Introduction
According to the Income Tax Law, in export or import intercompany transactions involving goods quoted on international, local, or destination markets—including derivative financial instruments—or whose prices are set based on such quotations, the taxpayer must submit a notification (sworn statement) by the start date of shipment (for exports) or unloading (for imports).
This notification must include the contract, quotation date or period of the goods, contract terms, counterparty identification, type of product, unit of measurement and quantity, transaction amount, quotation market, incoterm, among other details.
Through Report No. 000063-2024-SUNAT/7T0000, SUNAT establishes that if this notification is not submitted, or is submitted late, incomplete, or inconsistently, SUNAT will recalculate the agreed price.
Obligation
As stated in Report No. 000063-2024-SUNAT/7T0000, if the notification is not submitted, or is filed late, incomplete, or inconsistently, SUNAT will use the date of the end of shipment (for exported goods) or the end of unloading (for imported goods) to determine the transaction’s quotation value.
Penalties for failure to submit the notification, or for submitting it late, incomplete, or inconsistently, will follow a gradual penalty regime when the infraction is corrected—meaning when the notification is later submitted with complete and consistent information. However, this correction will not prevent SUNAT from recalculating the agreed price based on the date of the end of shipment or unloading.
If the notification is submitted by the start date of shipment or unloading and contains complete information as agreed, SUNAT will consider the quotation date reported by the taxpayer (as long as it aligns with the conditions that would be agreed upon between independent parties in similar circumstances).
If the notification is not submitted, or is filed late, incomplete, or inconsistently, SUNAT will use the date of the end of shipment (for exports) or the end of unloading (for imports) to determine the transaction’s quotation value.
Recommendation
Companies engaged in the import and export of commodities (such as copper, gold, silver, zinc, corn, wheat, etc.) with related parties must ensure that all required information is submitted within the specified timeframe. Otherwise, SUNAT will recalculate the agreed price, potentially creating tax contingencies, and penalties will be applied for non-compliance. These penalties may be reduced according to the Tax Code.
This article is based on Report No. 000063-2024-SUNAT/7T0000.
For more information, please contact our team in Peru:
Bruno Rojas – :bruno.rojas@basefirma.com
Yasser Zola –:yasser.zola@basefirma.com
Cynthia Canessa – cynthia.canessa@basefirma.com