E&Y Peru White Paper

Peru's Business &
Investment Guide
2010 / 2011
M
a
c
h
u

P
i
c
c
h
u

C
i
t
a
d
e
l
.

P
h
o
t
o
g
r
a
p
h
:

C
a
r
l
o
s

S
a
l
a

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
Ministerio de Relaciones Exteriores
Contacts Ernst & Young Peru
Advisory
Paulo Pantigoso
Advisory Leader
Tel +51 1 411 4418
paulo.pantigoso@pe.ey.com
Alejandro Magdits
Tel +51 1 411 4453
alejandro.magdits@pe.ey.com
Jorge Acosta
Tel +51 1 411 4437
jorge.acosta@pe.ey.com
Numa Arellano
Tel +51 1 411 4428
numa.arellano@pe.ey.com
Ciro Bedoya
Tel +51 1 411 4456
ciro.bedoya@pe.ey.com
Rafael Huamn
Tel +51 1 411 4443
rafael.huaman@pe.ey.com
Jos Torres-Llosa
Tel +51 1 411 5055
jose.torres-llosa@pe.ey.com

Assurance
Juan Paredes
Assurance Leader
Tel +51 1 411 4410
juan.paredes@pe.ey.com
Marco Antonio Zaldvar
Tel +51 1 411 4450
marco-antonio.zaldivar@pe.ey.com
Vctor Burga
Tel +51 1 411 4419
victor.burga@pe.ey.com
Manuel Daz
Tel +51 1 411 4403
manuel.diaz@pe.ey.com
Cristian Emmerich
Tel +51 1 411 4413
cristian.emmerich@pe.ey.com
Moiss Marquina
Tel + 51 1 411 7237
moises.marquina@pe.ey.com
Fernando Nez
Tel +51 1 411 4473
fernando.nunez@pe.ey.com
Wilfredo Rubios
Tel +51 1 411 4444
wilfredo.rubinos@pe.ey.com
Carlos Ruiz
Tel +51 1 411 4402
carlos.ruiz@pe.ey.com
Mireille Silva
Tel + 51 1 411 4484
mireille.silva@pe.ey.com
Vctor Tanaka
Tel + 51 1 411 4408
victor.tanaka@pe.ey.com
Carlos Valdivia
Tel + 51 1 411 4409
carlos.valdivia@pe.ey.com
Tax
David de la Torre
Tax Leader
Tel +51 1 411 4471
david.de.la.torre@pe.ey.com
Andrs Valle
South America Tax Managing Partner
Tel +51 1 411 4440
andres.valle@pe.ey.com
Roberto Cores
Tel +51 1 411 4468
roberto.cores@pe.ey.com
Humberto Astete
Tel + 51 1 411 4477
humberto.astete@pe.ey.com
Marcial Garca
Tel +51 1 411 4424
marcial.garcia@pe.ey.com
Guillermo Hidalgo
Tel + 51 1 411 4464
guillermo.hidalgo@pe.ey.com
Elizabeth Rosado
Tel +51 1 411 4457
elizabeth.rosado@pe.ey.com
Mara Julia Senz
Tel + 51 1 411 4480
maria-julia.saenz@pe.ey.com
Fernando Tori
Tel +51 1 411 4479
fernando.tori@pe.ey.com
Av. Vctor Andrs Belande 171
San Isidro - Lima 27, Peru
Phone: +51 1 411 4444
Fax: +51 1 411 4445
Jorge Medina Mndez
Country Managing Partner
Tel +51 1 411 4411
jorge.medina@pe.ey.com
Peru's Business &
Investment Guide
2010 / 2011
M
a
c
h
u

P
i
c
c
h
u

C
i
t
a
d
e
l
.

P
h
o
t
o
g
r
a
p
h
:

C
a
r
l
o
s

S
a
l
a

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
Ministerio de Relaciones Exteriores
Contacts Ernst & Young Peru
Advisory
Paulo Pantigoso
Advisory Leader
Tel +51 1 411 4418
paulo.pantigoso@pe.ey.com
Alejandro Magdits
Tel +51 1 411 4453
alejandro.magdits@pe.ey.com
Jorge Acosta
Tel +51 1 411 4437
jorge.acosta@pe.ey.com
Numa Arellano
Tel +51 1 411 4428
numa.arellano@pe.ey.com
Ciro Bedoya
Tel +51 1 411 4456
ciro.bedoya@pe.ey.com
Rafael Huamn
Tel +51 1 411 4443
rafael.huaman@pe.ey.com
Jos Torres-Llosa
Tel +51 1 411 5055
jose.torres-llosa@pe.ey.com

Assurance
Juan Paredes
Assurance Leader
Tel +51 1 411 4410
juan.paredes@pe.ey.com
Marco Antonio Zaldvar
Tel +51 1 411 4450
marco-antonio.zaldivar@pe.ey.com
Vctor Burga
Tel +51 1 411 4419
victor.burga@pe.ey.com
Manuel Daz
Tel +51 1 411 4403
manuel.diaz@pe.ey.com
Cristian Emmerich
Tel +51 1 411 4413
cristian.emmerich@pe.ey.com
Moiss Marquina
Tel + 51 1 411 7237
moises.marquina@pe.ey.com
Fernando Nez
Tel +51 1 411 4473
fernando.nunez@pe.ey.com
Wilfredo Rubios
Tel +51 1 411 4444
wilfredo.rubinos@pe.ey.com
Carlos Ruiz
Tel +51 1 411 4402
carlos.ruiz@pe.ey.com
Mireille Silva
Tel + 51 1 411 4484
mireille.silva@pe.ey.com
Vctor Tanaka
Tel + 51 1 411 4408
victor.tanaka@pe.ey.com
Carlos Valdivia
Tel + 51 1 411 4409
carlos.valdivia@pe.ey.com
Tax
David de la Torre
Tax Leader
Tel +51 1 411 4471
david.de.la.torre@pe.ey.com
Andrs Valle
South America Tax Managing Partner
Tel +51 1 411 4440
andres.valle@pe.ey.com
Roberto Cores
Tel +51 1 411 4468
roberto.cores@pe.ey.com
Humberto Astete
Tel + 51 1 411 4477
humberto.astete@pe.ey.com
Marcial Garca
Tel +51 1 411 4424
marcial.garcia@pe.ey.com
Guillermo Hidalgo
Tel + 51 1 411 4464
guillermo.hidalgo@pe.ey.com
Elizabeth Rosado
Tel +51 1 411 4457
elizabeth.rosado@pe.ey.com
Mara Julia Senz
Tel + 51 1 411 4480
maria-julia.saenz@pe.ey.com
Fernando Tori
Tel +51 1 411 4479
fernando.tori@pe.ey.com
Av. Vctor Andrs Belande 171
San Isidro - Lima 27, Peru
Phone: +51 1 411 4444
Fax: +51 1 411 4445
Jorge Medina Mndez
Tel +51 1 411 4411
jorge.medina@pe.ey.com
Peru's Business &
Investment Guide
2010 / 2011
I
n
t
r
o
d
u
c
t
i
o
n
Peru is one of the most important countries in Latin America.
Some of its diverse characteristics include a variety of climates, a
large territorial extension, important natural resources, people of
great skills and high academic standards and a solid economic and
industrial background. Peru is an excellent destination for foreign
investment.
This guide for business and investment is an aid for foreign investors
as it brings key information about major tax, legal, labor and business
setting-up in Peru. It also contains general information on how
to invest and make business in the country. Finally, it contains a
complete index of Peru's embassies and consulates abroad, as well as
many contacts of interest for the investor.
1. Background information
1. Government
2. Geography
3. People
4. Currency
5. Economy
6. Investment grade
7. Investment promotion conditions

2. Setting up a business in Peru
1. Business corporations
2. Close corporations
3. Public limited corporations
4. Limited-liability companies
5. Branches
3. Taxes
1. Direct taxes
2. Excise taxes
3. Municipal taxes
4. Customs duties
5. Tax stability agreements
3
5
6
7
7
8
15
17
C
o
n
t
e
n
t
s
27
29
29
30
30
31
33
35
39
39
40
42
4. Labor legislation
1. Job stability
2. Fringe benefts
3. Expatriates
4. Immigration
5. Accounting standards
Appendixes
Stakeholders
1. Executive Offce for Economic Promotion
2. ProInversion
3. PromPeru
Ernst & Young services for business and
investments in Peru
Directory of Peruvian Embassies and Consulates
abroad
43
45
45
46
46
49
53
55
57
59
60
63
67
Jorge Medina Mndez
Ernst & Young Peru
Acknowledgments
We express our special thanks to the Peruvian Ministry of Foreign Affairs (MRE) and,
especially, to its Executive Offce for Economic Promotion (OPE) for its assistance in
gathering the necessary information for this Guide.
Background
information
1.
R
e
d
-
h
e
a
d
e
d

p
a
r
r
o
t
.

P
h
o
t
o
g
r
a
p
h
:

M
i
c
h
a
e
l

T
w
e
d
d
l
e

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
5
Peru's Business & Investment Guide
1. Government
Peru is a Constitutional democratic Republic with a multi-party system. Under
the current constitution of 1993, the President, who is the Head of the State and
Government, is elected for a fve year period and cannot run for an immediate re-
election. The President designates the Prime Minister and the rest of the Cabinet of
Ministers. There is a 120 member unicameral Congress elected for a fve-year term.
Bills may be proposed either by the Executive or by the Legislative branch, and they
become law after being passed through Congress and enacted by the President. The
Judiciary is an independent institution.
The Peruvian government is directly elected and voting is compulsory for all citizens
aged 18 to 70. In the recent democratic election of 2006, former president Alan Garca
was non-consecutively re-elected as President of the Republic. Peru has some of the
best macroeconomic indicators of the region with an expected Gross Domestic Product
(GDP) growth rate that is well above the Latin American average.
Government type

Constitutional Republic
Legal system

Based on civil law
Executive branch

Head of the State and Government: President Alan Garca
Prez (since July 2006)

Elections: Every fve years by popular vote (consecutive
re-election is not permitted). Next elections: April 2011

The Cabinet is appointed by the President
Legislative branch

Unicameral Congress

120 seats

Members elected by popular vote, for a fve-year term

Next presidential and legislative elections: April 2011
Judiciary

Judges are appointed by the National Judicial Council
International relationships

Peru has several economic cooperation and free trade
agreements with different countries

The Peruvian Diplomatic Academy is internationally
recognized as one of the best in Latin America

Member of the United Nations since 1945 and member of
the Security Council in 2006 and 2007

In 1998, Peru joined the Asia-Pacifc Economic
Cooperation (APEC) and was the host of its 2008 summit.
That same year, Peru was also host of the LAC-UE (Latin
American and the Caribbean - European Union) summit.
Country overview
Source: Peruvian Constitution / CIA - The World Factbook / UN / Ministry of Foreign Affairs
Ernst & Young 6
2. Geography
Peru is located on the west central coast of South America. It is bordered by the Pacifc
Ocean to the west, by Chile to the south, by Bolivia and Brazil to the east, and by
Colombia and Ecuador to the north. With a total land area of 1,285,215.60 km
2
, Peru
is the third largest country in South America after Brazil and Argentina, and can be
divided geographically in three natural regions:

The Coast: a narrow desert strip with a maritime coastline 3,080 km long, accounts
for only 10.7% of Peru's territory, even when it contains approximately 63% of its
population. Lima, the political and fnancial capital of the country, is located in this
region.

The Highlands (Sierra): the Andean Mountain range covers 31.8% of the territory and
holds almost 28% of the country's population. This region contains the country's major
mineral deposits.

