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Peru: Double Taxation Treaties: Mexico, Korea, Portugal and Switzerland

On 27 and 28 December 2013, the Peruvian Congress approved four International Tax Treaties to avoid double taxation (Tax Treaties) signed by Peru with Mexico, Korea, Portugal and Switzerland.

The main purpose of these Tax Treaties is to avoid double taxation and to prevent tax evasion of income tax and inheritance tax. These treaties will allow a decision to be made on which income tax law is applicable and in which country.

The Tax Treaties with Mexico, Korea, Switzerland and Portugal will be fully in force from 1 January 2015 when the approval and enforcement procedures have been fulfilled. Additionally, for the Tax Treaties to be fully in force it is mandatory that compliance with any other specific requirements is established in the text of each Tax Treaty.

A brief summary of the Tax Treaty status above:

 Tax Treaty executed with  Enforcement date Fully applicable from 
 Mexico  19 February 2014  1 January 2015
 Korea  3 March 2014  1 January 2015
 Switzerland 10 March 2014  1 January 2015
Portugal 12 April 2014 1 January 2015

It is worth noting that Peru has already executed tax treaties to avoid double taxation, which are fully in force, with Chile, Canada, Brazil and the Andean Community of Nations’ members (Bolivia, Colombia and Ecuador).

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