Our tax system provides that as from march 26 all companies that generate income for the third category must submit PDT 662.PDT 662 involves the detailed financial information of the company contemplating the parameters established by the tax regulations in force.
The financial statements are prepared in accordance with the principles and standards applicable in the country, including the International Financial Reporting Standards (IFRS) and interpretations of IFRS. Later, SUNAT implement the actions necessary to control and audit.
"IAS 12 (NIC 12) Income Taxes" provides the accounting treatment of profits tax like the income tax. For the purposes of this Standard, income taxes include all domestic and foreign taxes which are based on taxable profits. Income taxes also include taxes, such as withholding taxes, which are payable by a subsidiary, associate or joint venture on distributions to the reporting entity.
Deferred tax (Impuestos Diferidos) assets and liabilities shall be measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Businesses must be survive in the market, developing measures to generate economic benefits and provide better benefits to their customers in terms of quality and price. To reflect that management should use the most appropriate methodology for adopting the best business decisions for the companies.
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