- SUNAT updated Virtual Form No. 0623 for Peru’s digital economy IGV/VAT regime to allow nonresident businesses to correct an incorrect reporting currency selection.
- Nonresident suppliers filing Form 0623 may use either PEN or USD; the currency chosen in the first return for a year applies to subsequent periods in that year.
- The first return for the year can now be corrected if the wrong currency was selected, and SUNAT will automatically update the currency for other periods already declared in that year.
- For later tax years, currency changes are only allowed if no payments for that year have yet been made.
- The update is administrative only and does not change the scope or substance of Peru’s digital services VAT rules.
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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