by the conclusions and recommendations contained in this Peer Review Report Phase 1 that shows strengths and opportunities for further improvement, of which we remain quite aware The Republic of Peru would like to express its sincere appreciation for the very professional work of the Assessment Team, Global Forum Secretariat and the Peer Review Group during the course of the phase 1 peer review It would also like to thank to Global Forum for providing with much technical assistance in order to succeed our phase 1 peer review This assistance included both a pre-Phase 1 training seminar with representatives of competent authorities and the practical advices that helped Peru to strengthen its capacity not only to undergo the peer review process but also to continue implementing the reforms implied in a serious commitment to transparency and effective exchange of information for tax purposes The Republic of Peru remains dedicated to the development of international tax transparency, and looks forward to continuing this work in order to successfully approve the next round peer review process 20 This Annex presents the jurisdiction’s response to the review report and shall not be deemed to represent the Global Forum’s views PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 88 – ANNEXES Annex 2: List of all exchange-of-information mechanisms in effect List of EOI agreements signed by Peru as of August 2016, including seven bilateral DTCs and three TIEAs Peru is also a party to the Andean Community Directive signed on 4 May 2004, which provides for the necessary legal basis to enhance co‑operation and EOI among the four member revenue authorities (Bolivia, Colombia, Ecuador and Peru) under Article 19 The EOI agreements listed below not limit, nor are they limited by, provisions contained other EOI arrangements between the same parties concerned or other instruments which relate to co-operation in tax matters No Jurisdiction Type of EOI agreement Date signed Date In force Andean Community (Bolivia, Colombia, Ecuador) MTC 4-May-2004 1-Jan-2005 Argentina TIEA 7-Oct-2004 8-Oct-2004 Brasil DTC 17-Feb-2006 14-Aug-2009 Canada DTC 20-July-2001 17-Feb-2003 Chile DTC 08-June-2001 23-July-2003 Ecuador TIEA 09-Mar-2002 07-Jan-2003 Korea DTC 10-May-2012 03-Mar-2014 Mexico DTC 27-Apr-2011 19-Feb-2014 Switzerland DTC 21-Sept-2012 10-Mar-2014 10 Portugal DTC 19-Nov-2012 12-Apr-2014 11 United States TIEA 15-Feb-1990 31-Mar-1993 PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 ANNEXES – 89 Annex 3: List of all laws, regulations and other material received Constitution Constitution of Peru Civil and commercial laws Código de Comercio (Comercial Code) Ley General de Sociedades No. 26887 (Companies Law) Financial sector laws Ley General del Sistema Financiero N° 27602 (Law of the Financial System) Ley N° 861 Ley del Mercado de Valores (Securities Market Law) Ley N° 27693 (Law that creates the Financial Intelligence Unit) Resolución SBS No.10440-2008 (Regulations for the constitution, organisation and establishment of companies and representatives of the Financial and Insurance Systems) Decreto Supremo N° 054-97-EF (Consolidated Text of the Law of Private Management System Pension Fund) Resolution CONASEV N° 033-2011-EF/94.01.1 (Standard for the Prevention of Money Laundering and Terrorist Financing) Resolución SBS N° 816-2005 (Sanctions Regulations) Decreto Supremo Nº 093-2002-EF (Consolidated Text of Securities Market Law) Resolución SBS N° 8930-2012 (Regulation of violations and penalties on prevention of Money Laundering and Terrorist Financing) PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 90 – ANNEXES Resolución SBS N° Resolution 1010-99 (Regulation of Trust and Fiduciary Services Companies) Resolución SBS N° 1132-2015 (Regulation that regulates the procedure for requests for lifting of bank secrecy attention) Resolución SBS N° 3880-2016 (Modify article 4 of the norm that regulates the procedure for requests for lifting of bank secrecy attention, Resolution SBS No. 1132-2015) Tax laws Código Tributario (Tax Code) TUO de la Ley del IGV (VAT Law) TUO de la Ley del Impuesto a la Renta (Income Tax Law) Resolución de Superintendencia No. 234-2006/SUNAT (Superintendence Resolution establishing standards referring to books and record linked to tax matters) Ley N° 27334 (Law that extends the functions of the National