The Amazon Jungle (Selva): the largest region of Peru, occupies 57.5% of its
territory, and is rich in petroleum and forestry resources.
Peru
29.4 million
Urban: 75.9%
Rural: 24.1%
Population
1,285,215.60 km
2
Area
Spanish / Quechua / Aymara
Language
Nuevo Sol (S/.)
S/.1 = US$ 0.35
US$1 = S/. 2.824
Currency*
Freedom of religion
Mostly Roman Catholic
Religion
Varies from tropical in the Amazon
region to dry desert in the Coast;
temperate to frigid in the Highlands
Climate
Gold, copper, silver, gas, petroleum,
sh, phosphate, timber agricultural products.
Natural resources
* Exchange rate as of July 31, 2010
Source: BCRP / INEI
7
3. People
The estimated population of Peru for 2010 is approximately 29.4 million, of which 9.1
million (almost 30%) live in Lima. The labor force is estimated to be around 16.4 million
people.
The main religion is Roman Catholicism and the main offcial languages are Spanish and
Quechua. Aymara is also spoken in some parts of the southern Sierra Region. With respect
to the literacy rate, 92.9% aged 15 and over can read and write.
People overview
Population 29.4 million (forecast for 2010)
Age structure 0 - 14 years 29.1%
15 - 64 years 65.2%
65 years and over 5.7%
Growth rate 1.22%
Birth rate 19.38 births per 1,000 population
Death rate 6.14 deaths per 1,000 population
Sex ratio At birth 1.005 male per female
Life expectancy at birth 73.1 years (forecast for 2005-2010)
4. Currency
The Peruvian offcial currency is the Nuevo Sol (S/.). The country has a free-
foating exchange rate regime where the government intervenes to avoid excessive
fuctuations. As of July 31, 2010, banks bought US dollars at S/. 2.824 and sold them
at S/. 2.826. Parallel market exchange rates are similar.
There are no restrictions or limitations to either the number of bank accounts held in
foreign currency or to the remittance of funds abroad by individuals or legal entities.
Source: INEI / CIA Factbook
Ernst & Young 8
5. Economy
Gross Domestic Product (GDP) US$ 127 billion (2009)
Net international reserves US$ 40.7 billion (as of August 24, 2010)
External debt US$ 31.3 billion (2009)
Investment 20.6% of the GDP (2009)
Unemployment rate 8.5% (2009)
Population below poverty line 34.8% (2009)
Main destination of Peruvian
exports
Brazil, Canada, Chile, China, Germany, Italy,
Japan, Spain, Switzerland, United States and
Venezuela
Main exports
Gold, copper, zinc, crude petroleum and
by-products, coffee, potatoes, asparagus,
paprika, organic banana, cacao, textiles and
fish meal
Main countries of origin of
Peruvian imports
Argentina, Brazil, Chile, China, Ecuador,
Mexico and United States
Main imports
Petroleum and by-products, plastics, machinery,
vehicles, iron and steel, wheat and paper
With 29.4 million habitants, Peru is a country with rich deposits of copper, silver, gold,
lead, zinc, natural gas and petroleum. Due to the weather and natural and cultural
variations along its natural regions, Peru is internationally recognized as a mega-
diverse country.
Peru's economy refects its varied geography. Its abundant resources are mainly
found in the Highlands, through its mineral deposits, and in its vast coastal waters
that has traditionally provided excellent fshing. Despite the recent global crisis, the
administration has resisted tax spending pressures and used the accumulated savings
from rising commodity prices between 2006 and 2008 to invest in infrastructure, pay
down a portion of the public debt and increase the domestic assets.
Peru has achieved signifcant advances in macroeconomic performance in recent
years with very dynamic GDP growth rates, stable currency exchange rate and low
infation. The country's impressive 9.8% development rate obtained in 2008 elevates
it among the fastest-growing economies in the region. This trend has been driven by
rising international commodity prices for minerals and metals, investor-friendly market
policies and aggressive trade liberalization strategies. Although the rate fell to 0.9%
in 2009 due to the global crisis, Peru's economy has begun to recover and is ofcially
expected to increase from 6.8% in 2010, and to 5.5% in 2011 (recently reestimated
by the BCRP to approximately 7.5% in 2010 and to 6% in 2011). The country's rapid
expansion has helped to reduce the national poverty rate in almost 15% in the last years
Source: BCRP / Apoyo Consultora / MEF / OIT
9
to about 34.8% of its population in 2009.
The country's recent positive development performance has much to do with the
competent monetary and tax policy pursued over the last two decades, with falling
levels of public debt (from 37.8% of GDP in 2006 to 21% in 2009) and consistent
budget surpluses prior to the global downturn (2.4% of GDP in 2008). All this has
occurred together with the liberalization of the goods and labor market, the opening
of the trade and foreign direct investment (FDI), and the maximization of the country's
revenues resulting from its rich natural resources. Peru also benefts from strengths
such as the increasing size of its domestic market and the development of its fnancial
sector.
Peru has signed Free Trade Agreements (FTAs) with the United States, China, Thailand,
Canada, Singapore and with the European Free Trade Association (EFTA) made up of
Switzerland, Iceland, Liechtenstein and Norway. It has also concluded negotiations with
the European Union. Finally, Peru has begun trade talks with Korea, Japan and other
countries. The FTA with the United States entered into force on February 1, 2009 and
opened the way to greater trade and investment between the two economies. Peru's
main exports consists of gold, copper, zinc, textiles and fsh meal; and its major trade
partners are the United States, China, Brazil and Chile.
Devaluation and infation
The annual infation rate for 2009 was 0.3 % (6.7 % in 2008). The annual devaluation
rate during 2009 was 2.9 % (revaluation of 6.5 % in 2008).
Devaluation and infation
*Estimate
Source: BCRP / Apoyo Consultora
Ination Devaluation
2000 1999 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
1.5
2.5 2.5
-0.1
3.1
3.7 3.7
-1.9
4.5 1.1
3.9
-6.5
-7.0
2.9
3.5
-1.1
0.3
0.3
0.5
11.1
-3.4
-0.7
-4.4
6.7
-15
-10
-5
0
5
10
15
Ernst & Young 10
Peru's main economic activities are agriculture, fsheries, mining and manufactured
products. Of the latter, textile products stand out.
Peru's uneven geography has made it a mega-diverse country which is refected in a
great variety of eco-systems and, consequently, of fora and fauna.
Peru is the frst world producer of fshmeal, fresh asparagus, paprika and organic
banana; the second world producer of artichoke and the sixth world producer of coffee.
In the mining industry, Peru is the frst world producer of silver, the second of zinc, the
third of copper, the fourth of lead and the ffth of gold. Additionally, it possesses large
deposits of iron, phosphate, tin, manganese, oil and gas.
One of the most recent and potentially viable economic activities includes the use of
wood resources such as cedar, oak and mahogany.
The following map shows the main economic activities through out the different regions
in Peru.
Main economic activities by region
Petroleum
Gold Au
Silver Ag
Copper Cu
Zinc Zn
Lead Pb
Iron Fe
Natural gas
Sugar renery
C
Cement plant
Oil renery
Smeldering
Fish meal plant
Textile Industry
Chemical plant
Metal Industry
Metallurgical industry
Fisheries
Cabo Blanco
Talara
Pucallpa
La Oroya
Cusco
Cajamarca
Au
Ag
Zn
Pb
Pb
Cu
Zn
Zn
Zn
Au
Ag
Ag
Cu
Au
Ag
Au
Ag
Iquitos
C
C
C
C
Trujillo
Ica
Arequipa
Puno
Chimbote
Paramonga
C
Lima - Callao
Huacho - Chancay
Pisco
Mollendo
Ilo
Pacasmayo
Chiclayo
Source: University of Texas - Perry Castaeda Library Map Collection
11
GDP / Trade balance
The GDP at the end of year 2009 was of US$127 billion. Total FOB exports reached
US$26.8 billion, while total imports reached US$21 billion. The leading exports are
mining and fshing products.
Peru's real GDP (in US$ billion)
*Estimate
Source: BCRP / Apoyo Consultora / MEF
Annual GDP variations
*Estimate
Source: BCRP
3.0
0.2
5.0
4.0
5.0
6.8
7.7
8.9
9.8
0.9
6.8
5.5
0.00
2.00
4.00
6.00
8.00
10.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* 2011*
0
20
40
60
80
100
120
140
160
53.3
2000
53.9
2001
56.8
2002
61.7
2003
69.7
2004
79.4
2005
92.3
2006
108
2007
128
2008
127
2009
134
2010*
Ernst & Young 12
GDP by industry
Annual variation
2008 2009 2010* 2011*
Agriculture and livestock sector 7.2 2.3 2.7 3.6
Agriculture 7.4 0.9 1.4 3.5
Livestock 6.0 4.4 4.2 4.2
Fisheries 6.3 -7.9 0.3 0.4
Mining and hydrocarbons 7.6 0.6 2.8 3.8
Metal mining 7.3 -1.4 -0.7 3.1
Hydrocarbons 10.3 16.1 28.4 8.1
Manufacturing 9.1 -7.2 6.5 5.3
Raw materials processing 7.6 0.0 2.7 4.4
Non primary manufacturing 8.9 -8.5 7.3 5.5
Electricity and water 7.7 1.2 4.9 5.5
Construction 16.5 6.1 12.5 9.5
Commerce 13.0 -0.4 5.1 5.2
Other services 9.1 3.1 5.4 5.6
GDP 9.8 0.9 5.5 5.5
*Estimate, before recent reestimation to approximately 6.8% - 7.5% for 2010, and to 6% in 2011.
Source: MEF and BCRP
Peru's GDP by economic sector (2009)
Source: BCRP
Agriculture
4.7%
Commerce
14.9%
Construction
6.2%
Electricity and water
2.0%
Hydrocarbons
0.6%
Taxes
9.4%
Manufacturing
of raw
materials
2.8%
Non primary
manufacturing
11.4%
Other
services
39.2%
Mining
4.7%
Fisheries
0.4%
Livestock
2.4%
13
Exports (in US$ billion)
*Estimate
Source: BCRP
6.9
7.0
7.7
9.0
12.8
17.3
23.8
27.8
26.8
33.4
31.5
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
Exports by economic sector (2009)
Source: BCRP
7%
Oil and gas
Agriculture
9%
Fisheries
8%
Textile
6%
Chemicals
3%
Metallurgy and
iron steel industry
2%
Metal working
1%
Wood and paper, and
their manufactured products
1%
Non metallic minerals
1%
Other
1%
Mining
61%
Ernst & Young 14
-2.8
-2.6
-2.1
-1.6 -1.6
-1.1
-0.5
1.8
3.1
2.1
-2.1
-4.0
-3.0
-2.0
-
-1.0
1.0
2.0
3.0
4.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
Evolution of the fscal standing
(as GDP %)
*Estimate
Source: Ministry of Economy and Finance (MEF), Banco de la Nacin and Peruvian Tax Authority (SUNAT)
Gold
41.57%
Copper
36.27%
Zinc
7.49%
Lead
6.80%
Tin
2.90%
Others
4.97%
Mining exports by product (2009)
Source: ProInversion
15
6. Investment grade
In December 2009, Peru's credit rating was raised to investment grade by Moody's
Investors Services and matched similar moves made by Standard & Poor's and Fitch
Ratings in the previous years. Sound economic prospects, with estimated medium-term
GDP growth rates of 6.8% for year 2010, is the key factor that supports the upgrade.
These robust development prospects are supported by rapidly increasing investment
levels and by the signifcant decline in Peru's tax and external vulnerabilities. All this
is within a context of high and diversifying sources of growth with low infation and
strengthening macroeconomic fundamentals.
The upgrade to investment grade has brought Peru a great deal of positive attention
worldwide. More importantly, it has produced a positive impact on the local economy
and is currently boosting the stock market and the appreciation of the Peruvian
currency, the Nuevo Sol, in the short term. Nowadays, many multinational corporations
are watching the country with greater interest. The consequent improvement in
employment opportunities and the decrease in poverty should contribute to improve
the social welfare.
6,524
6,710
6,840
7,877
9,123
10,795
13,891
16,764
19,905
17,451
19,026
0
5,000
10,000
15,000
20,000
25,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
Tax Income increase
(in US$ million)
*Estimate
Source: Ministry of Economy and Finance (MEF), Banco de la Nacin and Peruvian Tax Authority (SUNAT)
Ernst & Young 16
Source: Latin Focus Consensus Forecast
Estimated infation rates in Latin America
0 5 10 15 20 25 30 35
Venezuela
Argentina
Uruguay
Mexico
Paraguay
Brazil
Bolivia
Ecuador
Colombia
Chile
Peru
33.8
31.0
10.5
10.7
6.4
6.1
5.2
3.9
5.0
5.3
5.0
4.8
4.1
4.1
4.1
3.9
3.7
3.8
3.5
3.2
2.5
2.7
2010
2011
As shown in the chart below, a recent international survey indicates that Peru will have
one of the lowest infation levels of the region, with a projected infation rate of 2.5% in
2010 and 2.7% in 2011.
Peru's investment rating
Source: Standard & Poor's, Fitch Ratings and Moody's
Country
Chile
Mexico
Peru
Brazil
Colombia
Venezuela
Argentina
Bolivia
Ecuador
S&P
A+
BBB
BBB-
BBB-
BB+
BB-
B-
B-
CCC+
Fitch
A
BBB
BBB-
BBB-
BB+
B+
RD
B
CCC
Moodys
A1
Baa1
Baa3
Baa3
Ba1
B2
B3
B2
Caa3
17
7. Investment promotion conditions
a. Foreign investment legislation and trends in Peru
Peru actively seeks to attract both foreign and domestic investment in all sectors
of the economy. It has therefore taken the necessary steps to establish a consistent
investment policy that eliminates the obstacles to foreign investment. As a result,
Peru is now considered to have one of the most open investment regimes in the
world.
Peru has adopted a legal framework for investments that offers automatic
investment authorization. Moreover, it has established the necessary economic
stability rules to protect private investors from arbitrary changes in the legal terms
and conditions of their ventures and to reduce government interference with
economic activities.
The Peruvian government guarantees foreign investors legal stability on income tax
and dividend distribution regulations. The foreign investors entitled to obtain this
tax and legal stability are those willing to invest in Peru at least for a two-year term;
to invest a minimum amount of US$10 million in the mining and/or hydrocarbon
sectors or of US$5 million in any other economic activity; or to acquire more than
50% of the shares of a privatized state-owned company.
Peruvian laws, regulations and practices do not discriminate between national and
foreign companies. Foreign investors receive a domestic treatment. There are no
restrictions to earnings' repatriation, international transfers of capital or currency
exchange practices. There are also no restrictions on the remittance of dividends,
Source: Latin Focus Consensus Forecast and Ministry of Economy and Finance (MEF)
Estimated Latin American GDP growth rates
Venezuela
Ecuador
Colombia
Bolivia
Uruguay
Mexico
Argentina
Paraguay
Chile
Peru
Brazil
-1 1 3 5 7
-1.2
1.1
1.6
2.3
2.7
3.6
3.8
3.6
3.9
3.8
3.9
3.4
4.2
3.2
4.6
4.1
4.6
5.3
6.8

