Mechanisms to obtain and keep information on Beneficial Owners
The legal persons or legal arrangements shall implement an internal procedure including reasonable mechanisms to obtain and keep information on the identification of beneficial owners. In order to comply with this objective, the following mechanisms should be adopted:
1. To identify and validate the beneficial owner; therefore, individuals qualifying as beneficial owners shall disclose their identity to legal persons or legal arrangements and other information established by Supreme Decree 003-2019-EF.
In such sense, the Supreme Decree 003-2019-EF establishes that the beneficial owner shall be identified through the “Form of Individual qualifying as Beneficial Owner”. Such form can be physical and, in that case, it shall have the notarially or consular certified signature of beneficial owners.
It is worth mentioning that notwithstanding the individual qualifying as beneficial owner complies or not with filing the above-mentioned form, the legal person or legal arrangement is required to provide information on beneficial owners to SUNAT.
2. To develop a mechanism allowing to access and maintain appropriate, accurate and updated information on identity details of beneficial owners and other information established by Supreme Decree.
The information that must be provided by the taxpayer liable to file the Beneficial Owner Affidavit is detailed in Section 4 of Supreme Decree 003-2019-EF.
3. To verify the identity of the beneficial owner and other details established by Supreme Decree.
For these purposes, Supreme Decree 003-2019-EF indicates that the taxpayer liable to file the Beneficial Owner Affidavit shall make the corresponding validation of the information provided by the beneficial owner, making use of the database of the National Registry of Identification and Marital Status RENIEC, The national Superintendence of Public Records (SUNARP), Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS) and RUC data from the website of SUNAT, among other sources of information.
4. To ensure that the information of Beneficial Owners is updated; also, if there is information that is different to the one reported to SUNAT, it shall be communicated to such institution.
In such sense, Supreme Decree 003-2019-EF establishes to continuously monitor the identification of the beneficial owner, and for this purpose, it is necessary to update such information at least at the closing of each tax period. This adopted measure shall be made without prejudice of the obligation to file a new beneficial owner affidavit within a 30-day period estimated from the following filing date of the form in which the new beneficial owner (s) is informed.
5. To keep the beneficial owner’s information, chain of ownership and supporting documentation during the term stated in the specific standard. In the event that the beneficial owner information is kept by third parties, they shall be responsible for it.
In such sense, Supreme Decree 003-2019-EF establishes that it is necessary to maintain and keep the following:
- Copy of the document supporting its legal incorporation in the legal person as beneficial owner, such as: Articles of Incorporation, copy of the public deed of incorporation of the legal person in which it appears as partner, shareholder or stakeholder, among others.
- Certificate of payment or the means of payment used in the transaction originated by the acquisition of the status of beneficial owner.
- Certificate of dividend distribution or any return from the legal person, including its payment.
- Copy of the title or certificate showing proof of its status of partner, shareholder or stakeholder.
It is worth mentioning that the term to keep the information that supports the beneficial owner affidavit is 5 years as established in Section 87 of the Tax Code.
6. If after applying the criteria to determine the beneficial owner, it is not possible to obtain information on its identification, legal persons or legal arrangements are required to publish it in the web portal on a permanent basis and if they don’t have it, it shall publish such situation once on each tax period through a judicial notice in the newspaper most widely circulated in the location where the legal person or legal arrangement has established its tax domicile.
7. To provide competent authorities and/or allow them timely access to the beneficial owner’s information including access to supporting documentation.
Legal Basis: Section 6 of Legislative Decree 1372 and Section 7 of Supreme Decree 003-2019-EF