On 25 March 2019, the Peru tax authority (SUNAT) published Report No. 015-2019-SUNAT/7T0000 concerning the simultaneous application of incentives provided for agriculture under Law No. 27360 and research and development (R&D) under  Law No. 30309. For agriculture, incentives include a reduced tax rate of 15% on agricultural income and accelerated depreciation of 20% per year for investments in hydraulic structures and irrigation works. For R&D, incentives include a 175% deduction for qualifying expenses, including for amortization and depreciation (150% if activities conducted by qualifying non-resident research center). The report provides that, as long as the incentives are not incompatible or mutually...