The Corpag Group - TTN · 2017. 2. 22. · The Corpag Group Corporate Management and Professional...
Transcript of The Corpag Group - TTN · 2017. 2. 22. · The Corpag Group Corporate Management and Professional...
The
Cor
pag
Gro
up
Cor
pora
te M
anag
emen
t and
P
rofe
ssio
nal T
rust
Ser
vice
s
New
Kid
s o
n t
he
Blo
ck?
Pro
mis
ing
an
d n
ot
so p
rom
isin
g L
atin
Am
eric
a
CO
LO
MB
IA
Co
lom
bia
Gen
eral
Fac
ts:
�P
opul
atio
n: 4
5 m
ln.
�G
DP
gro
wth
as
of 2
012:
4.3
�A
gric
ultu
re: 6
.8%
; Ind
ustr
y: 3
8.1%
; Ser
vice
s: 5
5.1%
�U
nem
ploy
men
t: 10
.3%
�P
ublic
deb
t: 40
.2%
of G
DP
�D
espi
te d
ecad
es o
f int
erna
l con
flict
and
dru
g re
late
d se
curit
y ch
alle
nges
, C
olom
bia
mai
ntai
ns re
lativ
ely
stro
ng d
emoc
ratic
inst
itutio
ns
char
acte
rized
by
peac
eful
, tra
nspa
rent
ele
ctio
ns, a
nd th
e pr
otec
tion
of
civi
l lib
ertie
s
Co
lom
bia
Tax
Pla
nn
ing
:
�In
vest
ing
in C
olom
bia
�=
> P
anam
a�
Inve
stin
g ou
tsid
e C
olom
bia
�=
> P
anam
a�
Sel
ling
com
pany
�=
> P
anam
a�
Rea
l Est
ate
�=
> P
anam
a�
Etc
.
Tax
atio
n
Per
son
al:
�B
asis
:�
Res
iden
t: w
orld
wid
e�
Non
res
iden
t: C
olom
bia
sour
ce in
com
e
�R
esid
ence
:�
>6
mon
ths
�C
itize
ns w
ith fa
mily
in C
olom
bia
�C
hang
es a
s pe
r Ja
nuar
y 1,
201
3
�R
ate:
slid
ing
scal
e to
33%
(in
com
e +
cap
ital g
ains
, inh
erita
nce,
gift
s)�
Min
imum
inco
me
on n
et w
orth
is 3
% r
epla
ced
as p
er 1
Jan
uary
20
13
�V
AT:
16%
on
good
s, s
ervi
ces
and
impo
rts
Per
son
al:
Effe
ctiv
e fr
om 1
Jan
uary
201
3
Indi
vidu
als
are
deem
ed to
be
resi
dent
s pr
ovid
ed th
at:
�>
6 m
onth
s pr
esen
t; or
�D
iplo
mat
exe
mpt
els
ewhe
re; o
r�
Col
ombi
an n
atio
nal,
and
durin
g th
e ta
xabl
e pe
riod:
�
his
spou
se o
r de
pend
ent c
hild
ren
are
deem
ed r
esid
ents
; or
�de
rives
mor
e th
an 5
0% o
f his
tota
l inc
ome
from
Col
ombi
an s
ourc
es;
or�
mor
e th
an 5
0% o
f his
ass
ets
are
adm
inis
tere
d in
Col
ombi
a; o
r�
mor
e th
an 5
0% o
f his
ass
ets
are
deem
ed to
be
poss
esse
d in
C
olom
bia;
or
�is
res
iden
t of a
juris
dict
ion
cons
ider
ed to
be
a ta
x ha
ven
by
Col
ombi
a; o
r�
cann
ot p
rove
that
he
is a
res
iden
t of a
noth
er c
ount
ry, w
hen
the
Col
ombi
an ta
x au
thor
ities
requ
est a
cer
tific
ate
of r
esid
ence
Oth
er c
han
ges
:
Effe
ctiv
e fr
om J
anua
ry 1
, 201
3
•T
he c
apita
l gai
ns ta
x (im
pues
toa
las
gana
ncia
soc
asio
nale
