Peru’s Tax Authorities have issued guidance (Ruling 109-2020-SUNAT/7T0000), clarifying how to calculate whether more than 10% of a company’s shares have been transferred to determine if the capital gains tax exemption applies to the capital gains derived from transfers of shares on the Lima Stock Exchange (LSE).BackgroundIn 2015, Peru enacted Law 30341, which temporarily exempts capital gains derived from transfers of shares listed and traded on the LSE from capital gains tax until 31 December 2022, if certain requirements are met. Under one of those requirements, the taxpayer and its related parties must not transfer more than 10% of the...