Peru has published Law No. 31104, which establishes rules for the refund of the temporary net assets tax (ITAN) for the 2020 tax year considering the impact of the COVID-19 pandemic. The ITAN is levied at a rate of 0.4% on net assets exceeding PEN 1 million of resident entities and individuals deriving business income.

The rules are relatively brief and simply provide that the tax authority …