On 4 June 2019, the Peru tax authority (SUNAT) published Report No. 046-2019-SUNAT/7T0000 concerning the determination of the market value of shares in relation to the rules for the taxation of the indirect transfers of shares in Peruvian entities. Subject to certain conditions, a transfer is generally considered an indirect transfer of a Peruvian entity's shares, and subject to tax, if:

• In a…