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Tax law in Lima, the capital of Peru, encompasses the statutory, regulatory, constitutional, and common-law rules that constitute the law applicable to taxation. Major taxes include the income tax, general sales tax, and municipal taxes. These laws also dictate how the businesses, cooperatives, and individuals pay their taxes to the local, regional, and national governments.
Deciphering tax laws can often be challenging due to their complexity. Most individuals and businesses seek legal help when preparing and filing taxes, when dealing with tax audits or disputes, and when needing advice for planning future tax responsibilities. A lawyer can also assist with handling litigation cases related to tax or advising on the legal tax implications of investment or business decisions.
The local tax code in Lima includes both corporate tax laws and individual tax laws. Corporations are subject to income tax on their worldwide income whereas individuals are taxed only on their Peruvian-source income. The general sales tax applies to the sale of goods, the rendering of services, the use of goods within the country or contracts for construction, and the importation of goods. Municipal taxes in Lima include property taxes, vehicle taxes, and public cleaning taxes.
The corporate income tax rate is 29.5%. For individuals, the personal income tax is progressive from 8% to 30%.
Yes, Peru has double taxation treaties with several countries to avoid taxpayers being taxed twice for the same income.
Both individuals and companies residing or earning income in Lima are required to pay taxes according to the Peruvian tax regulations.
A tax audit is an examination by tax authorities to verify correctness of tax reported/paid. Consulting a tax lawyer and keeping financial records in order can help prepare for it.
Yes, according to Peruvian tax law, certain business expenses are deductible against income for tax purposes, following specific rules.
The National Superintendence of Tax Administration (SUNAT) is the main tax authority in Peru. Other useful resources include the Lima Chamber of Commerce and the Ministry of Economy and Finance, which provide information on tax regulations and policies.
If you need legal assistance in Tax, it's advisable to contact a qualified tax lawyer or consultant. They will guide you through the complex tax laws, help you optimize your tax liabilities and represent you in any tax disputes or litigation cases. Always ensure to keep good records and stay abreast of the latest tax laws and regulations to avoid penalties.