5.6
4.5
2010
2011
5.5
Ernst & Young 18
interests and royalties. Foreign currency may be used to purchase goods abroad
or to cover fnancial obligations so long as the operator is in compliance with the
relevant Peruvian tax legislation.

b. Favorable legal framework for foreign investors
Peru offers a legal
1
framework that protects foreign investors' interests by offering
them:
An equal and non-discriminatory treatment

Unrestricted access to most economic sectors

Free capital transfer

Free competition
Guarantee to private property (no expropriations or nationalizations)
Freedom to purchase domestic stocks

Freedom to access internal and external credit

Freedom to transfer royalties

To be under a network of investment agreements and under the membership
of the Investment Committee of the Organization for Economic Cooperation
Development (OECD)

To be under the membership of the ICSID - International Centre for
Settlement of Investment Disputes and MIGA Multilateral Investment
Guaranty Agency (international arbitration institutions)
Foreign direct investment must be registered in the Agency for Promotion of Private
Investment (ProInversion).
Peru ranks frst in its region for best legal and regulatory
framework
Source: The Economist 2009
The Economist
66.7%
Peru
61.1%
50%
Chile
Costa Rica
50%
47.2%
8.3%
5.6%
5.6%
Brazil
Mexico
Ecuador
Nicaragua
Venezuela
1 Constitutional Regulations Foreign Investment Bill, Executive order # 662, Private Investment Growth Frame Bill, Executive
order # 757, Public Construction of Infrastructure and Public Services Private Investment Promotion Bill, Consolidated Text (TUO)
approved under Supreme Executive order # 059-96-PCM. Extracted from ProInversion.
19
Foreign investors may remit the net benefts resulting from their registered
investments without any restrictions. In the same way, foreign investors may also
transfer their shares, property or participation rights, reduce their capital and
dissolve their companies.
The following table shows the Peruvian positioning in the favorable infrastructure
and macroeconomic investment climate index.
c. Ease of doing business in Peru
The following chart shows the most relevant indicators with respect to doing
business in Peru:
Business establishment
Construction permits handling
Indicators
Number of formal proceedings
Time (days)
Cost (as % of income per capita)
Number of procedures
Time (days)
Registry of properties
Number of formal proceedings
Time (days)
Cost (as % of propertys value)
Latin America
and Caribbean Peru
9.0
41.0
24.5
21.0
205.0
4.0
14.0
3.3
9.5
61.7
36.6
16.7
225.0
6.8
70.4
5.9
Recognition of the favorable investment climate
Source: World Economic Forum, Benchmarking
National Attractiveness for Private Investment
in LA Infrastructure 2007
Source: World Economic Forum, The Financial
Development Report 2009
Position Country Points
1 Peru 5.80
2 Colombia 5.60
3 Chile 5.50
4 Uruguay 4.80
5 El Salvador 4.60
6 Bolivia 4.50
7 Brazil 4.20
8 Dominic. Rep. 4.20
9 Mexico 4.10
10 Guatemala 4.00
11 Venezuela 3.20
12 Argentina 3.10
World Economic Forum
1 Peru 6.53
6 China 5.82
8 Switzerland 5.70
9 France 5.49
10 Netherlands 5.48
11 Mexico 5.43
17 Argentina 5.30
35 Brazil 4.78
39 Chile 4.66
41 Colombia 5.51
51 Venezuela 3.18
Position Country Points
Peru is top ranked in the region regarding
government preparation in
infrastructures private investment
Peru ranks top in the world regarding
macro-economic level
(it continues)
Ernst & Young 20
d. Promotion and reciprocal protection investment agreements
Foreign investors are protected against inconvertibility, expropriation, political
violence and other non-commercial risks through access to the multilateral and
bilateral conventions such as the Overseas Private Investment Corporation (OPIC)
and the Multilateral Investment Guaranty Agency (MIGA). Additionally, Peru has
joined the International Convention for Settlement of International Disputes (ICSID)
as an alternative to settle disputes between investors and the government. Finally, to
date Peru has already signed 33 international investment agreements.
Indicators
Latin America
and Caribbean Peru
Credit
Legal rights strength index (0-10)
Credit information scope index (0-6)
Public records ofce coverage (0-10)
Private organizations coverage (0-10)
Investment protection
Transparency index grade (0-10)
Board of directors responsibility index (0-10)
Facility index for Shareholders trials (0-10)
Investment protection strength index (0-10)
Taxes
Number of taxes per year
Income tax (%)
Labor taxes and contributions (%)
Other taxes (%)
Total tax rate (as % over the earnings)
Frontier trade
Number of documents required for exports
Time to export (days)
Export cost (US$ per container)
Number of documents required for imports
Time to import (days)
Import cost (US$ per container)
Business closing
Time (days)
Cost (as % of the assets)
Recovery rate (cents per US$)
7.0
6.0
23.0
31.8
8.0
5.0
7.0
6.7
9.0
12.1
17.2
40.3
11.0
7.0
23.0
875.0
8.0
24.0
895.0
3.1
7.0
25.4
5.5
3.3
10.0
33.2
4.0
5.3
6.0
5.1
33.2
20.2
14.8
13.2
48.3
6.8
18.6
1,243.6
7.3
20.9
1,481.0
3.3
15.9
26.8
Source: World Bank - Doing Business 2010
(continuation)
21
Investment agreements
Australia
China
Korea
Malaysia
Singapore
Thailand
Japan
Argentina
Bolivia
Chile
Colombia
Ecuador
Paraguay
Venezuela
Cuba
El Salvador
Canada
United States
Germany
Belgium and Luxemburg
Denmark
Spain
Finland
France
The Netherlands
Italy
Norway
Portugal
United Kingdom
Czech Republic
Romania
Sweden
Switzerland
Foreign investment by industry (2008)
Mining
21.0%
Communications
19.5%
Finance
15.3%
Industry
15.1%
Energy
13.8%
Trade
4.0%
Real Estate
2.8%
Services
2.6%
Petroleum
1.9%
Transport
1.6%
Construction
1.0%
Fisheries
0.9% Tourism
0.3%
Agriculture
0.2%
Ernst & Young 22
*As of June of 2009
Foreign investment (in US$ million)
12,388
13,173
14,185
14,243
14,125
14,061
15,509
15,830
18,068
18,840
18,000
20,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009*
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Private investment (in US$ million)
*Estimate
Source: BCRP / Apoyo Consultora
8,668
8,356 8,395
9,221
10,545
12,285
15,117
19,478
27,296
26,731
22,385
0
5,000
10,000
15,000
20,000
25,000
30,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010*
23
e. Free trade agreements signed by Peru
The good performance of international relations is fundamental to a nation's
sustainable development. For that reason, the opening of new international markets
in the past decade has allowed Peru to obtain a greater dynamism in its economy.
This has been refected in the signing of Free Trade Agreements (FTAs) with many
industrialized countries, which has resulted in an increase of port facilities and a
strong growth in national exports.
To date, Peru participates in several bilateral, regional and multilateral trade
agreements. The following list includes all the trade agreements already signed
or to be signed by Peru, and a brief summary of the most important
2
.
Trade agreements signed or in current negotiation by Peru:

Multilateral agreements:
World Trade Organization (WTO)

Regional agreements:
Asia-Pacific Economic Cooperation (APEC)
Latin American Integration Association (ALADI)
Andean Community of Nations (CAN) Bolivia, Colombia, Ecuador and Peru

Bilateral agreements (Free Trade Agreements):

European Free Trade Agreement (EFTA) Switzerland, Iceland,
Liechtenstein and Norway
Canada
China
Korea
United States
Singapore
Thailand

Agreements in current negotiation:

Free Trade Area of the Americas (ALCA)
Japan
European Union
Free Trade Agreement Peru - China
China has shown the highest economic growth rate worldwide in the last two
decades (around 10% per year, on a sustained basis).
The signing of this agreement in April 2009 has given to Peru access to a market
of 1,300 million habitants, of which 350 million are high purchasing power
consumers.
From 2002 to 2008, Peruvian exports to China registered an average annual
growth of 38%. After the United States, China is the second largest Peruvian
trading partner. The bilateral trade (without FTA) reached US$7.3 billion in 2008
and is expected to increase to US$10 billion in the next two or three years with
the signing of this agreement. Peru's main exports to China include copper, iron
ore and zinc. In turn, China's main exports to Peru include machinery, cell phones
and high-tech products.
2
Peruvian Ministry of Foreign Affairs (MRE) and ProInversion.
Ernst & Young 24
In addition to increasing the bilateral trade, this FTA has the objective of
promoting China's investment in Peru in sectors such as mining, electricity, wind,
oil and gas power, and industrial fisheries; where infrastructure investment is
required. The agreement covers a number of aspects that could stimulate almost
all sectors of the Peruvian economy.
Agriculture is expected to be one of the most benefited sectors as more than 300
Peruvian agricultural products such as paprika, asparagus or cowpea will enter
China without paying tariffs.
Free Trade Agreement Peru United States
The Andean Trade Promotion and Drug Eradication Act (ATPDEA), formerly
known as the Andean Trade Preference Act, was enacted in 2002 and constituted
a tariff exception regime unilaterally granted by United States to Bolivia,
Colombia, Ecuador and Peru.
The Trade Promotion Agreement (TPA) was signed with the United States in
December 2005, ratified by the American Congress in December 2007 and
entered into force in February 2009. It consolidates a temporary preference
tariff granted by the ATPDEA. The TPA explains the exports' dynamism in the
recent years and consolidates the trade policy reforms enacted by Peru during
the nineties.
The continued application of this law, complemented by the inclusion of certain
items in the tariff exemptions, culminated with the signing of this Free Trade
Agreement.
Free Trade Agreement Peru European Union (EU)
The trade agreement with the EU is part of a commercial business strategy that
seeks to turn Peru into an exporting economy, developing a competitive export
supply and promoting investment.
The EU is the second destination of our exports (as a group of countries) with a
share of 15.7%. In 2009, Peruvian exports to the EU reached US$4.19 billion.
This region represents a market of great opportunities, with more than 490
million people with the highest income per capita levels in the world.
Peru's preferential access to the EU market through the SGP Plus system has
had a significant impact on exports and job creation. However, this system has
limitations due to its unilaterality and temporary nature (expires December 31,
2011).
Among its benefits in market access terms, it has represented an immediate
tariff relief of 99.3% on Peruvian exports to the EU. This tariff relief represents
95% of agricultural tariff lines. As a result, Peru's main exporting products such
as asparagus, avocado, coffee, capsicum fruits and artichokes will enter the
European market duty-free.
The trade agreement does not only contemplate tariff reductions but it also
includes topics such as: rules of origin, intellectual property, services and
25
incorporation of companies, government procurement and others. This helps
to improve the country risk rating, lower the cost of credit and consolidate the
capital market. The policy of opening up economic activities is consolidated and
the development of private investment is promoted.
Finally, another important benefit is the exemption of customs duties (drawback).
For the first time in a trade agreement, the EU has accepted that the goods
included in this mechanism continue to be considered as originary, and as such,
also enjoy the benefits of this agreement.
Economic Complementation Agreement (ACE) Peru MERCOSUR
This agreement aims to form a free trade area between Peru and the MERCOSUR
members (Brazil, Argentina, Paraguay and Uruguay) through the expansion and
diversification of commercial exchange, and the elimination of tariff and non
tariff restrictions that affect the reciprocal exchange of goods and services.
Andean Community of Nations (CAN)
Peru is a member of the CAN in agreements related to trading goods tariff
exemptions; the liberalization of sub-regional service markets; community
rules concerning intellectual property; land, air and water transport;
telecommunications and other trade topics.
Economic Complementation Agreement
This agreement was signed under the membership framework of the Latin-
American Integration Association (ALADI) and gives special tariffs between
its members. This consists of tax reductions as well as free access for certain
products. New tariffs were included in June 2003. In December of the same year,
the agreement was renewed and added new items to the free access list.
Free Trade Agreement Peru - Chile
This commercial agreement was signed in 2006 and entered in force in March
2009. It restates and replaces the previous economic complementation
agreement signed between Chile and Peru in 1998 including its annexes,
protocols and other tools.
The agreement includes a timetable for gradual tariff reductions on goods
produced by both countries with final exemption in 2016. To date, most of the
goods included in the agreement are already 100% free of tariffs.
This agreement also includes procedures for settlement of disputes between the
investor and the state.
Asia Pacific Economic Cooperation (APEC)
Peru is a member of APEC since 1998. Its admission to this forum originated in
its desire to strengthen existing economic links and increase economic relations
with a region that has shown the most dynamic economic growth in recent years.
The APEC market represents nearly 50% of the world population and is expected
Ernst & Young 26
to become a natural bridge between the industrialized Asian economies and the
emerging Latin American economies.
World Trade Organization (WTO)
The WTO is a negotiating forum in which the rules about world trade governance
are discussed. Peru is a member of the WTO since its establishment in 1995.
Other trade agreements
Peru has also entered into other bilateral trade agreements with Germany,
Argentina, Australia, Bolivia, Brazil, Canada, Chile, Colombia, Cuba, Denmark,
Ecuador, El Salvador, Spain, United States, Finland, France, Italy, Japan,
Malaysia, Norway, The Netherlands, Paraguay, United Kingdom, Czech
Republic, China, Romania, Singapore, Sweden, Switzerland, Thailand, Belgium,
Luxembourg and Venezuela.

