Rising investment and consumption, improved terms of trade, and macroeconomic stability as well as the improving of the Peruvian economic policy are reasons for the huge economic growth in Peru. The metropolitan area of Lima houses around 7000 factories and that is another cause for the growth, thanks to the low cost infrastructure, well developed transport routes and highways and the quantity and high quality of the available workforce. Its main industrial activities include manufacturing, mining, fishing, and agriculture. Gold, zinc, cooper, and textiles are the major exports.
Contracting in Latin America is not a simple task and has many on-costs for employers. Most in country tax laws do not recognise contractors per se, hence contract workers may need to be remunerated as employees, taxes withheld and paid to various city, state and federal governments, and reserve funds held for other entitlements until end of contract. Please contact CXC Global for professional advice on the specific legislation applying in the country in order to facilitate contractors and foreign nationals working in Peru. Forward planning is of the essence to optimize costs. Peru has entered into Double Taxation Treaties with other countries.
For foreign national contract workers, contracting in Peru, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.
With our extensive experience and expertise in contractor management, and assisting organisations with their contingent workforce, CXC Global has the resources and solutions to manage the administration process associated with contracting in Peru, facilitating accounting services and administration, local tax calculations, social security registration, tax balancing and preparation of personal income tax return at the end of the tax year.