s) ra
te is
re
duce
d fr
om 3
3% to
10%
bot
h fo
r re
side
nts
and
non-
resi
dent
s
•In
trod
uctio
n of
a n
ew m
inim
um ta
x (im
pues
tom
ínim
oal
tern
ativ
ona
cion
al–I
MA
N)
that
is a
pro
gres
sive
flat
tax
base
d on
the
amou
nt o
f inc
ome
deriv
ed
Tax
atio
n
Co
rpo
rate
:
�R
ate:
33%
�R
esid
ence
: org
aniz
ed u
nder
Col
ombi
an la
w o
r m
ain
dom
icile
�B
asis
: Wor
ldw
ide
inco
me
�Lo
sses
: car
ry fo
rwar
d, n
o ca
rry
back
�P
ayro
ll ta
x�
Mun
icip
al r
ear
prop
erty
tax
�S
ocia
l sec
urity
�R
egis
trat
ion
taxe
s at
CoC
, Pub
lic D
eeds
�
Fin
anci
al T
rans
actio
n ta
x on
with
draw
als
�E
tc…
.
�E
xem
pt: T
ouris
m, F
ores
try,
Slo
w G
row
th C
rops
, Eco
-Tou
rism
ser
vice
s,
Pub
lishi
ng
Tax
atio
n
Co
rpo
rate
Inte
rnat
ion
al A
spec
ts:
�W
ithho
ldin
g ta
xes
�D
ivid
end:
0%
�In
tere
st: <
12 m
onth
33%
; >12
mon
ths:
14%
�
trad
e an
d fin
anci
al e
xem
ptio
ns�
Roy
altie
s: 3
3%�
Tech
nica
l ser
vice
/ m
anag
emen
t: 10
%
�A
nti-a
void
ance
�Tr
ansf
er p
ricin
g (O
EC
D, A
TR
pos
sibl
e)�
No
thin
-cap
�N
o C
FC
�N
o bl
ackl
ist
Co
lom
bia
Fore
ign
In
ve
sto
rs
Off
sho
re
Co
lom
bia
Su
bsi
dia
ry3
3%
Bra
nc
h3
3%
Re
al Est
ate
Ce
rta
in P
EFu
nd
s
33%
33%
Tax
atio
n
As
per
Jan
uar
y 1,
201
3:
Ant
i-avo
idan
ce:
�G
ener
al a
nti-a
void
ance
rule
s ai
med
at c
omba
ting
abus
ive
form
s,
agre
emen
ts, a
cts
that
lack
eco
nom
ic s
ubst
ance
or
busi
ness
pur
pose
�In
trod
uctio
n of
thin
-cap
italiz
atio
n ru
les
acco
rdin
g to
whi
ch in
tere
st
gene
rate
d ov
er lo
ans
up to
thre
e tim
es th
e ta
x eq
uity
of t
he ta
xpay
er (
as
of 3
1 D
ecem
ber o
f the
pre
viou
s ye
ar)
is d
educ
tible
�R
educ
tion
of th
e co
rpor
ate
inco
me
tax
rate
from
33%
to 2
5%
�In
trod
uctio
n of
a d
omes
tic d
efin
ition
of t
he c
once
pt o
f res
iden
t com
pani
es�
Intr
oduc
tion
of a
dom
estic
def
initi
on o
f the
con
cept
of d
ivid
ends
Tax
tre
atie
s:
�A
ndea
n C
omm
unity
:�
Bol
ivia
�E
cuad
or�
Per
u�
Spa
in�
WH
T: D
ivid
ends
: 0%
; Int
eres
t: 10
% o
r fin
anci
al in
stitu
tion;
Roy
alty
: 10
%�
Sw
itzer
land
�W
HT:
Div
iden
ds: 0
%; I
nter
est:
10%
or
finan
cial
inst
itutio
n; R
oyal
ty:
10%
�C
anad
a:�
WH
T: D
ivid
ends
5%
; Int
eres
t: 10
%; R
oyal
ty 1
0%
Und
er n
egot
iatio
n / r
atifi
catio
n: S
outh
Kor
ea, M
exic
o, P
ortu
gal,
Indi
a,
Bel
gium
, Cze
ch R
epub
lic, F
ranc
e, U
SA
, Ger
man
y, N
ethe
rland
s, J
apan
.
