Countries › Peru › Guide › 5. FX and capital controls › Bank payment rules and the financial transactions tax in Peru: when cash is not allowed and what the 0.005 percent ITF costs
Bank payment rules and the financial transactions tax in Peru: when cash is not allowed and what the 0.005 percent ITF costs
Argentina. For full detail on Argentina, go to The Argentine Thread.
Last verified: 2026-10-28 · Status: Stable
Peru's bancarization law requires obligations above S/ 2,000 or US$500, every loan of money, and equity, real estate and vehicle deals of 1 UIT or more to be paid through the financial system, and the payment must go straight to the creditor or to a third party notified to SUNAT in advance. Breaking the rule does not void the deal, but the payer loses the expense deduction, the VAT credit and any tax refund tied to it. Almost every bank movement then pays the financial transactions tax (ITF) of 0.005 percent, doubled on payments of more than 15 percent of a company's obligations that are settled without money or payment means.
USD figures use S/ 3.446 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 26 October 2026 as shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts that the law sets in US dollars or soles are quoted as written. Conversions are for orientation only.
Key facts
| Amount above which payments must go through the financial system | S/ 2,000 or US$500 textTUO Ley 28194 art. 4 as amended by DL 1529, as of 2026-10-28 · in force |
|---|---|
| Threshold where a party is in SUNAT's two lowest compliance levels | S/ 600 or US$150 (30% of the general threshold) textTUO Ley 28194 art. 4 second paragraph, as of 2026-10-28 · in force |
| Loans of money that must be paid through the financial system | All, whatever the amount textTUO Ley 28194 art. 3, as of 2026-10-28 · in force |
| Real estate, vehicle and equity payments that must use payment means | 1 UIT (S/ 5,500 in 2026) or more textTUO Ley 28194 art. 3, as of 2026-10-28 · in force |
| FOB value above which import for consumption purchases must use payment means | S/ 7,000 or US$2,000 textTUO Ley 28194 art. 3-A, as of 2026-10-28 · in force |
| Financial transactions tax (ITF) rate | 0.005 %TUO Ley 28194 art. 10, as of 2026-10-28 · in force |
| ITF rate on payments above 15% of obligations made without money or payment means | 0.01 %TUO Ley 28194 art. 9 g), as of 2026-10-28 · in force |
The rule
1. Obligations paid in money above S/ 2,000 or US$500 must be paid using the payment means of the law, even if split into partial payments below that amount. The threshold is set in soles for obligations agreed in soles and in dollars for those agreed in dollars; obligations in other currencies are converted at the SBS weighted average selling rate of the day the obligation arises. Where either party has been rated by SUNAT in one of the two lowest compliance levels, the threshold falls to 30 percent of those amounts.
Cost to do it: Bank charges and the ITF; no filing.
Example: A S/ 2,500 supplier invoice paid in two cash instalments of S/ 1,250 breaks the rule because the obligation exceeds S/ 2,000; with a low rated counterparty the limit is S/ 600. / A US$600 invoice in dollars must be paid by bank; with a low rated counterparty anything above US$150 must be.Texto Único Ordenado de la Ley Nº 28194 (Decreto Supremo Nº 150-2007-EF); art. 4 first paragraph amended by Decreto Legislativo Nº 1529 (published 3 March 2022, in force 1 April 2022) and second and third paragraphs by Decreto Legislativo Nº 1535 (published 19 March 2022), Art. 3 first paragraph and art. 4, 2022-03-03 official text · verified 2026-10-28 · changed: Decreto Legislativo Nº 1529 lowered the general threshold from S/ 3,500 or US$1,000 to S/ 2,000 or US$500 from 1 April 2022, and Decreto Legislativo Nº 1535 (19 March 2022) introduced the 30 percent threshold for taxpayers in SUNAT's two lowest compliance levels.
Cost to do it: Bank charges and the ITF; no filing.
