(Reuters) -Credicorp, one of Peru’s largest financial holding companies, said on Monday that it has started legal action in a tax dispute with the country’s tax administration SUNAT.
Credicorp claimed that SUNAT is ignoring the legal framework reopening a case and asking the company for 1.5 billion soles ($422.65 million) for the Grupo Credito purchase of Banco de Credito del Peru shares from Credicorp in 2018 and 2019.
“At the time, Peruvian law exempted such transactions from income tax, provided that the transferred shares did not exceed 10% of the total outstanding shares of the issuing company within a 12-month period,” Credicorp said in a statement.
According to the company, the case was previously reviewed by SUNAT’s committee that found no grounds for tax elusion claims.
It added that “it is evaluating this new development and will respond through all appropriate legal and administrative channels.”
($1 = 3.5490 soles)
(Reporting by Aida Pelaez-Fernandez; Editing by Louise Heavens)
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