Peru has published Law No. 31104, which establishes rules for the refund of the temporary net assets tax (ITAN) for the 2020 tax year considering the impact of the COVID-19 pandemic. The ITAN is levied at a rate of 0.4% on net assets exceeding PEN 1 million of resident entities and individuals deriving business income.
The rules are relatively brief and simply provide that the tax authority (SUNAT) is required to refund ITAN for 2020, by means of an account credit, to taxpayers that reques…