Rec
ent
Ch
ang
es
Tax
tre
atie
s:
Pro
pose
d D
ecre
e in
trod
uces
a m
echa
nism
for
non-
resi
dent
co
mpa
nies
and
indi
vidu
als
to r
eque
st a
ref
und
of th
e di
vide
nd t
ax
with
held
in e
xces
s pr
ovid
ed t
hat:
•th
e re
cipi
ent i
s re
side
nt o
f a ju
risdi
ctio
n w
ith w
hich
Col
ombi
a ha
s a
tax
trea
ty in
forc
e;
•di
vide
nd t
ax w
as w
ithhe
ld a
t the
reg
ular
rat
e an
d no
t at t
he
redu
ced
rate
as
esta
blis
hed
by t
he a
pplic
able
tax
trea
ty;
and
•th
e re
cipi
ent o
f the
div
iden
ds p
rove
s to
the
Tax
Adm
inis
trat
ion
that
it
is e
ntitl
ed t
o tr
eaty
ben
efits
Rec
ent
Ch
ang
es
Co
lom
bia
:
•In
tern
atio
nal t
ax p
lann
ing
chan
ged
dras
tical
ly a
nd w
ill c
ontin
ue to
ch
ange
•M
ore
atte
ntio
n ne
eded
for
Col
ombi
an a
spec
ts in
inte
rnat
iona
l pl
anni
ng,
for
resi
dent
s an
d co
mpa
nies
•P
anam
a no
t the
sol
utio
n an
ymor
e
EC
UA
DO
R
Ecu
ado
r
Gen
eral
Fac
ts:
�P
opul
atio
n: 1
4 m
illio
n.
�G
DP
gro
wth
as
of 2
012:
4%
.
�56
% o
f net
inco
me
deriv
es fr
om O
il, a
nd 1
1% fo
r th
e ex
port
of B
anan
as.
�S
ince
yea
r 20
00, t
heir
curr
ency
is th
e U
SD
.
�In
crea
sed
gove
rnm
ent c
ontr
ol a
nd ta
x pr
essu
re.
�It
is e
xpec
ted
that
Pre
side
nt C
orre
a be
ree
lect
ed fo
r 4
mor
e ye
ars.
Ecu
ado
rC
orp
ora
te
Co
rpo
rate
tax
atio
n (
bas
ics)
:
�R
esid
ence
is b
ased
on
the
plac
e of
inco
rpor
atio
n.
�W
orld
wid
e in
com
e ta
xatio
n fo
r re
side
nts.
Non
-res
iden
ts a
re ta
xed
only
on
Ecu
ador
-so
urce
inco
me.
�D
ivid
ends
rec
eive
d fr
om a
res
iden
t cor
pora
tion
are
tax
exem
pt, p
rovi
ded
that
they
are
pai
d ou
t of p
rofit
s th
at h
ad b
een
subj
ect t
o co
rpor
ate
inco
me
tax.
�D
ivid
ends
pai
d to
rec
ipie
nts
in ta
x ha
vens
or
low
-tax
juris
dict
ion
are
subj
ect t
o 10
% in
com
e ta
x w
ithho
ldin
g at
sou
rce.
�N
o fo
reig
n ta
x cr
edit.
Ecu
ado
rC
orp
ora
te
Oth
ers:
�R
oyal
ties
paid
to a
non
resi
dent
are
sub
ject
to a
23%
with
hold
ing
tax,
un
less
spe
cial
trea
ty r
ate.
