Credicorp Ltd., the largest financial services holding company in Peru, filed a lawsuit against the Tax Administration of Peru (SUNAT).
The company claims that the institution is ignoring binding legal opinions from the country and, therefore, undermining the principle of legal certainty for companies that have economic activity in the national territory.
The dispute centres on share transactions in 2018 and 2019, in which Credicorp’s subsidiary, Grupo Crédito S.A., purchased shares of Banco de Crédito del Perú (BCP) from Credicorp Ltd.
The transactions were executed through the Lima Stock Exchange and complied with local laws and regulations then in place.
Tax-exempt transactions are now under scrutiny
According to Credicorp, the transactions were covered by a clear legal exemption in effect at the time: capital gains from the sale of listed shares were exempt from income tax if the transferred shares did not exceed 10% of the issuing company’s outstanding shares within 12 months.
The company confirms that the transfers met this level.
The transactions were reported to Peru’s securities market regulator, the Superintendencia del Mercado de Valores (SMV), approved by the Superintendencia de Banca, Seguros y AFP (SBS), and registered with the Central Securities Registry (CAVALI).
Despite this, SUNAT is claiming more than 1.5 billion soles in claimed unpaid income tax and interest on the same transactions.
The SUNAT Committee’s previous ruling
Credicorp emphasises that the transactions were previously investigated by SUNAT’s own Review Committee (Comité Revisor), which confirmed their legitimacy and ruled that there was no basis for tax evasion charges.
The Committee’s decisions are binding under Peruvian law. Nonetheless, the tax authorities have revived the issue, causing Credicorp to seek legal action in response to what it characterises as a violation of due process and accepted tax principles.
The corporation claims that the move undermines investor confidence by breaking the principle of predictability in tax proceedings.
“The reopening of a case already resolved by the competent internal body of SUNAT challenges the very legal structure that companies depend on to operate in compliance,” the company said in a statement.
No impact on financial statements
Credicorp asserted that under International Accounting Standards, no expense provisions are required for the reopened matter.
The company is presently reviewing the development and will respond via the proper legal and administrative channels.
Grupo Crédito S.A., the entity directly involved in the transactions, reiterated its commitment to tax and regulatory compliance.
It also underscored its continuous commitment to protecting the interests of employees, clients, and investors.
Leading regional player in financial services
Credicorp is the leading financial services holding company in Peru and has operations in Chile, Colombia, Bolivia, and Panama.
Its business is well-diversified across four main lines of business: Universal Banking, represented by BCP and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance and Pension funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory through Credicorp Capital, BCP Wealth Management, and ASB Bank Corp.
As the dispute shifts to the courts, it may have wider implications for corporate tax treatment and investor confidence in Peru’s regulatory system.
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