Countries › Peru › Guide › 1. Start here › Reform tracker: what changed in Peruvian business law in 2025 and 2026 and what is still pending
Reform tracker: what changed in Peruvian business law in 2025 and 2026 and what is still pending
Argentina. For full detail on Argentina, go to The Argentine Thread.
Last verified: 2026-10-28 · Status: Changing
The biggest structural change for companies is the sales tax split under Ley 32387: the 18 percent total stays, but each January from 2026 to 2029 half a point moves from the national IGV to the municipal IPM, ending at 14 plus 4 percent. Payroll moved too: the minimum wage rose to S/ 1,230 on 1 October 2026 with S/ 1,300 pending a 2027 decree, workers may withdraw all CTS savings until 31 December 2026, and the pension reform (Ley 32123) phases in contributions by independent workers withheld by companies. On compliance, customs fines were restructured and several cut in half from 22 May 2026, the UIT rose to S/ 5,500, and the beneficial owner return for companies registered since 2025 falls due in December 2026.
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 and shown in the Banco Central de Reserva del Perú statistics series PD04640PD. Amounts set in US dollars by law are quoted as written. Conversions are for orientation only.
Key facts
| IGV national component, 2026 | 15.5 %Ley 32387 art. 2 and third complementary modifying provision, as of 2026-10-28 · in force |
|---|---|
| IGV national component, 2027 | 15 %Ley 32387, as of 2026-10-28 · pending |
| IPM municipal component, 2027 | 3 %Ley 32387 art. 2, as of 2026-10-28 · pending |
| IGV national component from 2029 | 14 %Ley 32387, as of 2026-10-28 · pending |
| Minimum monthly wage from 1 October 2026 | 1230 PENDS 015-2026-TR, as of 2026-10-28 · in force |
| Minimum monthly wage after second step | 1300 PENDS 015-2026-TR art. 1.2, as of 2026-10-28 · pending |
| Temporary 100 percent CTS withdrawal window ends | 2026-12-31 dateLey 32322, as of 2026-10-28 · in force |
| Initial pension contribution rate for independent workers | 2 %Ley 32123 art. 9.2, as of 2026-10-28 · pending |
| Maximum pension contribution rate for independent workers | 5 %Ley 32123 art. 9.2, as of 2026-10-28 · pending |
| Customs fine for wrong codes affecting duty liquidation (N88) | 50 % of duties unpaidDS 076-2026-EF, as of 2026-10-28 · in force |
| Tax unit (UIT), 2026 | 5500 PENDS 301-2025-EF, as of 2026-10-28 · in force |
The rule
1. The municipal promotion tax (IPM) rises gradually from 1 January 2026 by 0.5 percent in each of fiscal years 2026, 2027, 2028 and 2029, a total increase of 2 percent, while article 17 of the IGV law is amended to a final IGV rate of 14 percent, applied progressively in step with that increase, so the combined rate stays at 18 percent: IGV 15.5 plus IPM 2.5 in 2026, 15 plus 3 in 2027, 14.5 plus 3.5 in 2028 and 14 plus 4 from 2029.
Cost to do it: No change in the total 18 percent burden; cost is in system updates each January.
Example: A S/ 10,000 taxable sale in 2027 carries S/ 1,500 IGV and S/ 300 IPM. / About US$2,897 of sales and US$521 of combined tax.Ley Nº 32387 (fiscal decentralization, FONCOMUN), Art. 2; fourth complementary final provision (vacatio legis); third complementary modifying provision (IGV law art. 17), 2025-06-16 official text · verified 2026-10-28 · changed: From 1 January 2026 the 18 percent is split 15.5 percent IGV and 2.5 percent IPM (previously 16 and 2); next change 1 January 2027 to 15 and 3.
Cost to do it: No change in the total 18 percent burden; cost is in system updates each January.
Example: A S/ 10,000 taxable sale in 2027 carries S/ 1,500 IGV and S/ 300 IPM. / About US$2,897 of sales and US$521 of combined tax.Ley Nº 32387 (fiscal decentralization, FONCOMUN), Art. 2; fourth complementary final provision (vacatio legis); third complementary modifying provision (IGV law art. 17), 2025-06-16 official text · verified 2026-10-28 · changed: From 1 January 2026 the 18 percent is split 15.5 percent IGV and 2.5 percent IPM (previously 16 and 2); next change 1 January 2027 to 15 and 3.
2. The minimum monthly wage rises in two steps from S/ 1,130 to S/ 1,300: S/ 1,230 from 1 October 2026, and a second step of S/ 70 to be set by supreme decree in the first half of 2027.
Example: Payroll for 20 minimum wage workers rises by S/ 2,000 a month in base pay. / About US$579 a month.Decreto Supremo Nº 015-2026-TR, Art. 1, 2026-09-28 official text · verified 2026-10-28 · changed: S/ 1,130 to S/ 1,230 from 1 October 2026. Pending: S/ 1,300 by a decree due in the first half of 2027.