�A
ll re
mitt
ance
s ab
road
are
sub
ject
to a
5%
spe
cial
tax.
�P
aym
ents
mad
e fr
om o
vers
eas,
whe
ther
for
good
s or
ser
vice
s, a
re a
lso
subj
ect t
o th
is s
peci
al ta
x.
�Te
chni
cal s
ervi
ces
fees
pai
d to
a n
onre
side
nt a
re s
ubje
ct to
a 2
3%
with
hold
ing
tax,
unl
ess
spec
ial t
reat
y ra
te.
Ecu
ado
rIn
div
idu
als
Ind
ivid
ual
s/ P
erso
nal
tax
atio
n:
�R
esid
ents
are
taxe
d on
thei
r w
orld
wid
e in
com
e. N
on r
esid
ents
are
taxe
d on
ly o
n E
cuad
oria
n-so
urce
inco
me.
�P
hysi
cal p
rese
nce
test
: 6 m
onth
s or
mor
e in
a y
ear.
�N
o C
FC
Rul
es.
�N
o w
ealth
/ net
wor
th ta
x.
�35
% ta
x on
don
atio
ns, i
nher
itanc
es a
nd le
gaci
es.
�D
ivid
ends
pai
d to
an
indi
vidu
al in
Ecu
ador
are
par
t of h
is/h
er w
orld
wid
e in
com
e, s
ubje
ct to
pro
gres
sive
with
hold
ing
rate
of 1
% to
10%
.
Ecu
ado
r
Rep
ort
ing
Rep
ort
ing
by
com
pan
ies:
�A
ccor
ding
to a
Res
olut
ion
from
the
tax
auth
ority
(S
ervi
cios
de R
enta
sIn
tern
asor
“S
RI”
) da
ted
Oct
ober
31st
, 201
1, c
ompa
nies
regu
late
d by
the
Sup
erin
tend
ence
of C
ompa
nies
mus
t dis
clos
e th
e id
entit
y of
all
thei
r sh
areh
olde
rs a
nd p
artn
ers,
unt
il id
entif
ying
the
ultim
ate
bene
ficia
l ow
ners
.
�A
pplic
able
for
natio
nals
and
fore
igne
rs, r
esid
ents
and
non
-res
iden
t sh
areh
olde
rs o
f Ecu
ador
ian
com
pani
es.
�Tr
uste
es h
ave
to r
evea
l sam
e in
form
atio
n re
gard
ing
settl
ors
and
bene
ficia
ries
at th
e en
d of
eve
ry fi
scal
/ cal
enda
r yea
r.
Ecu
ado
r
Rep
ort
ing
Rep
ort
ing
by
ind
ivid
ual
s:
�A
ccor
ding
to a
Res
olut
ion
of th
e Ta
x A
utho
rity
date
d 20
09, t
ax r
esid
ents
, w
heth
er c
itize
ns o
r no
t, ha
ve to
file
an
onlin
e de
clar
atio
n of
thei
r as
sets
ea
ch J
anua
ry 1
st.
�T
hres
hold
of U
SD
200
,000
.
Ecu
ado
rT
reat
ies
and
Tax
Hav
ens
Tax
Tre
atie
s:
Bel
gium
, Bra
zil,
Per
u, C
olom
bia,
Ven
ezue
la, B
oliv
ia, M
exic
o, F
ranc
e,
Ger
man
y, It
aly,
Spa
in, R
oman
ia, S
witz
erla
nd, C
anad
a an
d K
orea
.
