Transfer Pricing is regulated in Peru since fiscal year 2001 in the Income Tax Law (article 32-A) and other regulatory and/or complementary rules. Transfer Pricing rules apply to transactions between related parties (in the terms set forth in Article 24 of the Income Tax Law Regulations) and for transactions made to, or through, low taxes countries or territories or tax havens . Since 2001, the legislation has had many changes, the last one occurred on December 30th and 31st, 2016, with the publication of Legislative Decrees 1311, 1312 and 1315 in which the entire regime was adapted to Action 13 of the BEPS Plan. The substantial obligation to comply with the Arm's Length Principle, as defined by the OECD, has not changed since 2001. However, formal obligations have changed several times. 
Nowadays, the formal obligations are:
  1. The Local File
  2. The Master File
  3. The Country-By-Country Report.
These formal obligations contrast with those in force until December 31st, 2016, as follows:
Penalties for non-compliance with the formal obligations in force are as shown in the following table:
(10) (20) It may not be less than 10% of the UIT or more than 25 UIT's
The methods to be used to verify compliance with the Arm's Length Principle are the same as the OECD methods, with the particularity of applying the so-called sixth method (Comparable Uncontrolled Prices in its external version) for commodities case. The rule of the "best method rule" or method that best reflects the economic reality of the operation (except for commodities) is applied. Thus, the methods that can be applied are: Uncontrolled Comparable Price, Increased Cost, Resale Price, Profit Partitioning, Residual Partitioning of Profits and Net Transactional Margin.
Peruvian rules also regulate Advance Pricing Agreement and low adding value services; transfer pricing adjustments ; adjustments as a result of Double taxation Conventions; interquartile ranges: coefficient of variation; . In addition, since fiscal year 2017, the so-called "benefit test" is also considered in case of services received.