On 19 May 2020, the Japanese House of Representatives (lower house of parliament) approved the pending income tax treaty with Peru. The treaty was signed on 18 November 2019. Under the treaty, dividends and interest are taxable at a rate of 10%, while royalties are subject to a 15% rate. Both countries generally apply the credit method for the elimination of double taxation. This is the first tax treaty between the two countries. It will enter into force on the 30th day following the exchange of ratification instruments and will apply from 1 January of the year following its entry...