Tax
Hav
ens*
:
Net
herla
nds
Ant
illes
, Bar
bado
s, B
eliz
e, B
erm
uda,
Gib
ralta
r, C
omm
onw
ealth
of
the
Bah
amas
, Uni
ted
Ara
b E
mira
tes,
Pue
rto
Ric
o, G
rand
Duc
hy o
f Lu
xem
bour
g, Is
le o
f Man
, Hon
g K
ong,
Coo
k Is
land
s, C
aym
an Is
land
s,
Cha
nnel
Isla
nds,
Brit
ish
Virg
in Is
land
s, U
S V
irgin
Isla
nds,
Mac
ao, M
adei
ra,
Liec
hten
stei
n, M
onac
o, P
rinci
palit
y of
And
orra
, Rep
ublic
of C
ypru
s, M
alta
, M
aurit
ius,
Rep
ublic
of P
anam
a, R
epub
lic o
f Sey
chel
les,
Trin
idad
and
To
bago
, Rep
ublic
of T
unis
ia, S
t. V
ince
nt a
nd th
e G
rena
dine
s, S
t. Lu
cia.
-60
% le
ss o
f Ecu
ador
’s in
com
e ta
x ra
te p
er c
ateg
ory
of in
com
e.
* T
he
tota
l list
isn
ot
incl
ud
ed
Ecu
ado
r
Tax
Hav
ens
Res
tric
tio
ns
to t
ax h
aven
co
un
trie
s:
�Ta
xpay
ers
dom
icile
d in
a ta
x ha
ven,
can
not d
educ
t lia
bilit
y, q
uota
s or
ca
nons
of m
erca
ntile
leas
es fr
om th
eir
inco
me
tax.
�In
com
e ob
tain
ed b
y E
cuad
oria
n re
side
nts
from
abr
oad,
whi
ch h
as
alre
ady
paid
taxe
s in
ano
ther
cou
ntry
, whe
n so
urce
d fr
om ta
x ha
ven
coun
trie
s, w
ill a
dd to
the
taxp
ayer
’s g
loba
l tax
able
inco
me
and
thus
will
be
sub
ject
to p
aym
ent o
f inc
ome
tax
in E
cuad
or. T
here
fore
, no
tax
cred
it w
ill b
e gr
ante
d w
hats
oeve
r.
�C
ompa
nies
dom
icile
d in
Tax
Hav
en c
ount
ries
and
its r
elat
ed E
cuad
oria
n co
unte
rpar
ts a
re b
anne
d fr
om p
artic
ipat
ing
in th
e pr
oces
ses
of p
ublic
co
ntra
ctin
g in
Ecu
ador
.
Ecu
ado
r
Tru
st/
Fou
nd
atio
n
Ec
ua
do
r R
esi
de
nts
PIC
(no
n-t
ax
ha
ve
n)
Fin
an
cia
l a
sse
ts
Off
sho
re
Ec
ua
do
r
VE
NE
ZU
EL
A
Ven
ezu
ela
Gen
eral
Fac
ts:
�G
DP
gro
wth
201
2: 1
.4%
�In
flatio
n 31
%
�O
il de
pend
ency
.
�10
yea
rs o
f for
eign
exc
hang
e co
ntro
l:-
Sev
ere
limita
tions
to p
urch
ase
US
D-
CA
DIV
I, S
ITM
E…
-Alte
rnat
ives
�G
over
nmen
t con
trol
and
incr
ease
d ta
x pr
essu
re (b
y m
eans
of s
peci
al
cont
ribut
ions
).
�P
oliti
cal u
ncer
tain
ty.
Ven
ezu
ela
Co
rpo
rate
Tax
atio
n (b
asic
s):
�D
ivid
ends
tax
on 3
4% o
n th
e ex
cess
am
ount
of f
inan
cial
ear
ning
s vs
. net
ta
xabl
e in
com
e.
�C
apita
l gai
ns s
ubje
ct to
34%
tax
(5%
with
hold
ing)
.
�N
o ge
nera
l ant
i-abu
se ru
le w
ith in
tern
atio
nal s
cope
.
�P
reva
iling
bus
ines
s pu
rpos
e.
�S
peci
fic a
nti-a
void
ance
pro
visi
ons:
CF
C r
ules
, re-
char
acte
rizat
ion
of
cert
ain
loan
s to
sha
reho
lder
s as
div
iden
ds, a
nd th
in c
apita
lizat
ion
rule
s.
