- Property tax in Peru is known as Impuesto Predial and is levied annually on the value of the property.
- The tax is calculated based on the official value of the property determined by the government, which is usually lower than the market value.
- The tax rate ranges from 0.2% to 0.5% of the property value.
Capital Gains Tax (CGT)
- Capital gains tax in Peru is imposed on the sale of property.
- The tax rate is 30% on the gain made from the sale of the property.
- CGT is calculated as the difference between the purchase price and the sale price of the property.
- Inheritance tax in Peru is known as Impuesto a la Sucesión and is levied on the transfer of property through inheritance.
- The tax rate varies based on the relationship between the deceased and the heir, with rates ranging from 0% to 10%.
- There is no inheritance tax for direct descendants, but there is a tax for more distant relatives.
- Gift tax in Peru is known as Impuesto a la Donación and is levied on gifts of property.
- The tax rate ranges from 0% to 10%, depending on the relationship between the giver and the recipient.
- There is no gift tax for direct descendants, but there is a tax for more distant relatives.
Tax on Property Income
- In Peru, rental income from properties is taxed as part of the owner’s overall income.
- The tax rate ranges from 0% to 28% based on the rental income.
Tax Advantages in Buying a House in Peru
- In Peru, there are tax exemptions for individuals who purchase their first home.
- The exemption applies to the first 200,000 Peruvian soles of the purchase price, and the tax rate for the remaining amount is reduced.
- This tax advantage can result in significant savings for first-time homebuyers.