Superintendence of Tax Administration) Ley N° 30296 (Law that promotes the Reactivation of the Economy) Decreto Legislativo N° 943 Ley del Registro Único de Contribuyentes (Law of Single Register of Taxpayers) Resolución de Superintendencia N° 210-2004/SUNAT (Regulation of the Law of the Single Register of Taxpayer) Resolución Ministerial N° 586-2008-EF/10 (Resolution designating SUNAT as the authorised representative for the role of EOI within the framework of the agreements to avoid double taxation and prevent tax evasion) Resolución de Superintendencia N°  235-2003/SUNAT (Internal Work Rules of SUNAT) Miscellaneous Ley N° 28708 (General Law of the National System of Accounting) Resolución Nº 200-2001-SUNARP/SN (Companies Registry Regulation) Resolución de Superintendencia Nacional de los Registros Públicos N° 316-2008-SUNARP-SN (Regulation of the Registration of Trusts) Decisión 486 Comunidad Andina (Andean Community Directive) PEER REVIEW REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2016 ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The OECD is a unique forum where governments work together to address the economic, social and environmental challenges of globalisation The OECD is also at the forefront of efforts to understand and to help governments respond to new developments and concerns, such as corporate governance, the information economy and the challenges of an ageing population The Organisation provides a setting where governments can compare policy experiences, seek answers to common problems, identify good practice and work to coordinate domestic and international policies The OECD member countries are: Australia, Austria, Belgium, Canada, Chile, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the 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transparency and exchange of information for tax purposes These standards are primarily reflected in the 2002 OECD Model Agreement on Exchange of Information on Tax Matters and its commentary, and in Article 26 of the OECD Model Tax Convention on Income and on Capital and its commentary as updated in 2004, which has been incorporated in the UN Model Tax Convention The standards provide for international exchange on request of foreseeably relevant information for the administration or enforcement of the domestic tax laws of a requesting party “Fishing expeditions” are not authorised, but all foreseeably relevant information must be provided, including bank information and information held by fiduciaries, regardless of the existence of a domestic tax interest or the application of a dual criminality standard All members of the Global Forum, as well as jurisdictions identified by the Global Forum as relevant to its work, are being reviewed This process is undertaken in two phases Phase reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase reviews look at the practical implementation of that framework Some Global Forum members are undergoing combined – Phase plus Phase – reviews The ultimate goal is to help jurisdictions to effectively implement the international standards of transparency and exchange of information for tax purposes All review reports are published once approved by the Global Forum and they thus represent agreed Global Forum reports For more information on the work of the Global Forum on Transparency and Exchange of Information for Tax Purposes, and for copies of the published review reports, please visit www.oecd.org/tax/transparency and www.eoi-tax.org Consult this publication on line at http://dx.doi.org/10.1787/9789264265752-en This work is published on the OECD iLibrary, which gathers all OECD books, periodicals and statistical databases Visit www.oecd-ilibrary.org for more information ISBN 978-92-64-26574-5 23 2016 37 P 9HSTCQE*cgfhef+ ... Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Peru 2 016 PHASE 1: LEGAL AND REGULATORY FRAMEWORK November 2 016 (reflecting the legal and regulatory... (2 016 ) , Global Forum on Transparency and Exchange of Information for Tax Purposes Peer Reviews: Peru 2 016 : Phase 1: Legal and Regulatory Framework, OECD Publishing http://dx.doi.org /10 .17 87/9789264265752-en... REPORT – PHASE 1: LEGAL AND REGULATORY FRAMEWORK – PERU © OECD 2 016 ABOUT THE GLOBAL FORUM – About the Global Forum The Global Forum on Transparency and Exchange of Information for Tax Purposes is