Standard perfects the first paragraph of article 26 of the Income Tax Law, on presumed interest income.
The Executive Branch approved Legislative Decree No. 1545 that modifies the Income Tax Law, in accordance with the delegation of powers granted by the National Parliament to regulate the reactivation and modernization of State management, for a period of 90 days.
The rule thus improves the first paragraph of article 26 of the Income Tax Law, on presumed interest income.
In this regard, it indicates that for tax purposes it is presumed, unless proven otherwise by the debtor’s accounting books, that any money loan, whatever its denomination, nature or form or reason, accrues interest not less than the average monthly market active rate in national currency (TAMN) published by the Superintendency of Banking, Insurance and Private Pension Fund Administrators multiplied by an adjustment factor.
Furthermore, said presumption will apply even when the interest rate has not been set, it has been stipulated that the loan will not accrue interest, or a lower interest payment has been agreed. In the case of loans in foreign currency, it is presumed that they accrue interest not less than the active monthly average market rate in foreign currency (TAMEX) published by the Superintendency of Banking, Insurance and Private Pension Fund Administrators multiplied by an adjustment factor.
Article 1.- Object
The purpose of the Legislative Decree is to modify the first paragraph of article 26 of the Income Tax Law, on presumed interest income.
Article 2.- Definition
For the purposes of this Legislative Decree, the Income Tax Law is understood to be the Consolidated Text of the Income Tax Law, approved by Supreme Decree No. 179-2004-EF.
Article 3.- Modification of the first paragraph of article 26 of the Income Tax Law
Modify the first paragraph of article 26 of the Income Tax Law, in the following terms:
“Article 26.- For the purposes of the tax, it is presumed, unless proven otherwise by the debtor’s accounting books, that any money loan, whatever its denomination, nature or form or reason, accrues interest not less than the average monthly market active rate in national currency (TAMN) published by the Superintendency of Banking, Insurance and Private Pension Fund Administrators multiplied by an adjustment factor. Said presumption will apply even when the interest rate has not been set, it has been stipulated that the loan will not accrue interest, or a lower interest payment has been agreed. In the case of loans in foreign currency, it is presumed that they accrue interest not less than the active monthly average market rate in foreign currency (TAMEX) published by the Superintendency of Banking, Insurance and Private Pension Fund Administrators multiplied by an adjustment factor. The Ministry of Economy and Finance, by means of a supreme decree, can update the aforementioned adjustment factors.
(…).”
Article 4.- Endorsement
This Legislative Decree is endorsed by the President of the Council of Ministers and the Minister of Economy and Finance.
FINAL SUPPLEMENTARY PROVISIONS
First.- Initial adjustment factor
For the purposes of the provisions of the first paragraph of article 26 of the Income Tax Law, for loans in national currency the adjustment factor is 0.42, and in the case of loans in foreign currency, the adjustment factor is 0. .65.
By means of a supreme decree endorsed by the Minister of Economy and Finance, the adjustment factors indicated in the previous paragraph can be modified, which will be greater than 0 (zero) and less than or equal to 1 (one). To update said adjustment factors, active interest rates existing in the national financial market and/or the historical relationships between them should be considered, if applicable.
Second.- Validity
This Legislative Decree enters into force on January 1, 2024.
The Ministry of Economy and Finance, by means of a supreme decree, can update the aforementioned adjustment factors, notes the regulation.
Source: The Peruvian
