On 4 December 2020, Peru enacted Law 31087, which repeals the special rules to promote agribusiness (i.e., agrarian regime) established in both Law 27360 and Urgency Decree 043-2019.BackgroundIn 2000, Peru enacted Law 27360, establishing the agrarian regime, which provided the following benefits to agribusiness entities:15% corporate income tax rate20% depreciation rate for investments in hydraulic infrastructure and irrigation worksValue-added tax (VAT) recovery during the pre-operational stage for the acquisition of capital goods, inputs, services and construction contracts incurred, provided that the pre-operative stage is less than five yearsThe regime was extended until 31 December 2031 by Urgency Decree No. 043-2019.Law 31087With the...