Example: Payroll for 20 minimum wage workers rises by S/ 2,000 a month in base pay. / About US$579 a month.Decreto Supremo Nº 015-2026-TR, Art. 1, 2026-09-28 official text · verified 2026-10-28 · changed: S/ 1,130 to S/ 1,230 from 1 October 2026. Pending: S/ 1,300 by a decree due in the first half of 2027.
3. Workers covered by the CTS law may, once and until 31 December 2026, freely withdraw 100 percent of their CTS deposits held in financial institutions. Permanently, workers may make free partial withdrawals of up to 50 percent of their CTS deposits and interest, and 100 percent if diagnosed with a terminal illness or cancer.
Example: Employers still deposit CTS in May and November; the withdrawal right is exercised by the worker with the bank.Ley Nº 32322, amending art. 42 of DL 650 (TUO DS 001-97-TR), Sole article and sole complementary transitory provision, 2025-05-09 official text · verified 2026-10-28 · changed: Temporary 100 percent CTS withdrawal window until 31 December 2026; permanent 50 percent free withdrawal rule (Ley 32322, published 9 May 2025).
Example: Employers still deposit CTS in May and November; the withdrawal right is exercised by the worker with the bank.Ley Nº 32322, amending art. 42 of DL 650 (TUO DS 001-97-TR), Sole article and sole complementary transitory provision, 2025-05-09 official text · verified 2026-10-28 · changed: Temporary 100 percent CTS withdrawal window until 31 December 2026; permanent 50 percent free withdrawal rule (Ley 32322, published 9 May 2025).
4. The pension modernization law sets the SNP contribution at no less than 13 percent and the SPP contribution at 10 percent to the individual account plus insurance premium and commission. Independent workers earning fourth category income (and certain fifth category income) must contribute at 2 percent from 1 January of the third year after the law enters into force, rising one point every two years to 5 percent, and entities obliged to keep accounts must withhold it when they pay those fees. The law enters into force the day after its regulation is published; the regulation was approved by Decreto Supremo Nº 189-2025-EF.
Example: At the starting 2 percent, a S/ 5,000 fee invoice would bear S/ 100 of pension withholding.Ley Nº 32123 (Ley de Modernización del Sistema Previsional Peruano), Art. 8, art. 9.1 to 9.4 and second complementary final provision, 2024-09-24 official text · verified 2026-10-28 · changed: New withholding duty for companies paying independent contractors, phased in from the third year after entry into force (Ley 32123 art. 9).
Example: At the starting 2 percent, a S/ 5,000 fee invoice would bear S/ 100 of pension withholding.Ley Nº 32123 (Ley de Modernización del Sistema Previsional Peruano), Art. 8, art. 9.1 to 9.4 and second complementary final provision, 2024-09-24 official text · verified 2026-10-28 · changed: New withholding duty for companies paying independent contractors, phased in from the third year after entry into force (Ley 32123 art. 9).
5. The customs penalty table was amended: among other changes, failing to declare or wrongly declaring the authorized codes needed to liquidate duties (new code N88, Ley General de Aduanas art. 197 c)) is now fined at 50 percent of the duties and surcharges unpaid, instead of 100 percent under former code N77. Published 1 May 2026, in force 22 May 2026.
Example: S/ 20,000 of underpaid duties due to a wrong code: fine of S/ 10,000 now, S/ 20,000 before. / About US$5,794 of duties, fine about US$2,897.Decreto Supremo Nº 076-2026-EF, amending the table approved by Decreto Supremo Nº 418-2019-EF, Art. 4 (code N88, formerly N77), 2026-05-01 official text · verified 2026-10-28 · changed: Customs infraction codes renumbered and several fines halved from 22 May 2026.
Example: S/ 20,000 of underpaid duties due to a wrong code: fine of S/ 10,000 now, S/ 20,000 before. / About US$5,794 of duties, fine about US$2,897.Decreto Supremo Nº 076-2026-EF, amending the table approved by Decreto Supremo Nº 418-2019-EF, Art. 4 (code N88, formerly N77), 2026-05-01 official text · verified 2026-10-28 · changed: Customs infraction codes renumbered and several fines halved from 22 May 2026.
6. Domiciled companies with RUC obtained or activated from 1 January 2025 to 30 November 2026, and those that did not fall within the income bands, file the beneficial owner return with the November 2026 period; from 1 December 2026 new companies file it with the period in which they register.Resolución de Superintendencia Nº 000168-2025/SUNAT, Art. 3, 2025-05-26 official text · verified 2026-10-28 · changed: Final phase of the beneficial owner rollout: November 2026 period (due December 2026), then filing with the first period.
