Regulations with respect to the amendments introduced to the Income Tax Law in July 2012 were issued by means of Supreme Decree No. 258-2012-EF published on 18 December 2012. Under the regulations, a new rule explicitly stipulates that a country that concludes a tax treaty with Peru, including an information exchange clause, will not be qualified as tax haven. The regulations also clarify the application of the limit of deductible expenses for R&D. The annual deductible amount for the R&D expenses is limited to the lower of 10% of the net income or 300 tax units (UIT). The balance may...