Tax compliance and policy implementation for leading manufacturing company. Olaechea advised Atlas Copco Perú S.A. on tax compliance and regulatory obligations for the fiscal years 2022 and 2023. Our work focused on ensuring adherence to Peruvian tax statutes, including the determination of income tax and general sales tax, as well as addressing requirements from the Peruvian Tax Authority (SUNAT). Review and analysis of tax compliance: Our firm conducted a comprehensive review of the client’s operations, identifying areas for improvement and assisting in the design and implementation of internal policies to address compliance risks. We identified gaps such as the absence of a formal commercial discount policy and unsupported employee expenses, which could potentially impact tax deductibility and compliance with SUNAT audits. Design and implementation of internal policies: We developed and implemented key internal policies tailored to address tax compliance, including: (i) travel policy for work-related expenses; (ii) vehicle assignment policy for employees; (iii) customer discount policy to substantiate deductions; (iv) employee benefits policy, ensuring compliance with tax principles of generality, proportionality, and reasonability. Coordination with internal teams: Our team collaborated with the client’s human resources and finance departments to analyse current practices and ensure alignment with tax regulations. We provided clear documentation and procedures for policy implementation to minimise compliance risks. Key player in Peru’s industrial sector: Atlas Peru is the Peruvian subsidiary of Atlas Copco Group, a global leader in industrial solutions, specialising in the design, manufacture, and service of a wide range of equipment and machinery for various industries, focused on productivity, energy efficiency, safety, and ergonomics. It operates in the Peruvian market, offering products and services tailored to the needs of local industries, including mining, construction, energy, and manufacturing. Latest development: With our assistance, the client implemented comprehensive internal policies.

Transfer pricing dispute concerning import valuation adjustments. Olaechea is representing Toyota del Perú—the official distributor and manufacturer of Toyota vehicles in Peru—in a tax dispute initiated by the Peruvian Tax Authority concerning transfer pricing adjustments. The case focuses on determining the market value of vehicle and spare part import transactions with related parties for the fiscal year 2009. Defence of transfer pricing adjustments: The Tax Authority challenged Toyota’s valuation and imposed related penalties, which Toyota contested through administrative and judicial appeals. As part of our assistance, we presented evidence supporting compliance with Peruvian transfer pricing regulations. The firm successfully argued before the Tax Court of Appeals, which overturned the Tax Authority’s determination and associated penalties. Litigation before judicial authorities: The Tax Authority initiated contentious-administrative proceedings seeking the annulment of the Tax Court of Appeals’ decision and requesting a new ruling addressing the substantive issues. The firm is assisting Toyota with both trial court and appellate court proceedings before the Superior Court, as well as in the Supreme Court, ensuring adherence to procedural and substantive tax law principles. Emphasis on validity of transfer pricing adjustments: The firm is preparing and presenting arguments emphasising the validity of Toyota’s transfer pricing adjustments, supported by international guidelines and local regulations. Representation includes detailed legal analysis, preparation of briefs, and participation in hearings, showcasing expertise in complex tax litigation. Setting important precedent for import transactions: This case is highly significant, not only due to the scale of the objection raised by the Tax Administration but also because the outcome will set a crucial precedent for future imports conducted by Toyota with its related parties. Latest development: The Supreme Court upheld the Tax Court of Appeals’ decision, affirming Toyota’s compliance with transfer pricing rules.

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.

Structuring tax-efficient investment. Olaechea is assisting Swiss Capitals in structuring a tax-efficient investment strategy regarding a real estate venture with the counterparty. Tax analysis of investment structures: We are assessing various investment vehicles, including a trust, associative contract, Newco formation, stock purchases, and capital contributions, evaluating each for tax efficiency. Mixed structure to optimise tax outcome: We are implementing a mixed approach of stock purchases and capital contributions to meet investment objectives while optimising tax outcomes. Collaboration with financial advisors: Our team is coordinating with the client’s accounting and financial advisors to align the investment strategy with their financial goals. Complex investment structuring: The importance of this matter lies in the complexity of its structuring, due to the parties’ particular needs and the investment method. Latest development: We are assisting the client with each step of the case.