�G
ood
trea
ty n
etw
ork
(28
trea
ties)
: Bar
bado
s, B
elgi
um, S
pain
, Por
tuga
l (M
adei
ra),
Sw
eden
, Sw
itzer
land
.
Ven
ezu
ela
Tax
Hav
en
Reg
ula
tio
ns
reg
ard
ing
Tax
Hav
ens:
�F
isca
l tra
nspa
renc
y ru
les
pres
crib
e ob
ligat
ion
of r
epor
ting
inco
me
rega
rdle
ss o
f dis
trib
utio
n.
�C
ontr
ol is
the
key
crite
rion.
�Lo
w ta
x ju
risdi
ctio
n: <
20%
inco
me
tax.
�E
xem
ptio
n.
�N
o ad
ditio
nal d
iscl
osur
e re
quire
men
ts.
Ven
ezu
ela
Inte
rme
dia
te
Ho
ldin
g C
o.
(e.g
. Lu
x o
r Sp
ain
)
Ve
nC
o
Ve
ne
zue
lan
re
sid
en
t
Du
tch
B.V
Op
era
tin
g
Bu
sin
ess
Top
Ho
ldin
g C
o.
(e.g
. C
ura
ca
o)
Off
sho
re
Ve
ne
zue
la
Ven
ezu
ela
Ve
nC
o
Ve
ne
zue
lan
re
sid
en
t
Du
ba
i H
old
ing
Co
.
Op
era
tin
g
Bu
sin
ess
Inte
rme
dia
te H
old
ing
e.g
. N
eth
erl
an
ds,
B
arb
ad
os
IBC
Off
sho
re
Ve
ne
zue
la
Ven
ezu
ela
Ve
ne
zue
lan
re
sid
en
ts
Ba
rba
do
s IB
C
Fin
an
cia
l A
sse
ts
Pri
va
te F
ou
nd
atio
no
r N
on
-bla
ck
liste
d T
rust
Off
sho
re
Ve
ne
zue
la
Ven
ezu
ela
Ve
ne
zue
lan
re
sid
en
ts
Tra
nsp
are
nt
Cu
rac
ao
NV
Fin
an
cia
l A
sse
ts
Pri
va
te F
ou
nd
atio
no
r N
on
-bla
ck
liste
d T
rust
Off
sho
re
Ve
ne
zue
la
PE
RU
Per
u
Gen
eral
Fac
ts:
�P
opul
atio
n: 3
1.2
mill
ion.
�G
DP
gro
wth
201
2: 6
.1%
.
�R
aw m
ater
ials
/ Min
ing.
�In
crea
sed
num
ber
of w
ealth
y fa
mili
es/ i
ndiv
idua
ls.
�N
o fo
reig
n ex
chan
ge c
ontr
ol.
�C
FC
rul
es a
re e
ffect
ive
as fr
om J
anua
ry 1
st, 2
013.
�Li
mite
d tr
eaty
net
wor
k (3
trea
ties)
: Can
ada,
Chi
le a
nd B
razi
l + A
ndea
n C
omm
unity
.
Per
uC
orp
ora
te
Co
rpo
rate
Tax
atio
n (b
asic
s):
�R
esid
ence
is b
ased
on
plac
e of
inco
rpor
atio
n.
�W
orld
wid
e in
com
e sy
stem
.
�D
ivid
end
dist
ribut
ions
bet
wee
n re
side
nt e
ntiti
es a
re n
ot ta
xed.
�D
ivid
ends
and
oth
er p
rofit
dis
trib
utio
ns a
broa
d ar
e su
bjec
t to
a 4.
1%
with
hold
ing
tax
whe
n pa
id to
res
iden
tand
non
resi
dent
indi
vidu
als
and
nonr
esid
ent e
ntiti
es.
�D
omes
tic a
nd fo
reig
n so
urce
inco
me
is ta
xed
at 3
0%.
