Countries › Peru › Guide › 6. Taxes › Tax incentives in Peru: the 2026 agrarian regime, small business regimes, export refunds and drawback, listed securities and infrastructure financing

Tax incentives in Peru: the 2026 agrarian regime, small business regimes, export refunds and drawback, listed securities and infrastructure financing

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Last verified: 2026-10-28 · Status: Changing

Peru relies on a low dividend tax and a few targeted regimes rather than broad tax holidays. Since 1 January 2026 agrarian companies under Ley 32434 pay a 15 percent income tax rate with 0.8 percent monthly advances, can depreciate irrigation works at 20 percent a year and deduct an extra 25 percent of purchases from registered small producers, while small producers are exempt up to 30 UIT of revenue. Exporters recover input IGV and 3 percent of FOB value through drawback, gains on securities traded on Peruvian exchanges pay 5 percent instead of 30 percent for non domiciled companies, and certain infrastructure and public bond financing escapes the interest cap.

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 based amounts use the 2026 UIT of S/ 5,500 set by Decreto Supremo Nº 301-2025-EF. Conversions are for orientation only.

Key facts

Income tax rate for qualifying agrarian companies (Ley 32434)	15 %Ley 32434 art. 12, as of 2026-10-28 · in force
Monthly advance rate for agrarian companies at 15 percent	0.8 % of net revenueLey 32434 art. 12.2, as of 2026-10-28 · in force
Extra deduction on purchases from registered small producers (2026 to 2035)	25 %Ley 32434 art. 14, as of 2026-10-28 · in force
Annual depreciation rate for irrigation works (2026 to 2035)	20 %Ley 32434 art. 13, as of 2026-10-28 · in force
Simplified drawback rate	3 % of FOBDS 104-95-EF, as of 2026-10-28 · in force
Tax on non domiciled company's gain on securities sold within Peru	5 %LIR art. 56 h), as of 2026-10-28 · in force

The rule

1. Agrarian companies covered by Ley 32434 (legal entities, and individuals with business revenue above 150 UIT, mainly engaged in crop or livestock activities, or agroindustry outside Metropolitan Lima and Callao using mainly agricultural products) determine income tax under the general law but at the rates set in art. 12.1. Those subject to the 15 percent rate pay monthly advances of 0.8 percent of net revenue instead of 1.5 percent. The income tax and IGV provisions apply from 1 January 2026, and the regulation was approved by Decreto Supremo Nº 015-2026-EF.
Example: Net income of S/ 5,000,000 taxed at 15 percent is S/ 750,000 instead of S/ 1,475,000 at 29.5 percent. / Net income US$1,448,436: US$217,265 at 15 percent versus US$427,289.Ley Nº 32434, Ley que promueve la transformación productiva, competitiva y sostenible del sector agrario (published 10 September 2025), Art. 3 letter c), art. 4, art. 12.1, art. 12.2 and first final complementary provision, 2025-09-10 official text · verified 2026-10-28 · changed: From 1 January 2026 Ley 32434 sets a 15 percent income tax rate and 0.8 percent advances for qualifying agrarian companies.

2. Agrarian companies may depreciate irrigation and hydraulic infrastructure at 20 percent a year when acquired or built in 2026 to 2035, and deduct an additional 25 percent of the value of products bought from small producers registered in the official register (directly, through registered associations or registered agrarian cooperatives) for 2026 to 2035. The accelerated depreciation does not apply to investments already covered by legal stability agreements unless they are renounced.Ley Nº 32434, Ley que promueve la transformación productiva, competitiva y sostenible del sector agrario (published 10 September 2025), Art. 13 and art. 14, 2025-09-10 official text · verified 2026-10-28

3. Small agrarian producers (individuals with net revenue up to 150 UIT registered in the official register) are not subject to income tax when annual net revenue is up to 30 UIT (S/ 165,000 in 2026), and pay a final 1.5 percent on revenue above 30 UIT up to 150 UIT, withheld by the agrarian companies or associations that buy from them.Ley Nº 32434, Ley que promueve la transformación productiva, competitiva y sostenible del sector agrario (published 10 September 2025); Resolución de Superintendencia Nº 000059-2026/SUNAT, Art. 3 letter b) and art. 11, 2026-04-06 official text · verified 2026-10-28

4. Exports of goods and services are outside IGV, and the IGV paid on inputs becomes an exporter's balance that is applied against IGV, then income tax, then other Treasury taxes, and refunded if still unused.Texto Único Ordenado de la Ley del IGV e ISC (Decreto Supremo Nº 055-99-EF), art. 35 as amended by Ley Nº 27064, Art. 33, art. 34 and art. 35, 1999-02-10 official text · verified 2026-10-28

