Peru has published Law No. 31087, which repeals the tax incentive regime provided for the agricultural sector under Law No. 27360, as well as Emergency Decree No. 043-2019, which amended and extended the incentives until 31 December 2031. The incentives included a reduced tax rate of 15% on agricultural income and accelerated depreciation of 20% per year for investments in hydraulic structures and irrigation works, among other benefits. Under Law No. 31807, the incentive regime is repealed effective from 7 December 2020.