Credicorp Ltd.: Credicorp Takes Legal Action to Defend Rule of Law in Tax Dispute with SUNAT
Credicorp Ltd. (NYSE:BAP), Peru's leading financial services holding company, has initiated legal action against SUNAT (Peruvian Tax Administration) regarding a tax dispute. The conflict centers on share transactions conducted in 2018 and 2019, where Grupo Crédito S.A. purchased Banco de Crédito del Perú shares from Credicorp through the Lima Stock Exchange.
SUNAT is now seeking over S/. 1.5 billion in alleged unpaid income tax and interest, despite these transactions being previously cleared by SUNAT's own Review Committee and being tax-exempt under Peruvian law at the time. The transactions were conducted transparently and approved by relevant regulatory bodies including SMV, SBS, and CAVALI.
The company states that no expense provisions are required under International Accounting Standards and will pursue all appropriate legal and administrative channels to address this matter.
Credicorp Ltd. (NYSE:BAP), principale holding di servizi finanziari del Perù, ha avviato un'azione legale contro SUNAT (l'Amministrazione Tributaria Peruviana) riguardo a una controversia fiscale. La disputa riguarda operazioni azionarie effettuate nel 2018 e 2019, durante le quali Grupo Crédito S.A. ha acquistato azioni del Banco de Crédito del Perú da Credicorp tramite la Borsa di Lima.
SUNAT ora reclama oltre S/. 1,5 miliardi per presunte imposte sul reddito non pagate e interessi, nonostante queste operazioni fossero state precedentemente approvate dalla Commissione di Revisione di SUNAT e fossero esenti da imposte secondo la legge peruviana vigente all’epoca. Le transazioni sono state condotte in modo trasparente e approvate dagli enti regolatori competenti, tra cui SMV, SBS e CAVALI.
L’azienda afferma che non sono necessarie accantonamenti per spese secondo gli Standard Internazionali di Contabilità e intende utilizzare tutti i canali legali e amministrativi appropriati per risolvere la questione.
Credicorp Ltd. (NYSE:BAP), la principal empresa holding de servicios financieros de Perú, ha iniciado acciones legales contra SUNAT (Administración Tributaria Peruana) por una disputa fiscal. El conflicto gira en torno a transacciones de acciones realizadas en 2018 y 2019, donde Grupo Crédito S.A. compró acciones del Banco de Crédito del Perú a Credicorp a través de la Bolsa de Lima.
SUNAT ahora reclama más de S/. 1.5 mil millones por supuestos impuestos sobre la renta no pagados e intereses, a pesar de que estas transacciones fueron previamente autorizadas por el Comité de Revisión de SUNAT y estaban exentas de impuestos según la ley peruana vigente en ese momento. Las transacciones se realizaron de manera transparente y fueron aprobadas por los organismos reguladores correspondientes, incluyendo SMV, SBS y CAVALI.
La empresa indica que no se requieren provisiones por gastos bajo las Normas Internacionales de Contabilidad y buscará todos los canales legales y administrativos adecuados para resolver este asunto.
Credicorp Ltd. (NYSE:BAP), 페루를 대표하는 금융 서비스 지주회사, SUNAT(페루 국세청)을 상대로 세금 분쟁에 관한 법적 조치를 시작했습니다. 이 분쟁은 2018년과 2019년에 이루어진 주식 거래에 관한 것으로, Grupo Crédito S.A.가 Lima 증권거래소를 통해 Credicorp로부터 Banco de Crédito del Perú의 주식을 매입한 건입니다.
SUNAT은 해당 거래가 SUNAT 자체 검토위원회의 승인을 받았고 당시 페루 법률에 따라 세금 면제 대상임에도 불구하고, 15억 솔 이상에 달하는 미납 소득세 및 이자를 요구하고 있습니다. 거래는 투명하게 진행되었으며 SMV, SBS, CAVALI 등 관련 규제 기관의 승인을 받았습니다.
회사는 국제회계기준에 따라 비용 충당금이 필요 없다고 밝히며, 이 문제를 해결하기 위해 모든 적절한 법적 및 행정적 절차를 진행할 예정입니다.
Credicorp Ltd. (NYSE:BAP), la principale société holding de services financiers du Pérou, a engagé une action en justice contre SUNAT (Administration fiscale péruvienne) concernant un litige fiscal. Le différend porte sur des transactions d’actions réalisées en 2018 et 2019, lorsque Grupo Crédito S.A. a acheté des actions de la Banco de Crédito del Perú à Credicorp via la Bourse de Lima.
SUNAT réclame désormais plus de 1,5 milliard de S/. au titre d’impôts sur le revenu non payés et d’intérêts présumés, malgré le fait que ces transactions aient été préalablement validées par le Comité de révision de SUNAT et étaient exonérées d’impôts selon la législation péruvienne en vigueur à l’époque. Les transactions ont été menées de manière transparente et approuvées par les autorités de régulation compétentes, notamment la SMV, la SBS et CAVALI.
La société déclare qu’aucune provision pour charges n’est requise selon les normes comptables internationales et qu’elle poursuivra toutes les voies légales et administratives appropriées pour régler cette affaire.