Setting up a business in
Peru
2.
C
h
u
l
u
c
a
n
s

P
o
t
t
e
r
y
.

P
h
o
t
o
g
r
a
p
h
:

J
o
a
q
u
n

R
u
b
i
o

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
29
2. Setting up a business presence in Peru
Setting up a business presence in Peru
There are different types of legal entities which investors can resort to in order to establish
businesses in Peru. The most commonly used by foreign investors are:
1. Business corporations
A minimum of two shareholders is required. Non-domiciled shareholders should appoint
a proxy to sign off the by-laws on their behalf. Funds in local and foreign currency for
the initial capital contribution should be deposited in a local bank.
Features:

Limited liability
Stockholders' liability is limited to the par value of the shares they hold.

Centralized management
Shareholders' meetings, board of directors and chief executive offcer (general
manager).

Transfer of interest
The transfer of shares is free; nevertheless, in the case of close corporations the by-
laws may provide the right of frst refusal for the existing shareholders. Shareholders
may also agree to the transfer or the encumbrance of shares for a term no longer
than ten years, extendable.

Continuity
Death, illness, bankruptcy, retirement or resignation of any shareholder does not
cause the dissolution of the corporation.
2. Close corporations
Close corporations resemble limited-liability companies and must have a minimum of
two and a maximum of twenty shareholders. Shares cannot be registered in the Public
Registry of the Stock Market.
Features:

Limited liability
Stockholders' liability is limited to the par value of the shares they hold.

Management
Shareholders' meeting (resolutions may be adopted in lieu of a meeting) and chief
executive offcer (general manager). The board of directors is optional.

The Law establishes a right of frst refusal for the existing shareholders in case of
transfer of shares; however, this right may be waived if agreed by the stockholders.
Ernst & Young 30
3. Public limited corporations
Public corporations are intended basically for companies with a large number of
shareholders (more than 750 shareholders) or which have made a Public Offering
(Oferta Pblica de Venta). They have to be registered in the Public Registry of the Stock
Market.
Features:

Limited liability
Partners are not personally liable for the company's liabilities. Their liability is limited
to the value of their stock.

Shareholders' meetings, board of directors and chief executive offcer (general
manager).

Supervision
Public limited corporations are subject to the supervision of the Peruvian Securities
and Exchange Commission (CONASEV).

Transfer of shares is totally free. No restrictions or limitations are permitted.
4. Limited-liability companies
A minimum of two and a maximum of twenty partners is required. Capital stock is
represented by participations, and a board of directors is not required. The setting-up
procedures are the same as those for corporations.
Features:

Limited liability
Partners are not personally liable for the company's liabilities. Their liability is limited
to the value of its participation.

Partners' meeting (resolutions may be adopted in lieu of a meeting) and chief
executive offcer (general manager).

Transfer of partners' interest to third parties is subject to approval by the existing
partners (right of frst refusal is mandatory) and must be registered in the Public
Records Offce.

Continuity
Death, illness, bankruptcy, retirement or resignation of any partner does not cause
the dissolution of the legal entity.
31
2. Setting up a business presence in Peru
Setting up a business presence in Peru
5. Branches
A parent company agreement is required to set up a branch in Peru, and it must be
certifed by the Peruvian Consulate in the country of the home offce and authenticated
by the Peruvian Ministry of Foreign Affairs (MRE), before it is put into the form of a
notarially recorded instrument and registered in Peru's Public Records Offce. An offcial
Certifcate of Good Standing of the parent company is also required.
Ernst & Young 32
Taxes 3.
C
h
a
n

C
h
a
n

C
i
t
a
d
e
l
.

P
h
o
t
o
g
r
a
p
h
:

W
a
l
t
e
r

S
i
l
v
e
r
a

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
35
3. Taxes
The following shows the list of taxes according to their nature (direct, indirect and
municipal). Each is described in detail below.
Direct taxes Excise taxes Municipal taxes
Income Tax Value Added Tax Real estate Tax
Temporary Net Assets Tax Selective Consumption Tax Real estate transfer Tax
Tax on Financial
Transactions
Vehicle Property Tax
1. Direct taxes
a. Income Tax

Legal entities
Corporations incorporated in the country are subject to taxation in Peru on a
worldwide income basis. Non domiciled corporations, branches and permanent
establishments of foreign companies that are located in Peru are only taxed on
Peruvian source income.
The tax year ends on December 31, with no exceptions. Income tax returns for
corporations, branches and individuals should be generally filed by March 31 of
the following year.
The corporate income tax rate is 30% and applied over the net income
(after the deduction of expenses incurred in the generation of revenues or
maintenance of the source).
Taxpayers can select between the following two systems to obtain relief for
their losses:
Losses can be carried forward for four consecutive years, beginning with the
first subsequent year in which the losses arise; or,
Losses can be carried forward indefinitely, but with an annual limit
equivalent to 50% of the taxpayer's taxable income of each subsequent year.
Loss carrybacks are not permitted.
Ernst & Young 36
Income obtained by non-domiciled entities are subject to a withholding income
tax, according to the following:
Revenues from activities performed partially in Peru and partially abroad
by non-domiciled companies, including those obtained by their branches or
permanent establishments, are subject to the following effective tax rates:
Activities Percent of gross
revenue (%)
Effective tax
rate (%)
Air transport 1 0.3
Maritime transport 2 0.6
Aircraft lease 80 8.0
3
Vessel lease 60 6.0
4
Supply of transport
containers
15 4.5
Layoff of transport
containers
80 24.0
Withholding tax rate on income of non-domiciled
3
The withholding rate for these activities is 10%
4
The withholding rate for these activities is 10%
(it continues)
Income Rate
Dividends and profit distribution to non-domiciled by domiciled
companies and branches, permanent establishments and agencies
of foreign companies
4.10%
Interest paid to non-domiciled, if certain requirements are met 4.99%
Interest paid to related parties or affiliated foreign lenders 30.00%
Technical assistance services used financially in Peru 15.00%
Royalties 30.00%
Capital gains deriving from the sale of securities (shares, bonds and
other securities issued by Peruvian entities) through the Lima
Stock Exchange
5.00%
Capital gains deriving from the sale of securities (shares, bonds
and other securities issued by Peruvian entities) outside the Lima
Stock Exchange (over the counter)
30.00%
37
3. Taxes

Thin capitalization rules
Under these rules, interest paid by domiciled taxpayers to financially related
or associated companies is not deductible in the portion that exceeds the
result of applying a coefficient (debt/equity ratio) equivalent to three times the
taxpayers' net equity at the end of the preceding year.

Transfer pricing rules
Transfer pricing rules are based on the arm's length principle as interpreted by
the OECD.
In Peru, however, these rules do not only apply to transactions between
related parties (both domestic and cross-border) but also to transactions with
companies resident in tax havens. Moreover, these rules must be considered
not only for Income Tax purposes but also for Value Added Tax and Excise Tax
purposes.

Individuals
Under the Peruvian income tax system, Peruvian citizens domiciled in Peru
are subject to taxation on their worldwide income, regardless of the country
from which it derives, from which payments are made, or the currency in which
income is received. By contrast, non domiciled individuals are only taxed in
Peru on their Peruvian source income.
However, after residing in Peru for a period in excess of 183 days within
any twelve/month period, foreign nationals will be considered residents and
therefore taxed on a worldwide income basis.
An individual's status as domiciled or non-domiciled must be verified based on
the individual's condition at the beginning of the tax year. Any change during
the tax year will affect the residence status as from the following year.
Tax rates for domiciled individuals in case of fourth and fifth bracket income,
deriving from independent and dependent personal services, are determined
using a three-bracket cumulative scale, as shown below:
(continuation)
Activities Percent of gross
revenue (%)
Effective tax
rate (%)
Insurance 7 2.1
International news agencies 10 3.0
Motion picture distribution 20 6.0
Television broadcasting
rights assignment
20 6.0
Telecommunication services 5 1.5
Ernst & Young 38
No deductions are allowed in arriving at the taxable income for salaries, wages
and other remuneration derived from independent and dependent personal
services with the exception of a deduction equivalent to 7 tax units (currently
S/.25,200 to December 2010).
Since January 1, 2009, income obtained by domiciled individuals from the
lease, sublease and assignment of goods (first bracket income), and also other
capital income deriving from the disposal of securities (shares, bonds, etc.)
and movable property (second bracket) are levied with a rate of 5% and 6.25%,
respectively.
b. Temporary Net Assets Tax (ITAN)
A so called Temporary Net Assets Tax (ITAN) equivalent to 0.4% is levied over
the value of total assets over S/.1,000,000, determined as of December 31 of
the previous year. Companies in a pre-operational stage are excluded. The ITAN
payments can be used as a tax credit to offset income tax liabilities (i.e. monthly
prepayments and the final income tax payment due when the annual tax return is
filed). A refund may be requested for any balance not used in the current year.
To avoid double taxation issues, subsidiaries and branches of foreign companies
may elect to reverse the order of the tax credit so the Peruvian income tax is
creditable against the ITAN and not vice versa. In such a way, taxpayers might be
able to claim as foreign tax credit the Income Tax and not the ITAN.
c. Tax on fnancial transactions and means of payments
A 0.05% tax is generally imposed on debits and credits in Peruvian bank accounts.
Any payment in excess of S/. 3,000 or US$1,000 must be made through the
Peruvian banking system using the so-called Means of Payment, which include
bank deposits, wire transfers, pay orders, credit and debit cards and non-
negotiable checks.
Not using these methods of payment would mean that the corresponding cost
or expense of the payment cannot be recognized for income tax purposes. In
addition, any Value Added Tax (VAT) related to the acquisition of goods and
services cannot be used for tax credit.
Income tax rates for individuals
Scale Accumulated
progressive rate
Up to 27 tax units (tax unit is currently equivalent
to S/. 3,600)
15%
In excess of 27 and up to 54 tax units 21%
Any excess 30%
39
3. Taxes
2. Excise taxes
a. Value Added Tax (VAT)

Taxable Base and application
Value Added Tax (VAT) is levied over the consumption of goods and services in
Peru with a 19% tax rate.
The Value Added Tax follows the debit/credit system, under which the VAT
paid upon acquisitions is offset against the VAT. The VAT that is not applied as
credit in a particular month should be applied in the following months until it is
exhausted.

Early Recovery Regime
The companies that develop projects in which the preoperational stage is more
than two years, can request the early recovery of the VAT before starting the
production stage. To do this, the company must entered into an investment
contract with the Peruvian government through the pertinent ministry of the
sector.

Definitive Recovery Regime
This regime applies to: (i) investors who owns mining concessions, and (ii)
investors who have entered into agreements or service contracts according
to the Hydrocarbons Act. In the first case, the beneficiary of the regime must
not be in the production stage and should have entered into an Exploration
Investment Agreement. In the second case, the investor must be in the
exploration stage of such agreements.
b. Selective Consumption Tax
The tax applies to the consumption of specific goods, such as fuels, cigarettes,
beers, liquors, soft drinks, among others. It is applied under 3 systems: (i)
specific, which involves a fixed amount in local currency for each measurement
unit; (ii) at the value, a percentage over the sale price; and (iii) sale price, a
percentage over the suggested retail price.

3. Municipal taxes
a. Real Estate Tax
Real Estate tax is a municipal annual tax that is levied over the value of real
property, on both, urban or rustic land. The tax considers the land, buildings, and
fixed or permanent facilities.
The tax rate is a cumulative scale varying between 0.2% and 1.0%, depending on
the appraisal value of the property.
b. Real Estate Transfer Tax
Real Estate Transfer Tax is levied on the transfer of real property, including free
transfers, in any form or manner, including sales in which the ownership rights
are not transferred to the buyer until the total price is paid.
Ernst & Young 40
The tax base is the agreed price, which cannot be lower than the value of the
property for Real Estate Tax purposes. The tax rate is 3%.
c. Vehicle Property Tax
The Vehicle Property Tax is an annual tax, levied on the property of three year-
old vehicles, cars, trucks and station wagons, manufactured within the country or
import. The 3 years are calculated from the first filing of the vehicle in the Real
Estate Registry.
The tax base is determined by the original acquisition value, import or property
entry. The applicable tax rate is 1%.
4. Customs duties
The importation of goods is subject to customs duties. The tariffs in force Ad
Valorem are 0%, 9% and 17%.
Additionally, the importation of goods is levied with the Value Added Tax, as well as
other taxes, such as Selective Consumption Tax, Antidumping Rights, Compensatory
Rights, among others, depending on the type of goods imported.
For security and public health reasons, the importation of certain goods is
restricted. The application of taxes and custom duties is summarized as follows:
a. Drawback
The recovery of customs duties or drawback allows the production or export
companies to recover in whole or in part the customs duties that affected
the importation of raw materials, inputs, intermediate products and parts or
components incorporated or consumed in the production of goods for export,
provided that the CIF values of the imported good does not exceed 50% of the
FOB value of exports.
The recovery rate applicable until June 2010 is equivalent to 8% of the FOB value
of the exported goods, with a maximum of the 50% of the production cost. As
from July 2010 the recovery rate applicable is equivalent to 6.5% of the FOB
value of the exported goods, and as of 2011 will be equivalent to 5%.
b. Free Trade Zones

Free Trade Zone of Tacna - Zofratacna
The Free Trade Zone of Tacna Zofratacna was created by Law 27688 in
(a)
The customs duties rate depends on the imported good
(b)
The Value Added Tax can be used as tax credit by the importer
(c)
Certain goods are also subject to the Consumption Selective Tax
Tax Rate Taxable Base
Customs duties
(a)
0%, 9% and 17% CIF value
Value Added Tax
(b) (c)
19.0% CIF + customs duties
41
3. Taxes
2002, with the purpose of promoting investments in the south of the country
through the establishment of companies which performs the following
activities: industry, agro-industry, manufacturing, assembly and storage
services, distribution, unpacking, packing, among others.
For this purpose, a tax exemption regime was enacted which includes Income
Tax, Value Added Tax, the Selective Consumption Tax, the Municipal Promotion
Tax, as well as other taxes, either from the central, regional or municipal
government, created or to be created, including those that require a specific
exemption, provided that the activities are performed within such zone;
notwithstanding that such transactions in other parts of the country will be
subject to all taxes.
With respect to foreign goods imported to the zone, they may not be subject
to the payment of customs duties because Zofratacna is a special customs
zone. In the case that such goods are transferred to the Commercial Zone of
Tacna, a unique special tariff will be paid; notwithstanding, if such goods are
sent anywhere else within Peruvian territory, all the taxes that are levied on
imported goods must be paid.
This regime will be in force until 2022, with the exception of the Income Tax
regime which will conclude on December 31, 2023.

