Peru has enacted Legislative Decree 1188, which was published in the Official Gazette on 21 August 2015. The Decree implements an incentive to promote investments in real estate investment trusts (REIT) by allowing taxpayers to defer capital gains tax and transfer tax on the contribution of immovable property to a REIT. Under the new rules, those taxes are instead levied when the REIT subsequently transfers the property to a third party or the contributor of the property transfers its share in the REIT to a third party. The basis for tax is the value of the property at the time...