�A
ccru
al a
ccou
ntin
g m
etho
d fo
r do
mes
tic a
nd fo
reig
n so
urce
act
ive
inco
me.
Per
uC
orp
ora
te
Co
rpo
rate
Tax
atio
n (o
ther
s):
�R
oyal
ties
are
cons
ider
ed P
eruv
ian
sour
ce in
com
e w
hen
the
unde
rlyin
g go
ods
are
used
with
in P
eru
or w
hen
the
paye
r is
a P
eruv
ian
resi
dent
.
�In
trod
uctio
n of
cap
ital g
ains
tax
for
the
indi
rect
sal
e or
sha
res
in P
eruv
ian
com
pani
es.
-S
ale
of s
hare
s or
par
ticip
atio
ns o
f a n
onre
side
nt e
ntity
. -
Suc
h no
nres
iden
t ent
ity h
olds
one
or
mor
e pa
rtic
ipat
ions
in
resi
dent
ent
ities
, whi
ch r
epre
sent
50%
or
mor
e of
its
capi
tal.
-S
ale
of 1
0% o
r m
ore
of a
res
iden
t ent
ity w
ithin
any
giv
en p
erio
d of
12
mon
ths.
-P
resu
mpt
ion
in c
ase
of T
ax H
aven
s.
�W
orld
wid
e in
com
e sy
stem
.
�D
ivid
end
dist
ribut
ions
bet
wee
n re
side
nt e
ntiti
es a
re n
ot ta
xed.
Per
uIn
div
idu
al
Tax
atio
n o
n in
div
idu
als
(bas
ics)
:
�R
esid
ence
: Per
uvia
n na
tiona
ls w
ith p
erm
anen
t res
iden
ce in
Per
u, a
nd
phys
ical
pre
senc
e te
st fo
r fo
reig
ners
.–E
xcep
tions
.
�W
orld
wid
e in
com
e sy
stem
.
�D
omes
tic in
com
e, in
clud
ing
capi
tal g
ains
and
por
tfolio
inco
me
is
reco
gniz
ed u
nder
cas
h m
etho
d of
acc
ount
ing.
�F
orei
gnso
urce
pas
sive
inco
me:
cas
h m
etho
d.
�4.
1% r
ate
appl
icab
le to
dom
estic
div
iden
ds.
�5%
for
capi
tal g
ains
tax
and
port
folio
inco
me.
Per
uT
reat
ies
and
Tax
Hav
ens
Tax
Tre
atie
s:
In fo
rce:
And
ean
pact
, Bra
zil,
Can
ada,
Chi
le, U
SA
(ex
chan
ge o
f inf
orm
atio
n on
ly).
Sig
ned
but n
ot r
atifi
ed:
Mex
ico,
Por
tuga
l, S
outh
Kor
ea, S
pain
(un
likel
y to
be
ratif
ied)
and
S
witz
erla
nd.
Tax
Hav
ens:
-
44 li
sted
juris
dict
ions
*: B
arba
dos,
Bel
ize,
Gib
ralta
r, C
omm
onw
ealth
of t
he B
aham
as, G
rand
Duc
hy o
f Lux
embo
urg,
Isle
of
Man
, Hon
g K
ong,
Coo
k Is
land
s, C
aym
an Is
land
s, C
hann
el
Isla
nds,
Brit
ish
Virg
in Is
land
s, M
adei
ra, P
rinci
palit
y of
And
orra
, R
epub
lic o
f Cyp
rus,
Mal
ta, M
aurit
ius,
Rep
ublic
of P
anam
a.
-75
% o
r le
ss o
f Per
u’s
effe
ctiv
e ta
x ra
te (
i.e. 2
2.5%
or
less
).*
Th
eto
tal
list
isn
ot
incl
ud
ed
Per
uC
FC
Pro
visi
on
s
�C
once
pt o
f Non
resi
dent
Con
trol
led
Ent
ities
(“N
CE
s”).