Free Trade Zone of Puno - Zeedepuno
The free zone known as Zeedepuno was created by Law 28864. As well as
Zofratacna, Zeedepuno was established not only to provide tax benefits to
foreign goods imported to the zone, but also includes a tax exemption regime
that includes Income Tax, Value Added Tax, the Selective Consumption Tax, as
well as other taxes, either from the central, regional or municipal government,
created or to be created, including those that require a specific exemption,
provided that the activities of industry, agro-industry, manufacturing, assembly
and storage services, distribution, unpacking, packing, among others, are
performed within said zone.
This regime will be in force until 2027, with the exception of the Income Tax
regime, which will conclude on December 31, 2028.

Ceticos
In addition to the free trade zones, there are certain Exportation,
Transformation, Industrial, Commercialization and Services Centers, known as
Ceticos, which are located at the ports of Ilo, Matarani and Paita, and in Loreto.
The Ceticos are geographical areas designed by law that are treated as special
primary customs zones. In the Ceticos areas it is possible to provide repair
and manufacturing services, as well as to modify, combine, transform, actively
enhance, distribute, store, manufacture, and produce goods, among other
activities.
The entry into the country of goods consigned to Ceticos is not subject to
payment of import duties and taxes. However, the entry of goods from the
Ceticos to the rest of the country is subject to payment of import duties and
taxes.
With respect to other taxes, companies incorporated until 2012 in Ceticos in
Ilo, Matarani and Paita (located near the ports of the same name) with no less
than 92% of their annual transactions from the export of the goods produced,
Ernst & Young 42
will be exempt from Income Tax, Value Added Tax, Selective Consumption Tax,
Municipal Promotion Tax, as well as all other taxes, until December 31, 2012.
Finally, regarding the Ceticos Loreto, it is important to mention that the term
for incorporation in this zone, as well as the tax exemption regime, is for 50
years, as of May 24, 1998.
5. Tax stability agreements
The Private Investment Promotion Agency (ProInversion), on behalf of the Peruvian
government, guarantees foreign investors legal and tax stability. To be eligible, a
minimum of US$10 million must be invested in the mining and hydrocarbon sectors,
or US$5 million in any other economic activity, or one must acquire 50% of shares of
a company participating in the privatization process.
Labor legislation 4.
L
l
a
c
h
o
n

P
e
n
i
n
s
u
l
a
.

P
h
o
t
o
g
r
a
p
h
:

D
o
m
i
n
g
o

G
i
r
i
b
a
l
d
i

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
45
1. Job stability
In accordance with the Peruvian Constitution, employees are protected against
arbitrary dismissal.
This right, called job stability, is granted to employees who work for the same
employer for more than four hours per day, after a three month trial period. Once this
period is completed, employees are regarded as permanent and can only be dismissed
under circumstances concerned with their behavior at work or ability to carry out their
duties.
Employers may enter into employment contracts for an undetermined period of time
or for fxed terms. Fixed term contracts are expressly foreseen by law and are basically
allowed for cases such as business expansion, production increments, temporary
labors, extraordinary circumstances and seasonal activities. These contracts must be
entered into in writing and notifed to the labor authority.
In the event of unjustifed dismissal, employees may demand a severance payment
equivalent to one and a half monthly salaries per year of service (under a non-term
working agreement); and, one monthly salary per pending month (under a fxed term
working agreement). The maximum severance payment is twelve salaries. Alternatively,
employees can demand the restitution of their previous job.
The law allows collective dismissals under certain circumstances such as acts of God or
force majeure, fnancial or technical streamlining, dissolution, bankruptcy or operating
downsizing without having to grant severance payments.
2. Fringe benefts
Employers are required to provide the following benefts to employees:

Family allowance equivalent to US$19 (approximately)per month.

One month paid vacation per year.

One month salary bonus in July and in December.

One month salary per year (approximately) as severance indemnity, which should be
deposited in advance with a bank elected by the employee. Deposits are regarded as
final payments of the accrued liability.

Profit sharing in cash, which is calculated on the employer's taxable income and
distributed among the employees. The rates are 5%, 8% and 10% depending on the
employer's activity. This benefit does not apply to companies with less than 20
employees.

All these benefits are deductible for income tax purposes.
Employers can negotiate with employees earning a monthly salary higher than
US$2,500 a total annual compensation, including all the benefts described above,
except for proft sharing.
Ernst & Young 46
3. Expatriates
Expatriates working in Peru and foreign corporations carrying out activities in Peru
are subject to Peruvian labor laws. As a general rule, foreign employees should not
exceed 20% of total personnel. Additionally, salaries paid to foreign employees should
not exceed 30% of total payroll cost. Such limits can be waived for professionals and
specialized technicians or management personnel of a new entrepreneurial activity or
in the case of a business reconversion.
No restrictions apply to foreign individuals working in Peru with a Peruvian immigrant
visa, individuals married to Peruvians or who have Peruvian children, parents or
siblings, and foreign investors with a permanent investment in Peru of at least 5 tax
units (approximately US$6,250).
Expatriates should register their employment contract with the labor authorities and
obtain a special non-immigrant resident visa. No additional work permit is needed.
4. Immigration
Expatriates can enter Peru under the following migratory qualifcations:
Visa Types of Visa Activities permitted
Tourist visa Temporary
This visa does not allow the
employee to perform paid
activities.
Business visa Temporary
This visa does not allow the
employee to perform activities
that can be considered a Peruvian
source income. This visa allows
expatriates to sign contracts.
Work visa Resident
This visa allows the employee to
work in Peru.
Temporary work visa Temporary
This visa is granted to employees
of a foreign company. They
are required to submit to the
Migrations authority their service
contract and work assignment
letter, both legalized by the
Peruvian Consulate and approved
by the Ministry of Foreign Affairs.
Work visa for service
providers
Resident Investment or independent work
Immigrant Resident No restrictions
As a general rule, income obtained for personal work or civil, commercial or any other
type of business carried out within Peruvian territory is considered to be a Peruvian
47
source income. However, non-domiciled individuals entering the country temporarily
to perform the following activities are not taxed for revenues obtained in their home
country, since they are not considered a Peruvian source income:

Activities that precede a foreign investment or any other business

Supervision or control of an investment or business, (i.e. gathering data or
information, meeting public or private sector personnel, etc.)

Hiring local personnel; and

Signing agreements or similar documents
Any other remuneration an expatriate receives in cash or in kind, as a compensation
for work carried out within Peru, is considered to be a Peruvian source of income and,
consequently, will be taxable.
Ernst & Young 48
Accounting standards 5.
O
t
u
z
c
o

W
i
n
d
o
w
s
.

P
h
o
t
o
g
r
a
p
h
:

L
u
i
s

G
a
m
e
r
o

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
51
5. Accounting standards
The Peruvian Business Corporation Act establishes that the fnancial statements of
companies incorporated in Peru must follow the Peruvian Generally Accepted Accounting
Principles (GAAPs) and other legal provisions on the matter. The National Accounting
Standards Board has established that Peruvian GAAPs are basically referred to the
accounting standards issued by the International Accounting Standards Board-IASB and the
specifc provisions approved for particular businesses (banks, insurance companies, etc.).
Likewise, on a complementary basis, the US GAAPs are applicable.
The National Accounting Standards Board, appointed by the Government, is responsible
for issuing accounting standards and methodologies that apply both to private business
and government entities. The Board generally adheres to the standards approved by the
accounting profession.
The accounting profession in Peru follows the accounting standards set forth by the
International Accounting Standards Board-IASB.
The Certifed Public Accountants Association of Lima has the responsibility of studying and
introducing these standards into Peru. The National Accounting Standards Board approves
these standards for their application.
The preparation of fnancial information is subject to ruling issued by CONASEV. Such
ruling is closely related to the International Financial Reporting Standards (IFRS) and to the
International Auditing Guidelines issued by the International Federation of Accountants-IFAC.
CONASEV requires fnancial information of companies that are registered before the Public
Registry of the Stock Market or the ones that quote their shares in the stock exchange.
There are some differences between Peruvian and US GAAPs. The differences usually
found in Peruvian companies are basically the same differences existing between the IFRS
and US GAAP.
Ernst & Young 52
Appendixes
S
u
n
s
e
t

i
n

H
u
a
n
c
h
a
c
o
.

P
h
o
t
o
g
r
a
p
h
:

C
a
r
l
o
s

S
a
l
a

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
Stakeholders
N
a
s
c
a

L
i
n
e
s
.

P
h
o
t
o
g
r
a
p
h
:

H
e
i
n
z

P
l
e
n
g
e

I
n
t
e
l
l
e
c
t
u
a
l

l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
57
Appendixes
1. Executive Offce for Economic Promotion
The Executive Offce for Economic Promotion is the Peruvian Ministry of Foreign Affairs
(MRE) organ in charge of encouraging and coordinating the promotion of trade, tourism
and investment. It is also in charge of relations with the domestic business sector. It
arranges policies and coordinates tasks with business unions and public and private
institutions engaged to international trade, investments and tourism.
Services offered by OPE
Trade promotion services
(PCO)
Commercial opportunities promotion
Exportable supply promotion
Support in the solution of commercial disputes
Information requirements to our foreign
commercial offices OCEX
Commercial intelligence studies
Support to commercial missions and to their
participation in foreign fairs
Support in the settlement of exporters'
commercial disputes
Execution of commercial events
Preparation of entrepreneurial agendas
Investment promotion services
(PIN)
Support to investor missions
Videoconferences
Investment information material diffusion
Participation in investment agreement
negotiations
Promotion of investment opportunities
Tourism promotion services
(PTU)
Promotion of tourism offer
Support to gastronomic events
Promotion of tourism material
Support to foreign tourism promotion fairs
Support to agents involved in tourism
promotion
Negotiation and promotion of tourism
agreements
Promotion of tourism information obtained
through our missions
Ernst & Young 58
Contacts:
Jaime Pomareda
Ambassador
Executive Director of the Executive Office for Economic Promotion
Peruvian Ministry of Foreign Affairs
Tel:+5112043361
Fax:+5112043362
E-mail:jpomareda@rree.gob.pe
Arturo Jarama
Minister
Director of Investment Promotion and Development Projects
Executive Office for Economic Promotion
Tel:+5112043384
Fax:+5112043387
E-mail:ajarama@rree.gob.pe
Cecilia Galarreta
Minister Counselor
Director of Trade Promotion
Tel:+5112043368
Fax:+5112043370
E-mail:cgalarreta@rree.gob.pe
Ricardo Morote Canales
Minister Counselor
Commerce Promotion Director
Tel:+5112043391
Fax:+5112043393
E-mail:rmorote@rree.gob.pe
Webpage:www.rree.gob.pe
Address:Jr.Lampa545,Piso10Lima1
Tel:+5112043361/+5112043365(OPE)
+5112043369(PCO)
+5112043385(PIN)
+5112043392(PTU)
Fax:+5112043362
E-mail:ope@rree.gob.pe
59
Appendixes
2. ProInversion
ProInversion is the Peruvian investment agency in charge of the promotion of business
opportunities with high growth and proftability prospects in Peru. Its purpose is to
promote investment unrelated to the Peruvian government by private parties in order
to boost Peru's competitiveness and development and to improve the well being of the
population.
Likewise, its vision is to be considered by investors and by the population as an effcient
and strategically for the development of Peru's investments.
ProInversion provides information to potential investors regarding the incorporation of
a legal entity, identifying investment by industries, investment projects (granted and
pending), and other categories.

