Published and draft legislation - Peru

Funding facilities for Mipymes through factoring and discounting

Law 30308/2015, 12th March

Law 30308 forms part of the National Plan for Productive Diversification approved by the government of Peru in July 2014. Its main aim is to improve financing conditions for micro, small and medium-sized enterprises (MSMEs) and increase their productivity.

Factoring is a funding instrument that recognises invoices as representing the monetary amount billed, so that they can be assigned and endorsed, empowering their holders to obtain liquidity through factoring companies or financial institutions.

This legislation aims to bring down the barriers preventing MSMEs from entering the market for factoring, encouraging competition between institutions offering such services. The SUNAT (Superintendencia Nacional de Aduanas y de Administración Tributaria) is placed in charge of overseeing compliance with the obligations set forth in the law.

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SUNAT-authorised printing presses will have to issue a third copy of all commercial invoices, to make it easier for MSMEs to transfer them more simply and quickly to third parties in exchange for money. This will give them access to the financial system and to short-term liquidity without needing to borrow, and at more competitive discount rates