�E
lem
ents
:
-S
epar
ated
ent
ity fo
r P
eruv
ian
inco
me
tax
purp
oses
* In
clud
es tr
usts
, par
tner
ship
s, a
ssoc
iatio
ns a
nd fo
unda
tions
, etc
.
-C
ontr
olle
d by
Per
uvia
n re
side
nts
* 50
% o
r m
ore
owne
rshi
p.*
50%
or
mor
e vo
ting
right
s.*
50%
or
mor
e ec
onom
ic ri
ghts
.*
Use
of r
elat
ed p
artie
s (4
th d
egre
e) a
nd/o
r re
late
d le
gal e
ntiti
es o
r th
ird p
artie
s re
sidi
ng in
the
fore
ign
juris
dict
ion.
-E
stab
lishe
d in
a ta
x ha
ven
juris
dict
ion
or in
a c
ount
ry w
ith a
pr
efer
enci
al ta
x re
gim
e.
So
urc
e:
Ern
st &
Yo
un
g P
eru
Per
uC
FC
Pro
visi
on
s�
CF
C r
ules
are
app
licab
le o
nly
to p
assi
ve in
com
e.-
Incl
udes
inco
me
deriv
ed fr
om th
e tr
ansf
er o
f rig
hts
over
the
use
of
good
s an
d rig
hts
that
gen
erat
e pa
ssiv
e in
com
e (e
.g. t
rans
fer
of
leas
es).
-80
% r
ule
(act
ive
vs. a
ctiv
e in
com
e). D
eem
ed a
s pa
ssiv
e or
act
ive
inco
me,
as
appl
icab
le.
�E
xem
ptio
n:-
Ann
ual p
assi
ve in
com
e le
ss th
an a
ppro
x. U
SD
7,0
00 (
as o
f to
day’
s va
lue
of ta
xabl
e un
its).
Pre
sum
ptio
n w
ith r
egar
ds to
tax
have
n N
CE
’s.
�E
xpen
ses
attr
ibut
able
to th
at in
com
e w
ould
be
acce
pted
to d
eter
min
e ta
x lia
bilit
y in
Per
u.
�F
orei
gn ta
x cr
edit.
�N
o fo
rmal
obl
igat
ions
(so
far)
bes
ides
boo
kkee
ping
.S
ou
rce
: E
rnst
& Y
ou
ng
Pe
ru
Per
u
Pe
ru r
esi
de
nts
Pa
ssiv
e
Inc
om
e
Off
sho
re
Pe
ru
Per
u
Pe
ru r
esi
de
nts
Un
de
rly
ing
en
tity
Fin
an
cia
l A
sse
ts
Irre
vo
ca
ble
N
on
-bla
ck
liste
d T
rust
(e.g
. N
ew
Ze
ala
nd
)
Off
sho
re
Pe
ru
Per
u
Tru
ste
e
Irre
vo
ca
ble
N
on
-bla
ck
liste
d T
rust
(e.g
. N
ew
Ze
ala
nd
)
Fin
an
cia
l A
sse
ts
Re
vo
ca
ble
N
on
-bla
ck
liste
d T
rust
(e.g
. N
ew
Ze
ala
nd
)
Off
sho
re
Pe
ru
Tru
ste
e
Un
de
rly
ing
En
tity
Ca
pita
l Sh
are
sIn
co
me
Sh
are
s
Per
u
Pe
ru r
esi
de
nts
Ho
ldin
g C
o.
(e.g
. D
utc
hC
o)
Op
era
tin
g
Bu
sin
ess
Pri
va
te F
ou
nd
atio
n(e
.g.
Du
tch
Stic
htin
g
or
STA
K)
Off
sho
re
Pe
ruP
eru
Co
Per
u
No
n P
eru
via
n/
resi
de
nts
Ho
ldin
g C
o.
(e.g
. Sp
ain
Op
era
tin
g
Bu
sin
ess
Inte
rme
dia
te
Ho
ldin
gC
o(e
.g.
Ma
lta
)
Off
sho
re
Pe
ruP
eru
Co