Example: A S/ 2,500 supplier invoice paid in two cash instalments of S/ 1,250 breaks the rule because the obligation exceeds S/ 2,000; with a low rated counterparty the limit is S/ 600. / A US$600 invoice in dollars must be paid by bank; with a low rated counterparty anything above US$150 must be.Texto Único Ordenado de la Ley Nº 28194 (Decreto Supremo Nº 150-2007-EF); art. 4 first paragraph amended by Decreto Legislativo Nº 1529 (published 3 March 2022, in force 1 April 2022) and second and third paragraphs by Decreto Legislativo Nº 1535 (published 19 March 2022), Art. 3 first paragraph and art. 4, 2022-03-03 official text · verified 2026-10-28 · changed: Decreto Legislativo Nº 1529 lowered the general threshold from S/ 3,500 or US$1,000 to S/ 2,000 or US$500 from 1 April 2022, and Decreto Legislativo Nº 1535 (19 March 2022) introduced the 30 percent threshold for taxpayers in SUNAT's two lowest compliance levels.
2. Loans of money must be delivered and repaid through payment means whatever their amount. Payments of 1 UIT or more, even in parts, for creating or transferring real rights over real estate, transferring or encumbering vehicles (air, sea or land, new or used), and acquiring, increasing or reducing an equity stake in a company may only be made with payment means, and notaries and other anti money laundering obliged parties must record the means used in the deed or refuse to act and consider a suspicious transaction report. Payments to non domiciled persons may be channeled through Peruvian financial firms or foreign banks when the payer carries out foreign trade, including purchases of real estate, shares and securities; financing with foreign banks is outside that option.
Cost to do it: 1 UIT is S/ 5,500 in 2026 (about US$1,596).
Example: A S/ 350,000 apartment purchase must be paid by bank transfer or bank cheque and the notary records it in the deed. / Any property, vehicle or share deal of about US$1,596 or more must be settled through a bank.Texto Único Ordenado de la Ley Nº 28194; art. 3 amended by Decreto Legislativo Nº 1529 (published 3 March 2022, in force 1 April 2022), Art. 3 second to sixth paragraphs, 2022-03-03 official text · verified 2026-10-28
Cost to do it: 1 UIT is S/ 5,500 in 2026 (about US$1,596).
Example: A S/ 350,000 apartment purchase must be paid by bank transfer or bank cheque and the notary records it in the deed. / Any property, vehicle or share deal of about US$1,596 or more must be settled through a bank.Texto Único Ordenado de la Ley Nº 28194; art. 3 amended by Decreto Legislativo Nº 1529 (published 3 March 2022, in force 1 April 2022), Art. 3 second to sixth paragraphs, 2022-03-03 official text · verified 2026-10-28
3. The accepted payment means through financial firms are: deposits in accounts, drafts, fund transfers, payment orders, debit cards issued in Peru, credit cards, cheques, remittances and letters of credit; others may be authorized by supreme decree. The rule is met only if the payment goes directly to the creditor, supplier or service provider, or to a third party designated by them whose designation was communicated to SUNAT before the payment.
Cost to do it: No cost to notify SUNAT of a designated third party; failure costs the deduction.
Example: A Peruvian buyer told by its supplier to pay S/ 50,000 to a factoring company must check that the supplier reported that designation to SUNAT first. / Paying a US$14,510 invoice to an affiliate of the supplier that was not notified to SUNAT counts as not using payment means.Texto Único Ordenado de la Ley Nº 28194; art. 5 amended by Ley Nº 30730 (published 21 February 2018, in force six months later); art. 5-A incorporated by Decreto Legislativo Nº 1529 (in force 1 April 2022), Art. 5 and art. 5-A, 2022-03-03 official text · verified 2026-10-28
Cost to do it: No cost to notify SUNAT of a designated third party; failure costs the deduction.
Example: A Peruvian buyer told by its supplier to pay S/ 50,000 to a factoring company must check that the supplier reported that designation to SUNAT first. / Paying a US$14,510 invoice to an affiliate of the supplier that was not notified to SUNAT counts as not using payment means.Texto Único Ordenado de la Ley Nº 28194; art. 5 amended by Ley Nº 30730 (published 21 February 2018, in force six months later); art. 5-A incorporated by Decreto Legislativo Nº 1529 (in force 1 April 2022), Art. 5 and art. 5-A, 2022-03-03 official text · verified 2026-10-28
4. Payments made without the required payment means give no right, for tax purposes, to deduct expenses or costs, to use tax credits, to offset, or to claim refunds of taxes, credit balances, tax reimbursements, early VAT recovery or duty drawback. For accrued expenses and VAT credits the payment means are checked when the payment is made, and taxpayers that used deductions or credits that become improper must amend their returns. Payments to financial firms, to tax administrations and under court ordered deposits are exempt, as are payments and loans made in districts with no bank branch where the recipient is domiciled and the goods, service or loan are located there.
