Peru has published Legislative Decree No. 1539, which incorporates new methods to establish the market value of securities (shares) under Article 32 of the Income Tax Law. Article 32 generally provides that where transactions differ from the market value, the tax authority (SUNAT) may make adjustments. With respect to listed securities, a similar basic approach is maintained in Legislative Decree No. 1539, including that the market value is the greater of the transaction value and the quoted (listed) value. If the quoted value is not applicable, because the securities are not listed or the quoted value is not comparable for...