5. Producer exporters whose costs include duties on imported inputs recover 3 percent of the FOB value of exported goods, capped at 50 percent of production cost, through simplified drawback.
Example: Exports of S/ 2,000,000 FOB give a drawback of up to S/ 60,000. / Exports of US$579,374 FOB: drawback up to US$17,381.Decreto Supremo Nº 104-95-EF, as explained in SUNAT Informe Nº 107-2025-SUNAT/340000, Art. 1 and art. 3, 2025-02-28 official text · verified 2026-10-28

6. Non domiciled companies pay 5 percent, rather than 30 percent, on gains from securities sold within Peru, meaning registered in the public securities registry and traded on a Peruvian centralized mechanism.Texto Único Ordenado de la Ley del Impuesto a la Renta (Decreto Supremo Nº 179-2004-EF); SUNAT Informe Nº 068-2012-SUNAT/4B0000, Art. 56 letters h) and j), 2012-06-22 official text · verified 2026-10-28

7. The 30 percent of EBITDA interest cap does not apply to taxpayers developing public infrastructure, public services, applied research or technological innovation through public private partnerships, and interest on Proyectos en Activos financing and on bonds placed by primary public offering in Peru with at least five unrelated investors stays deductible above the cap.Texto Único Ordenado de la Ley del Impuesto a la Renta (Decreto Supremo Nº 179-2004-EF), as amended by Decreto de Urgencia Nº 013-2020, Art. 37 letter a) numeral 2 letters c) to e), 2020-01-23 official text · verified 2026-10-28

8. Small businesses can choose the Régimen MYPE Tributario (10 percent on the first 15 UIT of net income, revenue up to 1,700 UIT) or the Régimen Especial (final 1.5 percent of monthly revenue, revenue up to S/ 525,000), which lower tax and compliance costs for local operations.Decreto Legislativo Nº 1269; Texto Único Ordenado de la Ley del Impuesto a la Renta (Decreto Supremo Nº 179-2004-EF), Chapter XV, DL 1269 art. 5; LIR art. 118 and 120, 2016-12-20 official text · verified 2026-10-28

Incentive	Who	Benefit	Rule
Agrarian regime	Qualifying crop, livestock and agroindustry companies	15% income tax, 0.8% advances, 20% irrigation depreciation, 25% extra deduction	Ley 32434 art. 12 to 14
Small producer exemption	Registered small agrarian producers	No income tax up to 30 UIT; 1.5% final up to 150 UIT	Ley 32434 art. 11
Export IGV refund	Exporters of goods and services	Input IGV credited or refunded	LIGV art. 33 to 35
Drawback	Producer exporters with imported inputs	3% of FOB, cap 50% of production cost	DS 104-95-EF
Listed securities	Non domiciled sellers	5% instead of 30% on gains	LIR art. 56 h)
Infrastructure and bond financing	PPP projects, Proyectos en Activos, public bond issuers	Relief from the 30% EBITDA interest cap	LIR art. 37 a) 2
Small business regimes	Domiciled small businesses	10% on first 15 UIT, or 1.5% of revenue	DL 1269; LIR art. 120

Main tax incentives available to investors in Peru in 2026

Worked example

A foreign owned avocado grower and packer in Ica, organized as a Peruvian S.A.C., earns net income of S/ 5,000,000 (US$1,448,436) in 2026. Under Ley 32434 it pays S/ 750,000 (US$217,265) instead of S/ 1,475,000, and prepays at 0.8 percent of monthly revenue.
It exports S/ 2,000,000 FOB using imported packaging, so it also claims drawback of up to S/ 60,000 (US$17,381) and recovers the input IGV on its exports.
Its dividends to the foreign parent still bear the 5 percent withholding.

Step by step

Check eligibility for the agrarian regime (activity, location of agroindustry, register of small producers you buy from) under Ley 32434 and its regulation.
Elect the right income tax regime at RUC registration for small local operations.
Exporters: record exports correctly so input IGV becomes a refundable exporter's balance, and file drawback claims after each export.
For large projects, compare these incentives with a legal stability agreement; see the investing section.

Common traps

The agrarian rate table in Ley 32434 runs for a fixed period after which the general rate applies; long range models should not assume 15 percent forever.
Agroindustry in Metropolitan Lima and Callao is outside Ley 32434.
The 25 percent extra deduction requires the small producers to be in the official register when you buy.
Drawback is capped at 50 percent of production cost and can be clawed back if conditions were not met.

Sources

Related: Peru country profile · live dashboard · central bank and release calendar · our posts on X · where Argentina is involved, see The Argentine Thread guide

← Customs duties and import taxes in Peru: the 0, 6 and 11 percent tariff, IGV on imports, the IGV perception and the drawback refundTax audits and disputes in Peru: limitation periods, the one year audit limit, claims to SUNAT, appeals to the Tax Court, interest, fines and collection →

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