Peru has published Report No. 029-2018-SUNAT/7T0000 concerning the deduction of low-cost fixed assets in the year of acquisition. The Notification clarifies that fixed assets may be deducted in full in the year of acquisition provided that the cost per unit does not exceed 25% of one tax unit (UIT). The deduction can be taken in the return for the year, with no additional accounting record requirements or requirements to notify the tax authority.
Note - The Peruvian tax unit (Unidad Imposit…