Tax compliance with new regulatory requirements for GRE. Olaechea is advising the port operator APM Terminals Callao on tax compliance matters regarding the issuance of electronic waybill (GRE), recently implemented by the Peruvian Tax Authority (SUNAT). Exit tickets for transferring goods inside Peru under scrutiny: The client sought us to ensure its exit tickets, used by its clients’ transporters for goods transfer within Peruvian territory, meet the new regulatory requirements for the GRE. We are conducting a detailed analysis of GRE-related regulations to determine whether the tickets comply with the necessary standards. Operator of largest multipurpose port terminal in Peru: APM Terminals Callao is the operator of the Multipurpose Northern Terminal of Callao Port, which is the largest in Peru and on the west coast of the South American Pacific. APM Terminals Callao has a national market share of approximately 40% in containerised cargo and 70% in general cargo, excluding minerals. Latest development: The firm is assisting APM Terminals Callao in implementing adjustments to its exit tickets to ensure full compliance with regulations.

Analysis of municipal taxes for property compliance. We are advising Supermercados Peruanos—one of the leading supermarket chains in Peru—on the analysis of municipal tax obligations, including the determination, declaration, and payment of Real Estate tax and municipal taxes for fiscal years 2020 to 2024. Verification of taxpayer and property details: We are assisting the client in ensuring compliance with Peruvian tax law concerning their 66 properties across Lima and other provinces, comprising shopping centres, supermarkets, galleries, and parking facilities. We are also reviewing taxpayer data and verifying the characteristics of each property owned by the client, including property frontage and other key metrics. Analysis tax assessments and determination of tax liabilities: Our firm is analysing the tax payment booklets issued by the municipalities for each property and assessing their alignment with municipal ordinances, evaluating the validity of ordinances in light of court precedents. We are calculating due taxes for each property, identifying discrepancies between declared construction data and actual property conditions. Comparative charts are being prepared to illustrate potential differences over the last four years. Preparation of detailed report and consultations: Our firm is preparing a comprehensive comparative report, detailing our findings and recommendations. Where necessary, we liaise with municipal officials to clarify issues and ensure transparency in tax determinations. Determining compliance and mitigating potential disputes: Our analysis is pivotal in determining whether the taxes paid by Supermercados Peruanos conform to the law. The findings also support optimising future compliance and mitigating potential tax disputes. Latest development: Based on our conclusions, the client is evaluating the submission of refund and compensation requests for overpaid taxes.

Tax consultancy over new provision of services and consolidation. We are assisting Aleph with a tax consultancy encompassing a new provision of billing and collection services for TikTok USA and a consolidation transaction. Handling invoices for services provided by third party: Regarding the new provision of services, the client asked us to determine whether or not it should issue invoices to customers for consideration for the advertising services, since it would be issuing proof of payment for a service provided by a third party. Tax treatment applicable to a consolidation: We also assisted the client with the analysis of the implications and tax treatment applicable to a consolidation procedure in Peru. Our work consisted of communicating, analysing, and detailing to the client the options available for tax purposes under Peruvian regulations. Our analysis included the final destination of the balances in favour of income tax, as well as tax debts and credits. Global digital advertising powerhouse: Founded in 2005 as IMS Internet Media Services, Aleph is a global digital advertising powerhouse operating in over 140 countries. The client has partnerships with the world’s leading digital platforms, including TikTok, X (formerly known as Twitter), Microsoft, Amazon, Pinterest, Reddit, Spotify, and Google. Latest development: We continue assisting the client with this matter.

Tax planning for asset segregation in real estate development. Olaechea advised San Fernando—a leading company in the food industry—on tax planning strategies regarding the segregation of a substantial asset block composed of non-core real estate properties. Tax analysis considering direct sale of assets and corporate reorganisation: Our firm conducted a comprehensive tax analysis to assess various scenarios for achieving the client’s objectives. This included evaluating the tax implications of direct asset sales and multiple corporate reorganisations. Facilitating entry into new business sector: The case is relevant to the client since it will enable its entry into a new business sector, specifically real estate development while mitigating reputational risks and achieving tax efficiency. Complex case involving property transfer tax, IGV, and income tax: This tax analysis was complex, involving high-value assets and tax efficiency concerning property transfer tax, value-added tax (IGV), and income tax. Latest development: We delivered the proposed strategies and recommendations to the client.

We were providing legal assistance in a supervising action initiated by the Peruvian Data Protection Authority, regarding the compliance of digital security measures in the processing of personal data, traceability of logical data, storage and cloud services providers. Then, the Peruvian Data Protection Authority initiated a sanctioning procedure, regarding the noncompliance of the implementation of digital security measures in the processing of personal data, traceability of logical data, storage and cloud services providers, Makro contingency was reduced as minimum as possible, alleging attenuating circumstances of administrative responsibility

We are providing legal assistance before the Peruvian Data Protection Authority’s supervision actions, regarding the compliance with the right of information in the privacy notices applicable for Peruvian residents, and the consent in the configuration of marketing and profiling cookies.