Peruvian Congress enacted Law 31652 introducing preferential depreciation rates for buildings, construction, and hybrid and electric vehicles. The new regime became effective on 1 January 2023.On 28 December 2022, Peruvian Congress enacted Law 31652, introducing preferential depreciation rates for specifics assets.BackgroundThe current depreciation rates established under the Peruvian tax legislation for buildings, construction and electric and hybrid vehicles are the following:Buildings and constructionThe Peruvian Income Tax Law establishes a fixed rate of 5% (straight-line method) for buildings and construction.Under the special depreciation regimen applicable in 2021 for buildings and construction, taxpayers were entitled to elect to apply a 20% rate...