Exemption from income tax for the sale of shares through the BVL

Tax incentives for the promotion of FIRBIs were extended until December 31.

With the arrival of January, a series of tax measures also entered into force, such as the extension of the exemption from income tax (IR) for the sale of shares through the Lima Stock Exchange, which must take into account the companies, recalled lawyer Pablo Sotomayor Hernández.

In the first place, he referred to the extension of the IR exemption for capital gains obtained through the Lima Stock Exchange (BVL), which will be valid until December 31, 2023.

Provision

“Although initially it was thought that it would not materialize (the exemption has been in force since 2015), it was included in the Single Final Complementary Provision of Law No. 31662, which modified Law No. 31362, Law on Payment of MYPE Bills 30 days,” said the expert.

However, he warned, this extension was not approved in the same terms in which the norm was in force until 2022, but its application will be subject to various conditions.

Among these, Sotomayor mentioned that it will only apply to capital gains generated by a natural person, undivided estate or marital partnership that chose to be taxed as such.

In addition, the exemption will apply up to the first 100 tax units (UIT) of the capital gain generated in the year, explained the partner of the Miranda & Amado Tax Area. Thus, he indicated, the capital gains generated by legal persons in their operations in the BVL were excluded from the exemption.

Sotomayor stated that Law No. 31652 established a special accelerated depreciation regime for buildings and constructions, as well as for electric vehicles applicable to taxpayers of the General Income Tax Regime and the MYPE Tax Regime, provided that the acquisitions are have been carried out as of the financial year 2023.

The standard, he pointed out, provides for accelerated depreciation for buildings and constructions at a maximum rate of 33.33% per year, as well as accelerated depreciation for hybrid and electric vehicles (except railways) at a maximum rate of 50% per year.

The application of the above rates will be subject to compliance with certain requirements. The rule seeks to encourage the increase in infrastructure and promote the acquisition of electric vehicles, he commented. On the other hand, he recalled that, through Law No. 31650, tax incentives for the promotion of electric vehicles were extended until December 31 of this year. Investment Funds in Movable Property Income (FIRBI).

These benefits, he explained, include the deferral of the birth of the IR and the alcabala tax on the transfer of real estate to the FIRBI; and the special IR rate of 5% for natural persons applicable to income from leases or other onerous form of assignment for use of real estate attributed to the FIRBI.

Worth

Sotomayor asserted that, starting this year, the applicable market value for IR purposes in the sale of shares that are not listed on the stock market will be the greater between the transaction value (the agreed price) and the value obtained from apply the discounted cash flow valuation method to the company. The application of the method will be based on a technical report that contains at least the information established by the regulation, he noted.

The application of the discounted cash flow valuation method has exceptions contained in the Income Tax Law. In such a case, the market value applicable to the shares will be the higher of the transaction value and its equity value, which is calculated on the basis of the last audited balance sheet of the company issuing the shares closed prior to the date of the transfer or on the appraisal value of the shares, as appropriate, he detailed.

Until the year 2022, he said, the market value of shares not listed on the stock market was the transaction value, which in no case could be less than the equity participation value according to the last closed annual balance sheet of the issuing company. Thus, starting in 2023, the equity participation value as the basis for determining the market value will be restricted to specific cases, he stressed.

special regimes

Law No. 31652, whose purpose is to promote private investment and provide greater liquidity in the current economic situation, states that the depreciation method for buildings and constructions will be the straight line.

Once the annual depreciation percentage is chosen at the time of filing the annual income tax return, it cannot be modified in the following years. The depreciation percentage applied within the framework of what is indicated in this law must be greater than that established in article 39 of the Income Tax Law, it indicates.

In addition, it refers, “the depreciation percentages are applied until the assets are fully depreciated.” In the case of buildings and constructions that begin to depreciate in taxable year 2023, the maximum annual depreciation percentage of up to 33.33% will be applied as of that taxable year, if applicable, except in the last year in which The corresponding lower depreciation percentage will be applied, note. Regarding the aforementioned vehicles that begin to depreciate in the taxable year 2023, the depreciation rate mentioned will be applied from that taxable year, if applicable, except in the last year in which the lower depreciation percentage will be applied than appropriate, emphasizes the norm.

Source: The Peruvian