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.