The Peru tax authority (SUNAT) has published Report No. 135-2019-SUNAT/7T0000 concerning the credit against third category (business) income tax for tax paid abroad. The report notes that foreign tax paid may be credited against tax payable in Peru on foreign income, provided that the credit does not exceed the amount that results from applying the average taxpayer rate to the foreign income or the tax actually paid abroad. Any unused credit for a year for any reason may not be carried forward to another year or refunded. For this purpose, the average rate is determined by dividing the Peruvian income...