Countries › Peru › Guide › 16. What is normal abroad but not here › Most bank movements pay a 0.005 percent tax (ITF)

Most bank movements pay a 0.005 percent tax (ITF)

Last verified: 2026-10-29 · Status: Stable

Abroad moving money between bank accounts is rarely taxed; in Peru the Impuesto a las Transacciones Financieras (ITF) charges 0.005 percent on most credits and debits in accounts in the financial system. Transfers between accounts of the same holder are outside the tax, even at different banks. Companies that settle more than 15 percent of their obligations without money or banking means, for example by offsetting, pay double ITF on the excess.

USD figures use S/ 3.452 per US dollar, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026, from the Banco Central de Reserva del Perú statistics series PD04640PD. UIT amounts use the 2026 UIT of S/ 5,500 set by Decreto Supremo Nº 301-2025-EF, as cited in SUNAT Resolución de Superintendencia Nº 000016-2026/SUNAT. Conversions are for orientation only.

Key facts

Financial transactions tax (ITF) rate	0.005 %TUO Ley 28194 art. 10 (Ley 29667), as of 2026-10-29 · in force
Financial transactions tax (ITF) rate	0.005 %TUO Ley 28194 art. 10 (Ley 29667), as of 2026-10-29 · in force
Share of obligations that can be settled without money or banking means before double ITF	15 %TUO Ley 28194 art. 9 g), as of 2026-10-29 · in force

The rule

1. The ITF taxes, in soles or foreign currency, credits and debits in any kind of account at financial system companies. Credits, debits or transfers between accounts of the same holder, at the same or at different financial companies, are outside the tax. The tax also reaches payments to financial companies made without using accounts and the other operations listed in the law.
Cost to do it: Charged on each taxed movement.
Example: Moving S/ 1,000,000 from the company's account at one bank to its own account at another bank is not taxed. / About US$289,687 moved tax free.TUO de la Ley Nº 28194 (Decreto Supremo Nº 150-2007-EF), art. 9, Art. 9 a) and b), 2007-09-23 official text · verified 2026-10-29

2. The ITF rate is 0.005 percent of the value of the taxed operation.
Cost to do it: S/ 50 per S/ 1,000,000.
Example: A S/ 1,000,000 supplier payment from a company account bears S/ 50 of ITF. / About US$14.48 on about US$289,687.TUO de la Ley Nº 28194, art. 10 as replaced by Ley Nº 29667 (El Peruano 20 February 2011, in force 1 April 2011), Art. 10, 2011-02-20 official text · verified 2026-10-29 · changed: Ley Nº 29667 reduced the rate from 0.05 percent to 0.005 percent from 1 April 2011.

3. When a business taxpayer pays more than 15 percent of its obligations in a tax year without using cash or Means of Payment, such as by offsetting or in kind, the ITF applies at double the rate on the amounts settled above that percentage.
Cost to do it: Double rate, 0.01 percent, on the excess.
Example: A company with S/ 10,000,000 of obligations that settles S/ 2,500,000 by offset exceeds the 15 percent limit by S/ 1,000,000 and owes S/ 100 of ITF on it. / About US$28.97.TUO de la Ley Nº 28194, Art. 9 g), 2007-09-23 official text · verified 2026-10-29

Movement	Amount	ITF	ITF in USD
Supplier payment from company account	S/ 1,000,000	S/ 50	US$14.48
Payroll of S/ 300,000	S/ 300,000	S/ 15	US$4.35
Transfer between the company's own accounts at two banks	S/ 1,000,000	S/ 0	US$0.00
Offset above 15 percent of obligations	S/ 1,000,000	S/ 100	US$28.97

ITF on typical movements (USD at S/ 3.452)

Worked example

A company paying S/ 5,000,000 a month to suppliers and staff from its accounts pays about S/ 250 of ITF a month, S/ 3,000 a year, about US$869.

Step by step

Expect the bank to withhold the ITF automatically on each taxed movement.
Move funds between the company's own accounts freely: they are outside the tax.
Monitor offsets, barter and in kind settlements during the year to stay under 15 percent of obligations.
If the 15 percent limit is exceeded, self assess and pay the double ITF on the excess.

Common traps

Intercompany netting arrangements can push settlements without money over the 15 percent limit.
The ITF is small per movement but applies on both debit and credit sides of many flows.
Avoiding banks to save ITF triggers the much larger cost of losing deductions under the Means of Payment rule.

Sources

← Cash payments above S/ 2,000 lose their tax effectBuyers withhold part of the price into the seller's tax account: detracciones →

Get rule changes weekly

Free. One email a week from The LatAm Thread.

One more step after you press the button: we take you to Substack, where your email is already filled in. Confirm there to start. No spam, unsubscribe anytime, we never share your address. By subscribing you agree to the privacy policy.