Objectives and guidelines:
Promote investment, preferably in the regions and locations outside Lima
Prioritize the promotion of investment related to employment increase, national
competitiveness and exports, conciling national, regional and local interests
Improve the quality and increase the coverage of public services and of
infrastructure by means that encourage the participation of investment that is not
dependent on the Peruvian State
Promote a culture favorable to investment that is non-dependent on the Peruvian
state as a mean of growth and economic and social development
Develop mechanisms to attract investors and to attend to their needs
Promote the image of the country as a favorable place for domestic and foreign
investment

Contacts:
Web page: www.proinversion.gob.pe
Address: Sede Principal (Lima): Paseo de la Repblica N 3361, piso 9,
San Isidro Lima 27, Peru
Tel: +51 1 612 1200
Fax: +51 1 221 2941
E-mail: contact@proinversion.gob.pe

Offces:
Arequipa: Pasaje Beln N 113 Vallecito, Arequipa, Peru
Tel: +51 54 608 114 / Tel / Fax: +51 54 608 115
Piura: Av. Chirichigno Mz. A Lote 2, Urb. San Eduardo, Piura, Peru
Tel / Fax: +51 73 310 081 / +51 73 309 148 / +51 73 305 082
Ernst & Young 60
3. PromPeru
PromPeru is a dependent entity of the Peruvian Ministry of Foreign Trade and Tourism
that is in charge of developing strategies to achieve an integrated and attractive image
of Peru. This image will allow the development of Peru as a privileged destiny for
tourism and investment. It is also in charge of the promotion of Peruvian exports.

Objectives and guidelines:
Design, coordinate, arrange and execute policies and actions with the objective of
promoting Peru's image internationally and to promote its exports
Manage and channel international technical and finance cooperation
Participate in the strategic planning of exports promotion, according to Executive
order # 805
Participate in the design, coordination and execution of the strategic planning of
promoting investment
Design, coordinate, arrange and execute policies and actions with the objective of
promoting tourism to Peru and promoting domestic tourism to Peruvians
Manage and channel international fnancial and technical cooperation for the
promotion of tourism to Peru

Contacts:
Web page: www.promperu.gob.pe
Address:
Sede Exportaciones y Secretara General: Av. Repblica de Panam 3647,
San Isidro - Lima, Peru
Sede Turismo: Calle Uno Oeste 50, Edificio Mincetur, Pisos 13 y 14, San Isidro -
Lima, Peru
Tel: +51 1 616 7400 (Sede Exportaciones y Secretara General)
+51 1 616 7300 (Sede Turismo)
E-mail: webmaster@promperu.gob.pe

Offices:
Amazonas: Jr. Ortiz Arrieta 590 - Amazonas, Peru
Tel: +51 41 47 7292
E-mail: iperuchachapoyas@promperu.gob.pe
Ancash: Pasaje Atusparia, Of. 1 - Ancash, Peru
Tel: +51 43 42 8812
E-mail: iperuhuaraz@promperu.gob.pe
61
Appendixes
Macro Regin Suroeste - Arequipa, Moquegua y Tacna: Calle Palacio Viejo 302 -
Arequipa, Peru
Tel: +51 54 281 535 / +51 54 288 447
E-mail: opearequipa@promperu.gob.pe
Ayacucho: Jirn 28 de julio N 178, Of. 205, Huamanga - Ayacucho, Peru
Tel: +51 66 311 422 / +51 66 326 375
E-mail: ciayacucho@promperu.gob.pe/centroinformacioncca@gmail.com
Cajamarca: Jr. Beln S/N, Conjunto Monumental Beln - Cajamarca, Peru
Tel: +51 76 362 903
E-mail: cicajamarca@promperu.gob.pe
Callao: Aeropuerto Internacional Jorge Chvez (Sala de Embarque Nacional,
Llegadas Nacionales e Internacionales y Zona Pblica)- Callao, Peru
Tel: +51 1 574 8000
E-mail: iperulimaapto@promperu.gob.pe
Macro Regin Sureste - Cusco, Puno, Madre de Dios y Apurimac: Jirn Julio C.Tello
C-11, Urb. Santa Mnica - Cusco, Peru
Tel: +51 84 223 592 / +51 84 223 661
E-mail: opecusco@promperu.gob.pe
Hunuco: General Prado N 873 - Hunuco, Peru
Tel: +51 62 513 532
E-mail: cihuanuco@promperu.gob.pe/camarahuanuco@perucam.com
Ica: Av. Grau N 148 - Ica, Peru
Tel: +51 56 214 327
E-mail: ciica@promperu.gob.pe
Macro Regin Centro - Junn, Ayacucho, Hunuco, Huancavelica y Pasco:
Av. Giraldez N 634 - Huancayo, Peru
Tel: +51 64 203 400
E-mail: opejunin@promperu.gob.pe
La Libertad: Jr. Junn N 444 - Trujillo, Peru
Tel: +51 44 231 114
E-mail: cilalibertad@promperu.gob.pe/exportacion@camaratru.org.pe
Macro Regin Noroeste - Lambayeque, La Libertad y Cajamarca: Calle 7 de Enero
N 579 - Chiclayo, Peru
Tel: +51 74 274 330 /+51 74 228 881
E-mail: opelambayeque@promperu.gob.pe
Lima - Larcomar - Lima, Peru
Tel: +51 1 445 9400
E-mail: iperularcomar@promperu.gob.pe
Lima - San isidro: Jorge Basadre 610 - Lima, Peru
Tel: +51 1 421 1627 / +51 1 421 1227
E-mail: iperulima@promperu.gob.pe
Ernst & Young 62
Regin Oriente - Loreto, San Martn, Ucayali y Amazonas: Av. Yavar N 363,
Of. 45 - Iquitos, Peru
Tel: +51 65 221 703 / +51 65 232 833
E-mail: opeloreto@promperu.gob.pe
Madre de Dios: Jr. Ica N 1662 - Puerto Maldonado, Peru
Tel: +51 82 571 897
E-mail: cimadrededios@promperu.gob.pe / iiapmd@iiap.org.pe
Regin Norte - Piura y Tumbes: Jirn Ayacucho 377 - Plaza de Armas - Piura, Peru
Tel: +51 73 320 249
Puno: Jirn Ayacucho 682 - Puno, Peru
Tel: +51 51 351 261
E-mail: cipuno@promperu.gob.pe
San Martn: Jr. Manco Cpac N 196 - Tarapoto, Peru
Tel: +51 42 522 872
E-mail: cisanmartin@promperu.gob.pe
Tacna : Av. Alfonso Ugarte N 56 - Tacna, Peru
Tel: +51 52 424 961
E-mail: citacna@promperu.gob.pe / camaratacna@perucam.com
Ernst & Young services for
business and investments
in Peru
C
a
n
o
e
i
n
g

i
n

L
u
a
n
a
h
u
a
n
a
.

P
h
o
t
o
g
r
a
p
h
:

A
n
b
a
l

S
o
l
i
m
a
n
o

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
65
Appendixes
The global net of Ernst & Young professionals will help fnd fnancial, strategic and
operational alternatives to improve your liquidity, fnancial standing and performance.
We help you in the development of sustainable business in the short and long-term.
Main services
Assurance
Financial statements audit

Standards compliance assessments
IFRS implementations in the companies and country in which they operate

Debt emissions and circular offerings under the 144 A IPO rule

Actuarial calculations
Business advisory
New businesses implementation
Strategic planning

Project management

Profit Improvement

Revenue assurance

Improvement and redesign of processes and organizations

Cost reduction

Risk management

Performance management

Internal control and functions segregations
Internal audit
Fraud prevention and investigation

Disputes settlement
Information technology internal audit

Information technology areas and projects management

Information technology security management
Internal and external regulations compliance advisory
Climate change & sustainability

Ernst & Young 66
Tax advisory
Businesses establishment

Tax advisory
Customs and foreign trade
Transfer prices
Tax compliance, including expatriates

Transactions
Financial, commercial, tax/legal, process and systems due diligence
Transactions structure

Mergers and acquisitions
Capital markets
Financial planning
Valuations
Directory of Peruvian
Embassies and Consulates
abroad
M
a
d
r
e

d
e

D
i
o
s

R
i
v
e
r

i
n

t
h
e

M
a
n
u
.

P
h
o
t
o
g
r
a
p
h
:

W
a
l
t
e
r

S
i
l
v
e
r
a

l

I
n
t
e
l
l
e
c
t
u
a
l

P
r
o
p
e
r
t
y
:

P
r
o
m
P
e
r
u
69
Appendixes
Directory of Peruvian Embassies and Consulates abroad
Algeria
Algiers
Embassy
2 Et 4 Capitaine Salah Moghni-El Biar 16406,
Algiers, Algeria.
T: +213 0 2192 3854
F: +213 0 2192 3856
E: amb.perou@assila.net
amb.perou@yahoo.fr (Consular Section)
Argentina
Buenos Aires
Embassy
Av. Del Libertador 1720, 1425 Buenos Aires,
Argentina.
T: +54 11 48022000
+54 11 48022438
F: +54 11 48025887
E: embperu@arnet.com.ar
W:www.embajadadelperu.int.ar
Cordoba
Consulate
Calle Jos Roque Funes N2262, B Villa
Centenario. Crdoba Capital CP. 5009,
Argentina.
T: +54 351 482 3577
F: +54 351 481 9912
E: consulperucba@arnetbiz.com.ar
La Plata
Consulate
Calle 8 N. 862, 1er. Piso Entre 49 y 50
La Plata C.P. 1900, Argentina.
T: +54 221 425 1862
F: +54 221 423 2812
E: conperlp@speedy.com.ar
consulperu-laplata@rree.gob.pe
W:www.conperlaplata.org.ar
Mendoza
Consulate
Huarpes 629, 5ta. Seccin, CP (5500),
Mendoza, Argentina.
T: +54 261 429 9831
+54 261 429 4926
F: +54 261 429 9831
+54 261 429 4926
E: conpermendoza@consuladodelperu.com.ar
secretariorgb@consuladodelperu.com.ar
Australia
Canberra
Embassy
40 Brisbane Avenue. Piso 2 Barton 2606
ACT, Canberra, Australia.
T: +61 2 6273 7351
+61 2 6273 7352
E: embassy@embaperu.org.au
W:www.embaperu.org.au
Sydney
Consulate
Suite 1001, 84 Pitt Street Sydney-NSW
2000, Australia.
T: +61 2 9235 0355
+61 2 9235 0366
+61 2 9235 0300
F: +61 2 9235 0311
E: conper@mail.magna.com.au
W:www.consuladoperusydney.org
Ernst & Young 70
Austria Belgium
Vienna
Embassy
Mahlerstrasse 7/22, A-1010 Vienna, Austria.
T: +43 1 713 7054
F: +43 1 712 7704
E: embajada@embaperuaustria.at
W:www.embaperuaustria.at
Brussels
Embassy
Avenue de Tervueren 179, 1150 Brussels,
Belgium.
T: +322 733 3319
F: +322 733 4819
E: info@embaperu.be
W:www.consuladodelperu.be
Bolivia
La Paz
Embassy
Calle Fernando Guachalla N 300, Sopocachi,
La Paz, Bolivia.
T: +591 2 244 1250
F: +591 2 244 1240
E: epebol@acelerate.com
epebol2e@acelerate.com
W:www.conperlapaz.org
Cochabamba
Consulate
Av. Oquendo. 0654, piso 6, ofcina 606 / 7
Torres Sofer, Cochabamba, Bolivia.
T: +5914 466 4154
F: +5914 466 4153
E: concbba@acelerate.com.bo
W:www.conpercbba.web.bo
El Alto
Consulate
Av. Cvica N 33 casi esqui. Satlite-Villa
Tejada Triangular, El Alto, Bolivia.
T: +591 2 281 5754
+591 2 281 5755
F: +591 2 281 5754
E: conper_elalto@yahoo.com
Santa Cruz
Consulate
Calle Viador Pinto N 84, esq. con calle
Alejandro Ramrez, Equipetrol (a una cdra.
del Hotel Casablanca), Santa Cruz, Bolivia.
T: +591 3 341 9091
F: +591 3 332 4197
E: conpersantacruz@costas.com.bo
Brazil
Brasilia
Embassy
S.E.S. Av. Das Naes Lote 43 Quadra 811
CEP: 70428-900 Brasilia DF, Brazil.
T: +55 61 3242 9933
+55 61 3242 9835
+55 61 3242 9435
F: +55 61 3244 9344
E: embperu@embperu.org.br
consulado@embperu.org.br
W:www.embperu.org.br
Manaos
Consulate
Rua Constelao N 16-A. Modada do Sol, Barrio
Aleixo, Manaus-AM, Brazil. CEP 69060-081.
T: +55 92 3236 9607
+55 92 3632 0585
F: +55 92 3632 0585
E: conpemao@gmail.com
71
Appendixes
Brazil
Rio de Janeiro
Consulate
Av. Rui Barbosa 314-2. Andar Flamengo
CEP 22250-020 Rio de Janeiro, Brazil.
T: +55 21 2551 4496
F: +55 21 2551 9796
E: conperio@yahoo.com.br
Rio Branco
Consulate
Rua Maranho 280, Bosque, centro
Rio Branco-AC CEP 69908-240, Brazil.
T: +55 68 3224 0303
+55 68 3224 0777
+55 68 3224 2727
F: +55 68 3224 1122
E: consulperu-riobranco@gmail.com
So Paulo
Consulate
Alameda Campinas 646 4to Piso Cerqueira
Csar CEP 01404-001, So Paulo, Brazil.
T: +55 11 30 506011
F: +55 11 3142 9595
E: antonio@consuladoperusp.com.br
W:www.consuladoperusp.com.br
Canada
Ottawa
Embassy
130 Albert Street Suite 1901, Otawa,
Ontario, KIP5G4, Canada.
T: +16 13 238 1777
F: +16 13 232 3062
E: emperuca@bellnet.ca
W:www.embassyofperu.ca
Montreal
Consulate
970-550 Sherbrooke Ouest, La Tour Ouest,
Montreal, Qubec, H3A 1B9, Canada.
T: +15 14 844 5123
F: +15 14 843 8425
E: perou@videotron.net
W:www.consuladoperumontreal.com
Toronto
Consulate
301-10 Saint Mary Street, Toronto, Ontario,
M4Y1P9, Canada.
T: 4 16 963 9696
F: 4 16 963 9074
E: info@conperutoronto.com
W:www.conperutoronto.com
Vancouver
Consulate
260-505 Burrard Street Vancouver B.C. V7X 1M3,
Canada.
T: +16 04 662 8880
F: +16 04 662 3564
E: infovan@consuladoperu.ca
W:www.consuladoperu.ca
Chile
Santiago
Embassy
Av. Andrs Bello 1751, Providencia,
Santiago, Chile. Casilla Postal: 16277.
T: +56 2 339 2601
F: +56 2 235 2053
E: sseperack@embajadadelperu.cl
embstgo@entelchile.net
W:www.conpersantiago.cl
Arica
Consulate
Av. 18 de Setiembre N 1554, Arica, Chile.
T: +56 58 231 020
+56 58 255 048
F: +56 58 254 656
E: conperarica@terra.cl
Ernst & Young 72
Chile
Iquique
Consulate
Segundo Piso, Casa Billinghurst, Zegers N 570,
Iquique. Casilla Postal 248, Chile.
T: +56 57 411 466
+56 57 413 351
F: +56 57 414 506
E: conperiquique@entelchile.net
Valparaiso
Consulate
Calle Errzuriz N 1178, Of. 71, Edifcio
OlivariValparaiso, Chile.
T: +56 32 225 3403
+56 32 221 5621
F: +56 32 221 7289
E: consulperu-valparaiso@rree.gob.pe
W:www.conpervalparaiso.cl
China
Beijing
Embassy
Sanlitun Bangong Lou 1- 9, Beijing 100600,
China.
T: +86 10 6532 3719
F: +86 10 6532 2178
E: embaperu-pekin@rree.gob.pe
W:www.embperu.net.cn
Hong Kong - Special Administration of
the Republic of China.
Consulate
Unit 1401,14th Floor, China Merchants
Tower 168-200 Connaught Road Central
Hong Kong.
T: +852 2868 2622
+852 2868 9962
F: +852 2840 0733
E: peruhkmc@netvigator.com
Shanghai
Consulate
Shanghai Kerry Centre, 1515 Nanjing XI road,
Floor 27, Suite 270, Shanghai, 200040,
China.
T: +86 21 5298 5900
F: +86 21 5298 5905
E: conperu@conpersh.com
W:www.conpersh.com
Colombia
Bogota
Embassy
Calle 80 A, N 6-50, Bogota D.C., Colombia.
T: +57 1 2570505
F: +57 1 249 8581
E: embajadaperu@embajadadelperu.org.co
W:www.embajadadelperu.org.co
Leticia
Consulate
Calle 11, 5-32, Leticia, Amazonas, Colombia.
T: +57 8 592 3947
F: +57 8 592 7755
E: conperu@telecom.com.co
73
Appendixes
Costa Rica Cuba
San Jose
Embassy
Del Colegio de Ingenieros y Arquitectos 325
Mts,Norte, Casa Crema Urbanizacin Freses
Curridabat, San Jose, Costa Rica A.P. 4248-1000.
T: +506 2225 9145
+506 2225 1575
F: +506 2530 457
E: embaperu@amnet.co.cr
Havana
Embassy
Calle 30 Pt.107 entre 1ra y 3ra, Miramar, Playa
La Habana, Cuba.
T: +53 7 204 2632
F: +53 7 204 2636
E: embaperu@embaperu.org
Czech Republic Dominican Republic
Prague
Embassy
Muchova 9, Prague 6, 160 00, Dejvice,
Czech Republic.
T: +420 2 2431 6210
F: +420 2 2431 4749
E: embajada@peru-embajada.cz
Santo Domingo
Embassy
Calle Mayreni N 31 Urbanizacin los
Cacicazgos Santo Domingo, Dominican
Republic.
T: +1809 482 8374
+1809 482 3300
+1809 482 3344
F: +1809 482 3334
E: embaperu@codetel.net.do
Ecuador
Quito
Embassy
Av. Repblica de El Salvador 495 Irlanda,
Quito-Ecuador.
T: +593 22 468 410
+593 22 468 411
+593 22 468 404
+593 22 468 389
F: +593 22 439 611
W:www.embajadadelper.org.ec
Guayaquil
Consulate
Av. Francisco de Orellana Kennedy Norte, Piso
14 Ofcina N 02 Edifcio Centrum Guayaquil,
Ecuador.
T: +593 42 280 114
+593 42 280 135
+593 42 280 142
F: +593 42 280 171
E: conperu@gye.satnet.net
W:www.consuladoperuguayaquil.org.ec
Loja
Consulate
Av. Zoilo Rodrguez 03-05 Ciudadela
Zamora, Loja, Ecuador.
T: +593 72 579 068
F: +593 72 571 668
E: cperuloj_c@easynet.net.ec
Macara
Consulate
Av. Simn Bolivar 48-33 y 10 de Agosto,
Barrio Juan Montalvo, Macara, Ecuador.
T: +593 72 694 030
+593 72 694 922
F: +593 72 694 922
E: consuladoperumacara@hotmail.com
W:www.consuladoperumacara.com
Ernst & Young 74
Ecuador Egypt
Machala
Consulate
Urbanizacin Unioro Manzana 14 Villa 11,
Machala, Provincia del Oro, Ecuador.
T: +593 72 937 040
+593 72 934 535
+593 72 930 680
F: +593 72 930 680
E: conperu@eo.ecua.net.ec
Cairo
Embassy
41-AI-Nahda Street, 2nd foor, Maadi, Cairo,
Egypt.
T: +202 2359 0306
+202 2359 0406
F: +202 2750 9011
E: emperucairo@yahoo.es
El Salvador Finland
San Salvador
Embassy
Av. Masferrer Norte, Casa N 17 P, Cumbres
de la Escaln, Colonia Escaln, San
Salvador, El Salvador.
T: +503 2275 5566
+503 2275 5567
+503 2275 5568
F: +503 2275 5569
E: embperu@telesal.net
Helsinki
Embassy
Ludviginkatu 3-5 A 21, 00130 Helsinki,
Finland.
T: +358 9 759 9400
F: +358 9 759 94040
E: commercial.section@embassyofperu.f
W:www.peruembassy.f
France
Paris
Embassy
50 Avenue Klber 75116 Paris, France.
T: +33 1 5370 4200
F: +33 1 4704 3255
E: perou.ambassade@amb-perou.fr
Germany
Berlin
Embassy
Mohrenstrasse 42, 10117 Berlin, Germany.
T: +49 30 2064 1043
+49 30 2064 1044
F: +49 30 2064 1077
E: embajada-peru@embaperu.de
botschaft-peru@botschaft-peru.de
info@embaperu.de
W:www.embaperu.de
www.botschaft-peru.de
Frankfurt
Consulate
Kaiserstrasse 74, 63065, Offenbach Am
Main, Frankfurt, Germany.
T: +49 69 133 0926
F: +49 69 295 740
E: consulperu-frankfurt@rree.gob.pe
consulgeneral@conperfrankfurt.de
W:www.conperfrankfurt.de
75
Appendixes
Germany
Hamburg
Consulate
Blumenstrasse 28, 22301 Hamburg,
Germany.
T: +49 40 460 1223
+49 40 460 3039
F: +49 40 481 854
E: info@conperham.de
consulperu-hamburgo@rree.gob.pe
W:www.conperham.de
Mnich
Consulate
Herzog Heinrichstrasse 23, 80336 Mnich,
Germany.
T: +49 89 1392 8880
F: +49 89 1392 88819
E: info@conperumunich.de
W:www.conperumunich.de
Greece Guatemala
Athens
Embassy
Semitelous Street 2, 11528 IIisia, Athens,
Greece.
T: +30 210 779 2761
F: +30 210 779 2905
Guatemala
Embassy
15 Avenida A 20-16, Zona 13, Guatemala,
Guatemala.
T: +502 2361 8532
+502 2331 7841
F: +502 2360 8369
E: lepnigua@concyt.gob.gt
W:www.embajadaperu-guatemala.org
Honduras India
Tegucigalpa
Embassy
Escuela Dowal Casa Nro. 3301 Calle Principal
Colonia Linda Vista Tegucigalpa.M.D.C.
Honduras, CA. Casilla Postal 3171.
T: +504 236 7994
+504 236 8345
E: embaperu-tegucigalpa@rree.gob.pe
embajadadelperu@cablecolor.hn
New Delhi
Embassy
A- 9/5, Bucarest Marg Vasant Vihar, New Delhi
110057India.
T: +91 11 4616 3333
F: +91 11 4616 3301
E: commercial@embassyperuindia.in
W:www.embassyperuindia.in
Indonesia Israel
Jakarta
Embassy
Menara Rajawali, 12TH Floor, JL. Mega
Kuningan, Lot. 5,1, Kawasan Mega Kuningan
Jakarta 12950, Indonesia.
T: +62 21 576 1820
F: +62 21 576 1825
E: embaperu@cbn.net.id
leprujkt@cbn.net.id
Tel Aviv
Embassy
Medinat Hayehudim, 60 Herzliya Pituach
46766, Israel.
T: +972 9 957 8835
F: +972 9 956 8495
E: consuladop@hotmail.com
emperu@012.net.il
Ernst & Young 76
Italy
Rome
Embassy
Va Francesco Siacci, 2B-00197 Rome, Italy.
T: +39 06 8069 1510
F: +39 06 8069 1777
E: embperu@ambasciataperu.it
W:www.ambasciataperu.it
Genova
Consulate
Piazza Della Vittoria, 15 AMM-E 16121
Genova, Italy.
T: +39 010 589 952
+39 010 595 5569
F: +39 010 584 8236
E: conper.genova@tiscali.it
info@consuladoperugenova.com
sec@consuladoperugenova.com
W:www.consuladoperugenova.com
Milan
Consulate
Va Roberto Bracco No. 1 20159, Milan, Italy.
T: +39 02 690 04577
+39 02 668 09617
F: +39 02 668 5575
E: consulado@conpermilan.com
W:www.conpermilan.com
Florence
Consulate
Piazza San Firenze 3, 50122, Florence, Italy.
T: +39 055 260 8803
F: +39 055 260 8803
E: conper.forencia@yahoo.it
W:www.consuladoperuforencia.com
Turin
Consulate
Va Pastrengo 29, C.P. 10128 Turin, Italy.
T: +39 11 581 9762
F: +39 11 509 8805
E: conperturin@hotmail.com
W:www.conperturin.com
Japan
Tokyo
Embassy
44-27 Higashi Shibuya Ka Tokyo 150-0011,
Japan.
T: +81 3 3406 4243
F: +81 3 3409 7589
E: embtokyo@embperujapan.org
W:www.embajadadelperuenjapon.org
Nagoya
Consulate
Swan Nagoya Fushimi Bldg, 3F, 2-2-23 Sakae,
Naka ku, Nagoya shi, Aichi 460-0008, Japan.
T: +81 0 52 209 7851
+81 0 52 209 7852
F: +81 0 52 209 7856
E: secretaria@consuladodelperuennagoya.com
W:www.consuladodelperuennagoya.com
77
Appendixes
Korea Malaysia
Seoul
Embassy of Peru in South Korea
Dae Yun Gak Tower Center Building, Unit
2002, 25-5, Chung muro 1-KA Jung-Ku,
Seoul, Korea.
T: +82 2 757 1735
+82 2 757 1736
+82 2 757 1737
F: +82 2 757 1738
E: lpruseul@kornet.net
Kuala Lumpur
Embassy
Wisma Selangor Dredging 6th. Floor, South
Block 142-A, Jalan Ampang 50450 Kuala
Lumpur, Post Box 18, Malaysia.
T: +60 3 2163 3034
+60 3 2163 3035
F: +60 3 2163 3039
E: embperu@streamyx.com
W:www.embperu.com.my
Morocco Mexico
Rabat
Embassy
16, Rue D'lfrane, Plaza Peru, Rabat, Morocco
T: +212 0 537 723 236
+212 0 537 723 284
Consular Section
16, Rue D'lfrane Plaza Peru, Rabat, Morocco.
T: +212 37 723 236
+212 37 723 284
F: +212 37 702 803
Mexico D.F.
Embassy
Paseo de la Reforma 2601. Colonia Lomas
Reforma Delegacin Miguel Hidalgo, C.P. 11020,
Mexico, D.F.
T: +52 55 1105 2270
F: +52 55 1105 2279
E: embaperu@prodigy.net.mex
New Zealand Nicaragua
Wellington
Embassy
Level 8, 40 Mercer Street, Simp House,
Wellington, NZ, Casilla Postal: PO BOX 2566.
T: +644 499 8087
+644 499 8067
F: +644 499 8057
E: embperu@xta.co.nz
W:www.embassyofperu.org.nz
Managua
Embassy
Hospital Militar 1 cuadra al lago, 2 c. abajo, Casa
No. 325, Managua, Nicaragua.
T: +505 266 6757
F: +505 226 68679
E: embajadaperunic@gmail.com
secconsular.peru@gmail.com
W:www.peruennicaragua.com.ni
Panama Paraguay
Panama
Embassy
Calle 53 Marbella Condominio World Trade Center,
Ofcina 1203, Panam A.P. W.T.C. 8322474.
T: +507 269 6864
+507 223 1112
+507 263 1556
E: embaperu@paranet.com
Asuncion
Embassy
Aca Caray N 215, esquina Corrales, Barrio
Bernardino Caballero, Asuncion; Casilla de
Correos 433, Paraguay.
T: +595 21 607 431
+595 21 210 395
F: +595 21 607 327
E: embperu@embperu.com.py
W:www.embperu.org.py
Ernst & Young 78
Poland Portugal
Warsaw
Embassy
UL. Staroscinska 1A, M.3, Varsovia, Polonia.
T: +48 22 646 8806
+48 22 646 8807
F: +48 22 646 8617
E: embperpl@atomnet.pl
W:www.perupol.pl
Lisboa
Embassy
Rua Castillo 50,4 Dto. 1250-071 Lisboa,
Portugal.
T: +351 213 827 470
F: +351 213 827 479
E: info@embaixada.pt
W:www.embaixadaperu.pt
Romania Russian Federation
Bucarest
Consular Section / Embassy
Bvd. Lacul Tei N 29, Etaj.2, Ap. 4, Sector2,
Bucarest, Romania.
T: +40 21 211 1819
F: +40 21 211 1818
E: embajadaperu.bk_ro@yahoo.com
W:www.embajadaperu.ro
Moscow
Embassy
Smolensky Boulevard 22/14, KV 15
Moscow, Russian Federation.
T: +7499 248 2302
F: +7499 230 2000
E: lapremoscu@mtu-net.iu
Singapore South Africa
Singapore
Embassy
390, Orchard Road No. 12-03, Palais Renaissance,
Singapore 238871.
T: +65 6738 8595
F: +65 6738 8601
E: embperu@pacifc.net.sg
W:www.embassyofperu.org.sg
Pretoria
Embassy
200 Saint Patricks Street, Muckleneuk Hill,
Pretoria 0083, South Africa.
T: +27 1244 01030
+27 1244 01031
F: +27 1244 01054
E: embaperu6@telkomsa.net
Spain
Madrid
Embassy
C/Prncipe de Vergara N36 5 Derecha
28001 Madrid, Spain.
T: +34 91 431 4242
F: +34 91 577 6861
E: lepru@embajadaperu.es
Barcelona
Consulate
Avenida de Roma 157, 1 08011, Barcelona,
Spain.
T: +34 93 415 4999
+34 93 451 1784
F: +34 93 237 4634
E: consulado@consulperubarcelona.com
W:www.consulperubarcelona.com
79
Appendixes
Spain
Sevilla
Consulate
Pabelln de Per, Avenida Mara Luisa S/N,
Sevilla, 41013, Spain.
T: +34 95 423 2819
F: +34 95 423 7925
E: consuladoperu@gmail.com
W:www.peruexterior.com
Valencia
Consulate
Plaza Los Pinazos 2, piso 3, 46004, Valencia,
Spain.
T: +34 96 351 5927
+34 96 352 4463
F: +34 96 352 3289
E: info@consuladoperuvalencia.org
W:www.consuladoperuvalencia.org
Switzerland
Bern
Embassy
Thunstrasse No. 36, 3005 Bern, Switzerland.
T: +41 31 351 8550
F: +41 31 351 8570
E: leprubernaoz@bluevrin.ch
W:www.embajadaperu.ch
Geneva
Consulate
17 Rue Des Pierres Du Niton, 1207 Geneva,
Switzerland.
T: +41 22 707 4917
F: +41 22 707 4918
E: conperginebra@conperginebra.ch
conperginegra@bluewing.ch
Zrich
Consulate
Lwenstrasse 69, 8021, Zrich, Switzerland.
T: +41 44 211 8211
+41 44 211 8212
+41 44 211 8207
F: +41 44 211 8830
E: mail@conperzurich.ch
W:www.conperzurich.ch
Taiwan Thailand
Taipei
Commercial Offce of Peru in Taipei
Suite 2411, International Trade Building, 333
Keelung Rd., Sec. 1, Taipei 110, Taiwan.
T: +8862 2757 7017
F: +8862 2757 6480
E: postmaster@ast.peru.org.tw
ggordon@peru.org.tw
W:http://www.peru.org.tw
Bangkok
Embassy
Glas Haus Building, 16 th. Floor, 1 Sukhumvit 25
Road, Klongtoey, Bangkok 10110, Thailand.
T: +66 2 260 6243
+66 2 260 6245
+66 2 260 6248
F: +66 2 260 6244
E: info@peruthai.or.th
W:www.peruthai.th.com
Ernst & Young 80
United Kingdom Uruguay
London
Embassy
52 Sloane Street London SW 1X 9SP, UK
T: + 44 207 235 1917
+ 44 207 235 8340
+ 44 207 235 3802
F: + 44 207 235 4463
E: postmaster@peruembassy-uk.com
W:www.peruembassy-UK.com
Montevideo
Embassy
Obligado 1384 Montevideo, Uruguay.
T: +598 2 707 1420
+598 2 707 6862
+598 2 707 2834
+598 2 707 8214
F: +598 2 707 7793
E: embamontevideo@embaperu.org.uy
W:www.angelfre.com/country/embaperu
U.S.A.
Washington
Embassy
1700 Massachussetts Avenue. N.W.
Washington D.C. 20036-1903, U.S.A.
T: +1 202 833 9860 al
+1 202 833 9869
W:www.peruvianembassy.us
Atlanta
Consulate
4360 Chamblee Dunwoody RD. Suite 580,
Atlanta, GA 30341, U.S.A.
T: +1 678 336 7010
F: +1 678 990 1920
E: info@consulperuatlanta.com
W:www.consulperuatlanta.com
Boston
Consulate
20 Park Plaza, Suite 511, Boston,
Massachussets, U.S.A.
T: +1 617 338 2227
F: +1 617 338 2742
E: conperboston@msn.com
Chicago
Consulate
180 North Michigan Avenue Suite 1830
Chicago Illinois 60601, U.S.A.
T: +1 312 782 1599
+1 312 853 6173
+1 312 853 6174
F: +1 312 704 6969
E: sipan@ameritech.net
Dallas
Consulate
9330 Amberton Parkway, Suite 2130, Dallas,
TX 75243, U.S.A.
T: +1 972 234 0005
+1 972 234 0022
+1 972 234 0027
+1 972 234 0028
+1 972 809 0101
F: +1 972 498 1086
Denver
Consulate
1001 S Monaco Parkway, suite 210 Denver,
Co 80224, U.S.A.
T: +1 303 355 8555
F: +1 303 355 8003
E: conperdenver@consuladoperu.net
Hartford
Consulate
250 D Main Street Hartford, Ct. 06106,
U.S.A.
T: +1 860 548 0266
+1 860 548 0337
F: +1 860 548 0094
E: conperhartford@aol.com
Houston
Consulate
5177 Richmond Avenue. Suite 695 Houston.
Texas 77056, U.S.A.
T: +1 713 355 9517
+1 713 355 9438
F: +1 713 355 9377
E: conperu@sbcglobal.net
W:www.sbc.yahoo.com
81
Appendixes
U.S.A.
Los Angeles
Consulate
3450 Wilshire Boulevard, Suite 800 / Los
Angeles, California 90010, U.S.A.
T: +1 213 252 5910
+1 213 252 9795
+1 213 252 8599
+1 213 252 8498
F: +1 213 252 8130
E: comperla@mpowercom.net
Miami
Consulate
444 Brickell Avenue Suite M-135 Miami,
Florida 33131, U.S.A.
T: +1 786 347 2434
F: 305 373 5388
305 381 6027
E: ofcomper@gate.net
W:www.consulado-peru.com
Nueva York
Consulate
241 East 49th Street New York, N.Y. 10017,
U.S.A.
T: +1 646 735 3828
+1 646 735 3868
F: +1 646 735 3866
E: ofcopeny@aol.com
W:www.consuladoperu.com
Paterson
Consulate
100 Hamilton Plaza 12th foor, Paterson
NewJersey, 07505, U.S.A.
T: +1 973 278 3324
F: +1 973 278 0254
E: consulado@conpernj.org
W:www.consulado.peru.com
San Francisco
Consulate
870 Market St. Suite 1067 San Francisco Ca.
94102.
T: +1 415 362 5185
+1 415 362 7136
+1 415 332 5647
F: +1 415 362 2836
E: conpersf001@aol.com
Vatican City
Rome
Embassy
Va Di Porta Anglica N 63 Scala A, 3
Piano, 00193 Rome, Vatican City.
T: +3906 6830 8535
E: embaperuva@tim.it
W:www.xoomer.virgilio.it/embaperuva
E: conperhartford@aol.com
Ernst & Young 82
Venezuela
Caracas
Embassy
Av. San Juan Bosco con 2da Transversal.
Edifcio San Juan, Piso 5, Altamira, Caracas,
Venezuela.
T: +58 212 264 1420
+58 212 264 1483
F: +58 212 265 7592
E: lepnicaracas@cantv.net
Puerto Ordaz
Consulate
Urbanizacin Roraima, Calle Roraima con
esquina de calle Aguila, Mz 4; casa N 20
Alta Vista Sur Puerto Ordaz, Estado Bolivar,
Venezuela.
T: +58 286 961 4945
+58 286 961 6225
F: +58 286 962 3865
E: copordaz@cantv.net
W:www.consuladogeneraldelperuenpuertoordaz.com
Notes
Notes
Ernst & Young
Assurance | Tax | Transactions | Advisory
About Ernst & Young
Ernst & Young is a global leader in assurance, tax,
transaction and advisory services. It counts with
more than 500 professionals in Peru as part of its
145,000 professionals around the world, who share
the same values and an unwavering commitment to
quality.
We make the difference by helping our people, our
clients and our wider communities achieve their
potential.
For more information about Ernst & Young, please
visit ey.com
2010 Ernst & Young.
All Rights Reserved.
Ernst & Young is
a registered trademark.
This publication contains summarized information and is therefore intended for general guidance
only. It is not intended to be a substitute for detailed research or the exercise of professional
judgment. Neither the local Ernst & Young entity nor any other member of the global Ernst
& Young organization can accept any responsibility for loss produced to any person acting or
refraining from action as a result of any material in this publication. On any specifc matter,
reference should be made to the appropriate advisor.
Declaration
Ernst & Young
Assurance | Tax | Transactions | Advisory
About Ernst & Young
Ernst & Young is a global leader in assurance, tax,
transaction and advisory services. It counts with
more than 500 professionals in Peru as part of its
145,000 professionals around the world, who share
the same values and an unwavering commitment to
quality.
We make the difference by helping our people, our
clients and our wider communities achieve their
potential.
For more information about Ernst & Young, please
visit ey.com
2010 Ernst & Young.
All Rights Reserved.
Ernst & Young is
a registered trademark.
This publication contains summarized information and is therefore intended for general guidance
only. It is not intended to be a substitute for detailed research or the exercise of professional
judgment. Neither the local Ernst & Young entity nor any other member of the global Ernst
& Young organization can accept any responsibility for loss produced to any person acting or
refraining from action as a result of any material in this publication. On any specifc matter,
reference should be made to the appropriate advisor.
Declaration

