In the context of the current health crisis generated by the spread of COVID-19, the Peruvian Government has issued several fiscal measures, mainly aimed at providing a flexible regulatory scheme for the fulfilment of tax obligations and the processing of administrative proceedings.
The Peruvian Government has amended its Peruvian Arbitration Law due to the pressure of the Odebrecht case. We analyse, from a critical perspective, the impact and consequences of these amendments brought by the Urgency Decree No. 020-2020.
On November 19, 2019, the new merger control regime was published in the Peruvian Official Gazette by means of an Urgency Decree. It mostly includes the same provisions set forth in the legislative text (Bill) that was approved by the Congress earlier on May 2, 2019, but that was finally not published. The new text holds some variations regarding the threshold and the date of effectiveness.
The past October 31, the Urgency Decree N° 008-2019 was published, which, with a validity period of 1 year, provided certain measures in order to guarantee the continuity of nationally paralyzed public works. These provisions sought the culmination of these projects, in order to achieve an effective provision of the public services involved.
Legislative Decree No. 1372, whose regulation was approved through Supreme Decree No. 003-2019-EF, established that legal persons and legal arrangements have the obligation to inform SUNAT about the identity of their ultimate beneficiaries. Nonetheless, up until recently, SUNAT was pending to issue a resolution establishing the procedure, deadlines and conditions in order to comply with such obligation.
May 30 saw the entry into force of the new Consumer Arbitration System Regulations passed by Supreme Decree No. 103-2019-PCM and published in the Official Journal of Peru on May 29, 2019.
Garrigues scooped both Peru Most Innovative Law Firm of the Year and Capital Markets Firm of the Year in the Andes at the Americas Awards organized by International Financial Law Review (IFLR). The awards ceremony, held last night in New York, recognized the advice provided by firms in the region that participated in the most innovative cross-border transactions and that have demonstrated their knowledge and expertise in strategic areas, such as M&A or banking and finance.
At the end of 2018, Peru approved a legal reform implementing new rules designed to allow vacation leave to be taken in a way that contributes to work/life balance in the private sector. And on the following February 5, Supreme Decree No 002-2019-TR, Regulations on Legislative Decree No 1405, was published, which adds to and clarifies the rules in force and enables companies to identify the main rules they must follow in relation to the taking of vacation entitlement among their workers.
Garrigues has strengthened it’s the Latin American tax practice by bringing in Javier de la Vega as a partner at the Lima office. Garrigues’ tax team in Latin America comprises seven partners and over 40 professionals, working from offices in Bogotá, Mexico City, Lima, Santiago de Chile and São Paulo.