Compliance with tax obligation to report UBOs before SUNAT. Olaechea advised the Peruvian subsidiary of National Oilwell Varco (NOV)—a leading oil and gas (O&G) company—on meeting its 2023 tax obligation to identify and report ultimate beneficial owners (UBOs) before the Peruvian Tax Authority (SUNAT).
Cross-jurisdictional analysis of ownership structure: Our role included a cross-jurisdictional analysis of the group’s shareholding structure across multiple jurisdictions to identify the UBOs in compliance with Peruvian tax regulations.
Conducting due diligence and filing for tax returns: We also provided legal guidance on implementing an internal due diligence procedure to ensure formal compliance with reporting requirements. Additionally, our firm assisted in preparing and submitting the informative tax return on UBOs for the fiscal years 2023 and 2024.
Protecting confidential information and avoiding sizeable penalties: This case is complex because it involves obtaining, handling and protecting confidential cross-jurisdictional information. Additionally, this case is important to NOV as an accurate and timely submission prevents the imposition of sizeable penalties based on the client’s net income.
Latest development: Our firm successfully filed the final beneficiary declaration for the 2023 fiscal year.