7. The 2025 annual income tax return of individuals and MYPE within Ley 31940 was due from 27 May to 10 June 2026, about two months after the general schedule (26 March to 13 April 2026).Resolución de Superintendencia Nº 000386-2025/SUNAT, applying Ley Nº 31940 art. 4, Annex, 2025-12-29 official text · verified 2026-10-28
8. The UIT for 2026 is S/ 5,500, up from S/ 5,350 in 2025, which moves every threshold and fine set in UIT.Decreto Supremo Nº 301-2025-EF (SUNAT UIT table), Art. 1, 2025-12-17 official text · verified 2026-10-28 · changed: UIT S/ 5,350 to S/ 5,500 from 1 January 2026.
| Area | Change | Norm | Effective | Status |
|---|---|---|---|---|
| Sales tax | IGV 15.5 plus IPM 2.5 (total 18) | Ley 32387 | 1 Jan 2026 | In force |
| Sales tax | IGV 15 plus IPM 3 | Ley 32387 | 1 Jan 2027 | Enacted, takes effect 2027 |
| Sales tax | IGV 14.5 plus IPM 3.5, then 14 plus 4 | Ley 32387 | 1 Jan 2028 and 1 Jan 2029 | Enacted, takes effect later |
| Labor | Minimum wage S/ 1,230 | DS 015-2026-TR | 1 Oct 2026 | In force |
| Labor | Minimum wage S/ 1,300 | Decree still to be issued | First half of 2027 | Pending |
| Labor | 100 percent CTS withdrawal window | Ley 32322 | Until 31 Dec 2026 | In force, temporary |
| Pensions | Independent workers 2 to 5 percent, withheld by companies | Ley 32123 art. 9; DS 189-2025-EF | Third year after entry into force | Enacted, phased |
| Customs | Penalty table recast, some fines halved | DS 076-2026-EF | 22 May 2026 | In force |
| Transparency | Beneficial owner return, RUC from 2025 to Nov 2026 | RS 000168-2025/SUNAT | November 2026 period (due December 2026) | In force |
| Tax units | UIT S/ 5,500 | DS 301-2025-EF | 1 Jan 2026 | In force |
Status board as of 28 October 2026.
Worked example
- An invoice of S/ 10,000 plus tax issued on 31 December 2026 shows S/ 1,550 IGV and S/ 250 IPM; the same invoice dated 2 January 2027 shows S/ 1,500 IGV and S/ 300 IPM. The customer pays S/ 11,800 either way.
- A customs declaration with a wrong tariff code that left S/ 20,000 of duties unpaid carries a S/ 10,000 fine after 22 May 2026 (about US$2,897), half the previous amount.
Step by step
- Schedule an invoicing and ERP update for 1 January 2027 for the IGV 15 and IPM 3 split.
- Budget the minimum wage at S/ 1,230 now and model S/ 1,300 from the date the 2027 decree sets.
- Expect worker requests for CTS information before 31 December 2026, when the full withdrawal window closes.
- Map payments to independent contractors so pension withholding can be added when Ley 32123 art. 9 starts to apply.
- Review customs procedures against the new penalty codes in force since 22 May 2026.
- File the beneficial owner return with the November 2026 period if the RUC dates from 2025 or 2026.
Common traps
- The 18 percent total is unchanged, so do not reprice contracts; but quoting 18 percent IGV is wrong from 2026, because the national IGV is now 15.5 percent (Ley 32387).
- Minimum wage S/ 1,300 is not law yet (DS 015-2026-TR art. 1.2).
- The CTS withdrawal window does not relieve employers of the May and November deposits (DS 001-97-TR art. 22; Ley 32322).
- Customs codes were renumbered by DS 076-2026-EF, so internal manuals that cite the old N77 or P codes are out of date.
- Argentina: none of these changes is specific to trade with Argentina; for Argentine reforms affecting cross border flows see The Argentine Thread guide.
Sources
- Ley Nº 32387, Congreso de la República
- Decreto Supremo Nº 015-2026-TR, MTPE
- Ley Nº 32322, Congreso de la República
- Ley Nº 32123, Congreso de la República
- SUNAT change control: DS 076-2026-EF, customs penalty table (code N88)
- Resolución de Superintendencia Nº 000168-2025/SUNAT
- SUNAT annual income tax schedule FY2025 (RS 000386-2025/SUNAT)
- SUNAT UIT table
Related pages
- start/start-here
- taxes/vat
- labor/minimum-wage
- labor/social-security-and-pensions
- trade/customs-penalties-and-smuggling
- entities/beneficial-ownership
- /country/peru/
- /calendar/
- Live dashboard
- https://theargentinethread.com/guide/
Related: Peru country profile · live dashboard · central bank and release calendar · our posts on X
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