E&Y Peru White Paper

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

E&Y Peru White Paper

Caricato da

Copyright:

Formati disponibili

Peru's Business &

An equal and non-discriminatory treatment

Guarantee to private property (no expropriations or nationalizations)

Freedom to purchase domestic stocks

Bilateral agreements (Free Trade Agreements):

Agreements in current negotiation:

Financial statements audit

IFRS implementations in the companies and country in which they operate

New businesses implementation

Fraud prevention and investigation

Information technology internal audit

Internal and external regulations compliance advisory

Climate change & sustainability

Customs and foreign trade

Tax compliance, including expatriates

Financial, commercial, tax/legal, process and systems due diligence

Potrebbero piacerti anche

E&amp;Y Peru White Paper

Caricato da

Informazioni sul documento

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

E&amp;Y Peru White Paper

Caricato da

Copyright:

Formati disponibili

Peru's Business &

An equal and non-discriminatory treatment

Guarantee to private property (no expropriations or nationalizations)

Freedom to purchase domestic stocks

Bilateral agreements (Free Trade Agreements):

Agreements in current negotiation:

Financial statements audit

IFRS implementations in the companies and country in which they operate

New businesses implementation

Fraud prevention and investigation

Information technology internal audit

Internal and external regulations compliance advisory

Climate change & sustainability

Customs and foreign trade

Tax compliance, including expatriates

Financial, commercial, tax/legal, process and systems due diligence

Potrebbero piacerti anche

E&Y Peru White Paper

E&Y Peru White Paper