Peruvian VAT returns

Peruvian VAT returns are filed on a monthly basis using Form 119. They should be filed between the 7th and 16th working day of the following month. Returns are filed online or in person at an authorized bank.

In addition to the VAT return, large tax payers must also file annual supplementary declarations on taxable transactions. These are known as Declaración Annual de Operaciones con Terceros.

VAT credits may be reclaimed, and must be separately declared in a payment voucher. Exporters (exports are VAT nil rated) may recover input VAT through a credit application or offset against other taxable sales.

Fines for not declaring taxable sales are 50% of the VAT amount due, plus a monthly 1.2% interest charge. Small companies may apply for a 3-month extension without penalties.

Peruvian VAT Recovery by non-residents

Non-resident businesses may not reclaim Peruvian VAT incurred.

Latest news

Peru abandons VAT cut

July 18, 2017

Peru abandoned plans to cut its VAT rate from 18% to 17% on 1 July 2017. The country’s fiscal deficit has widened recently, leading...

Peru cuts VAT to 17%

January 12, 2017

Peru has announced plans to reduce its standard VAT rate by 1% to 17% from 1 July 2017. The measure has already been delayed...

Peru introduces electronic VAT invoices

October 27, 2014

Peru this month became the latest South American country to introduce electronic VAT invoices. Ecuador and Mexico also recently introduced such measures. The Tax...