Credicorp Ltd. (NYSE:BAP), das führende Finanzdienstleistungs-Holdingunternehmen Perus, hat rechtliche Schritte gegen SUNAT (peruanische Steuerverwaltung) wegen eines Steuerstreits eingeleitet. Der Konflikt betrifft Aktiengeschäfte aus den Jahren 2018 und 2019, bei denen Grupo Crédito S.A. über die Börse von Lima Aktien der Banco de Crédito del Perú von Credicorp erworben hat.
SUNAT fordert nun über 1,5 Milliarden S/. an angeblich nicht gezahlter Einkommensteuer und Zinsen, obwohl diese Transaktionen zuvor vom Überprüfungsausschuss der SUNAT genehmigt wurden und zum damaligen Zeitpunkt nach peruanischem Recht steuerfrei waren. Die Transaktionen wurden transparent durchgeführt und von den zuständigen Aufsichtsbehörden SMV, SBS und CAVALI genehmigt.
Das Unternehmen erklärt, dass nach den Internationalen Rechnungslegungsstandards keine Rückstellungen erforderlich sind und wird alle geeigneten rechtlichen und administrativen Wege verfolgen, um die Angelegenheit zu klären.
- Transactions were previously validated by SUNAT's Review Committee as compliant
- Company maintains strong legal position with documented regulatory approvals from multiple authorities
- No expense provisions required under International Accounting Standards
- SUNAT seeking over S/. 1.5 billion in alleged unpaid taxes and interest
- Legal uncertainty created by tax authority's disregard of its own Review Committee's decision
- Potential impact on company's operations in Peru due to regulatory unpredictability
Insights
Credicorp faces significant legal battle with Peru's tax authority over S/.1.5B claim despite prior favorable rulings and regulatory approvals.
Credicorp's legal dispute with SUNAT represents a significant regulatory challenge with material financial implications. The tax authority is pursuing approximately
The transactions in question involved Grupo Crédito S.A. purchasing Banco de Crédito del Perú shares from Credicorp through the Lima Stock Exchange. These transactions were structured to qualify for income tax exemptions under Peruvian law at that time, which applied when transferred shares didn't exceed
What's particularly concerning from a regulatory perspective is that these transactions had received multiple layers of regulatory approval - they were communicated to the securities regulator (SMV), approved by the banking regulator (SBS), and properly registered with CAVALI. More importantly, SUNAT's own Review Committee had previously validated these transactions and found no grounds for tax elusion claims.
SUNAT's decision to disregard its Review Committee's binding ruling represents an unusual regulatory action that creates significant legal uncertainty. While Credicorp states no accounting provisions are required under International Accounting Standards (suggesting they believe their position is strong), this case highlights growing regulatory risk in Peru's business environment.
The reopening of a previously resolved matter by the same regulatory body undermines legal predictability for businesses operating in Peru and could signal broader governance concerns for investors. The outcome will test Peru's commitment to regulatory consistency and the rule of law in financial markets.
Lima, June 30, 2025 (GLOBE NEWSWIRE) -- Lima, PERU, June 30, 2025 - Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE:BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, through its subsidiary Grupo Credito S.A. initiates legal action against the Peruvian Tax Administration (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT), for disregarding the law and the decision of SUNAT´s Review Committee (Comité Revisor), whose rulings are binding under current legislation. The Company expresses concern that SUNAT is ignoring the legal framework in effect at the time of the transactions in question, thereby undermining legal certainty for companies operating in Peru.
The transactions in question involved Grupo Crédito S.A. purchasing Banco de Crédito del Perú (BCP) shares from Credicorp Ltd. in 2018 and 2019, through the Lima Stock Exchange. At the time, Peruvian law exempted such transactions from income tax, provided that the transferred shares did not exceed
These transactions were communicated to the Superintendencia del Mercado de Valores (SMV), approved by the Superintendencia de Banca, Seguros y AFP (SBS), and duly registered with Registro Central de Valores y Liquidaciones (CAVALI). They were conducted transparently and in full compliance with applicable legal and regulatory requirements.
Credicorp notes that this case was previously reviewed by SUNAT’s own Review Committee, which confirmed the authenticity of the transactions and found no grounds for tax elusion claims. Nevertheless, SUNAT has reopened the matter and is now seeking over S/. 1.5 billion in purported unpaid income tax and accrued interest. Credicorp views this action as a serious breach of legal predictability, given it involves both the disregard of established legal norms, and the reopening of a case already assessed and resolved by SUNAT’s own Review Committee. In accordance with International Accounting Standards, no expense provisions are necessary.
Credicorp is evaluating this new development and will respond through all appropriate legal and administrative channels. Grupo Crédito S.A., the entity involved, reaffirms its commitment to full regulatory and tax compliance, and to protecting the interests of its employees, clients, and investors.
About Credicorp:
Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.
For further information please contact the IR team:
investorrelations@credicorpperu.com
Investor Relations
Credicorp Ltd.
FAQ
What is the tax dispute between Credicorp (NYSE:BAP) and SUNAT about?
Why is Credicorp (BAP) taking legal action against SUNAT in 2025?
How much is SUNAT claiming from Credicorp in unpaid taxes?
Will Credicorp (NYSE:BAP) need to make provisions for the SUNAT tax claim?
Were Credicorp's 2018-2019 share transactions approved by regulators?