Cost to do it: Tax cost of losing the deduction at the 29.5 percent corporate rate, plus the VAT credit on the invoice.
Example: An invoice for S/ 10,000 plus VAT paid in cash loses the VAT credit and the S/ 10,000 deduction, which is worth S/ 2,950 of income tax. / On a US$2,902 expense paid in cash the company loses about US$856 of income tax shield, plus the VAT credit.Texto Único Ordenado de la Ley Nº 28194; art. 6 amended by Ley Nº 31335 (published 10 August 2021), Art. 6 and art. 8, 2021-08-10 official text · verified 2026-10-28
Cost to do it: Tax cost of losing the deduction at the 29.5 percent corporate rate, plus the VAT credit on the invoice.
Example: An invoice for S/ 10,000 plus VAT paid in cash loses the VAT credit and the S/ 10,000 deduction, which is worth S/ 2,950 of income tax. / On a US$2,902 expense paid in cash the company loses about US$856 of income tax shield, plus the VAT credit.Texto Único Ordenado de la Ley Nº 28194; art. 6 amended by Ley Nº 31335 (published 10 August 2021), Art. 6 and art. 8, 2021-08-10 official text · verified 2026-10-28
5. The international purchase of goods for import for consumption with a FOB value above S/ 7,000 or US$2,000 must be paid with payment means unless the regulation exempts it, and purchases for other customs regimes, or for consumption imports outside that rule, above the general S/ 2,000 or US$500 threshold, must also use them; the rule covers partial payments and successive sales while goods are in transit. Failure detected before release lets the importer re-export or pay a customs fine to continue clearance, and art. 8 tax effects also apply. The article was added by Decreto Legislativo Nº 1388 and takes effect from the supreme decree that adds the matching fine to the customs penalties table.
Cost to do it: Customs fine under the Ley General de Aduanas penalties table if payment means are not used, plus loss of the tax deduction and credit.
Example: An importer buying goods with a FOB value of S/ 10,000 from a foreign supplier must pay by bank transfer or letter of credit. / Any import purchase above US$2,000 FOB must be paid through the financial system.Texto Único Ordenado de la Ley Nº 28194; art. 3-A incorporated by Decreto Legislativo Nº 1388 (published 4 September 2018), third paragraph amended by Decreto Legislativo Nº 1535 (published 19 March 2022), Art. 3-A, 2018-09-04 official text · verified 2026-10-28
Cost to do it: Customs fine under the Ley General de Aduanas penalties table if payment means are not used, plus loss of the tax deduction and credit.
Example: An importer buying goods with a FOB value of S/ 10,000 from a foreign supplier must pay by bank transfer or letter of credit. / Any import purchase above US$2,000 FOB must be paid through the financial system.Texto Único Ordenado de la Ley Nº 28194; art. 3-A incorporated by Decreto Legislativo Nº 1388 (published 4 September 2018), third paragraph amended by Decreto Legislativo Nº 1535 (published 19 March 2022), Art. 3-A, 2018-09-04 official text · verified 2026-10-28
6. The financial transactions tax (ITF) applies at 0.005 percent to operations in soles or foreign currency, chiefly every credit and debit in accounts at Peruvian financial firms (except transfers between accounts of the same holder, in the same or different financial firms), payments to financial firms made without an account, purchases of bank cheques and similar instruments without an account, drafts and money transfers made without an account or through money transfer firms, and the use of organized payment systems outside the financial system. Payments of more than 15 percent of the obligations of a business taxpayer in a year made without using money or payment means (for example by set off or barter) are taxed at double the rate on the excess. Exempt operations, listed in the Appendix, include public sector accounts, accounts used only to pay central government taxes, payroll and pension accounts opened for that purpose, severance (CTS) deposits and pension fund (AFP) accounts.
Cost to do it: 0.005 percent of each taxable credit or debit (S/ 50 per S/ 1,000,000), withheld by the bank; 0.01 percent on the excess non money payments under art. 9 g).
