Recovery of tax credits for leading mining company. Olaechea advised ME Elecmetal—a key player in the mining industry—on the recovery of tax credits arising from value-added tax (IGV) levied on import transactions from 2017 to 2023.
Thorough analysis and preparation of recovery claims: Before submitting the recovery claims to the Peruvian Tax Authority (SUNAT), our firm conducted a thorough review of the supporting documentation for each import transaction, including accounting records and other transaction documentation. We also assessed the compliance with statutory requirements for tax refunds. These efforts ensured the accuracy and traceability of tax payments over the relevant fiscal years.
Segmenting claims to mitigate risks and streamline process: To reduce exposure to potential fiscal audits, the firm recommended segmenting claims by fiscal year. This strategic approach minimised scrutiny and facilitated a streamlined process for the client.
100% tax credits recovered without triggering audits: As a result, SUNAT approved all the refund claims, including the most recent for 2023. We secured the successful recovery of 100% of the tax credits accumulated since 2017 without triggering fiscal audits.
Multidisciplinary expertise required for complex mandate: The complexity of this case required coordination across tax, customs, and accounting domains. The firm’s multidisciplinary approach ensured compliance with legal and procedural requirements.
Latest development: With our advice, the case was closed in favour of our client.
