Peru's tax administration (SUNAT) has recently published guidance originally issued in April 2016 on the treatment of foreign losses and tax credits for Peru tax purposes. The key points of the guidance are as follows: Foreign-source losses may only be offset against foreign-source income; Where total foreign-source income and losses results in a net loss for the year, such excess loss may not be carried forward in determining net foreign-source income in subsequent years; Where foreign tax has been paid on foreign-source income subject to tax in Peru, a credit will be available that is limited to the lower of...