Peru currently has agreements to avoid double taxation with five APEC member economies: Canada, Chile, South Korea, Japan and Mexico.

The Minister of Economy and Finance, José Arista, said today that Peru and China would finalize a treaty to avoid double taxation in the first quarter of next year.

“We currently have a committee negotiating a treaty to avoid double taxation in China. This is the second round of negotiations and it may be the last,” he said.

"We hope to seal this treaty in the first quarter of next year and this agreement will obviously bring many benefits to Peru, because it makes the country a completely predictable economy in the tax area," he added.

During his presentation before the Plenary of the Congress of the Republic, José Arista explained that double taxation treaties allow a company that has already paid taxes in Peru to no longer pay taxes in the place of origin of the capital.

“Peru currently has agreements to avoid double taxation with five APEC member economies: Canada, Chile, South Korea, Japan and Mexico. These agreements in force aim to prevent income from being taxed in both economies, promoting investment and bilateral trade,” he said.

"We also have double taxation treaties with other economies, such as Brazil, Portugal, Switzerland and the Andean Community," he added.

The minister highlighted Peru's integration into the global economy, mainly with the countries of the Asia Pacific Economic Cooperation Forum (APEC).

“APEC's economic growth in 2023 was 3.5% and these economies account for 61% of global GDP, which is a very significant number. APEC's population will reach 3 billion people in 2023, so there is a large consumer market here,” he said.

“APEC was the destination for 65% of Peruvian exports and 63% of imports to Peru in 2023 came from the Asia Pacific bloc. In other words, APEC member economies are our main trading partners,” he said.

"We are a country that definitely wants to insert itself more and more into the foreign market, into the world economies, because the only way to grow is to produce more and to do that we have to sell, and to sell we need the economies of the world to open up to us," he said.