Example: Receiving and then paying out S/ 1,000,000 through a company account costs S/ 50 on the credit and S/ 50 on the debit. / On US$290,192 moved in and out, the ITF is about US$29.Texto Único Ordenado de la Ley Nº 28194; art. 10 replaced by Ley Nº 29667 (published 20 February 2011, in force 1 April 2011), Art. 9, art. 10, art. 11 and Appendix, 2011-02-20 official text · verified 2026-10-28
Cost to do it: 0.005 percent of each taxable credit or debit (S/ 50 per S/ 1,000,000), withheld by the bank; 0.01 percent on the excess non money payments under art. 9 g).
Example: Receiving and then paying out S/ 1,000,000 through a company account costs S/ 50 on the credit and S/ 50 on the debit. / On US$290,192 moved in and out, the ITF is about US$29.Texto Único Ordenado de la Ley Nº 28194; art. 10 replaced by Ley Nº 29667 (published 20 February 2011, in force 1 April 2011), Art. 9, art. 10, art. 11 and Appendix, 2011-02-20 official text · verified 2026-10-28
| Operation | Threshold | Approx. US$ | Source |
|---|---|---|---|
| Any obligation paid in money | Above S/ 2,000 or US$500 | 580 | Art. 3 and 4 |
| Same, counterparty in SUNAT's two lowest compliance levels | Above S/ 600 or US$150 | 174 | Art. 4 |
| Loans of money | Any amount | Any | Art. 3 |
| Real estate, vehicles, equity stakes | 1 UIT (S/ 5,500) or more | 1,596 | Art. 3 |
| Import for consumption purchases | Above S/ 7,000 or US$2,000 FOB | 2,031 | Art. 3-A |
Peru's payment means thresholds, from the TUO of Ley 28194 as amended to 2022. USD equivalents of sol amounts at S/ 3.446 per US dollar (26 October 2026).
| Flow | Taxable movements | ITF S/ | ITF US$ |
|---|---|---|---|
| S/ 344,600 dividend paid abroad from a Peruvian account | 1 debit | 17.23 | 5.00 |
| S/ 3,446,000 capital contribution received and spent | 1 credit and 1 debit | 344.60 | 100.00 |
| Transfer between two accounts of the same company | None | 0 | 0 |
ITF on common flows, at 0.005 percent per credit or debit. Illustration only.
Worked example
- A Peruvian subsidiary pays a local supplier S/ 10,000 plus VAT in cash. SUNAT disallows the S/ 10,000 expense, so the company pays S/ 2,950 more income tax (29.5 percent, about US$856), and it also loses the VAT credit on the invoice. Paid by transfer, the S/ 10,000 would have cost S/ 0.50 of ITF on the debit.
- Argentina and Peru: a Peruvian company paying an Argentine supplier may wire through a Peruvian or a foreign bank because it is a foreign trade payment; Argentine rules on receiving and converting those funds are covered in The Argentine Thread guide.
Step by step
- Set treasury policy: no cash payments above S/ 2,000 or US$500, and none at all for loans or for equity, property and vehicle deals of 1 UIT or more.
- Pay suppliers into accounts in their own name; if a supplier asks you to pay a third party, confirm the designation was notified to SUNAT first.
- Keep bank evidence for each invoice; SUNAT checks it when the payment is made, even for expenses already accrued.
- Check counterparties' SUNAT compliance level where available, since a low rating cuts the threshold to S/ 600 or US$150.
- Use transfers between your own accounts, which are outside the ITF, and file the sworn statement with the bank for exempt accounts such as payroll accounts.
Common traps
- Splitting an invoice into smaller cash payments does not avoid the rule; the threshold applies to the obligation.
- Paying a related company of the supplier, or a factor, not notified to SUNAT, counts as not using payment means.
- Netting intercompany balances can trigger the double ITF rate if more than 15 percent of a year's obligations are settled without money or payment means.
- The S/ 2,000 or US$500 threshold is per obligation in its own currency; obligations in euros or other currencies are converted at the SBS weighted average selling rate of the day they arise.
Sources
- TUO Ley Nº 28194, bancarization and ITF, updated text (SUNAT)
- BCRP statistics, SBS banking system selling rate series PD04640PD
Related pages
- fx/fx-and-capital-controls
- fx/foreign-loans
- fx/cash-limits-and-border-declarations
- taxes/vat
- trade/importing-and-exporting
- regulation/regulatory-compliance-essentials
- /country/peru/
- /calendar/
- Live dashboard
- https://theargentinethread.com/guide/
Related: Peru country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide
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