Credicorp announced cancellation of a S/ 1.6 billion tax assessment from SUNAT, affirming commitment to compliance and legal rights.
Quiver AI Summary
Credicorp Ltd., a leading financial services holding company in Peru, announced on August 14, 2025, that the Peruvian Tax Authority has canceled a tax assessment and fine totaling approximately S/ 1.6 billion soles, which had been disclosed on June 30, 2025. Despite this cancellation, the company maintains its stance regarding the case's merits and intends to use all legal avenues to contest the original resolutions. Credicorp remains confident about a favorable outcome, assessing the contingency as remote and thus not requiring any expense provisions. The company reiterates its commitment to regulatory compliance and the protection of its stakeholders' interests.
Potential Positives
- The cancellation of the S/ 1.6 billion tax assessment and fine resolutions removes a significant financial burden and potential liability from the company.
- The update clarifies the Company’s standing regarding its tax obligations, which may enhance investor and public confidence.
- Credicorp's reaffirmation of its commitment to legal rights and regulatory compliance demonstrates a proactive approach to governance and risk management.
Potential Negatives
- The company's ongoing legal dispute with the Peruvian Tax Authority highlights potential vulnerabilities in its regulatory and tax compliance practices.
- Despite the cancellation of the tax assessments, the reaffirmation to challenge the resolutions could be seen as an indication of underlying issues that may affect the company's reputation and financial stability.
- The statement of no expense provisions being deemed necessary may raise concerns among stakeholders about the accuracy of the company's risk assessments regarding the tax dispute.
FAQ
What recent tax dispute update did Credicorp announce?
Credicorp announced the cancellation of a S/ 1.6 billion tax assessment by the Peruvian Tax Authority.
How does Credicorp plan to address the tax assessments?
Grupo Credito intends to exercise all legal rights to challenge the tax resolutions issued by SUNAT.
What is Credicorp's stance on the merits of the tax case?
The company maintains its position regarding the merits of the case while assessing potential obligations as remote.
What is Credicorp’s commitment regarding regulatory compliance?
Credicorp reaffirms its dedication to full regulatory and tax compliance, safeguarding the interests of employees, clients, and shareholders.
In which countries does Credicorp operate?
Credicorp operates in Peru, Chile, Colombia, Bolivia, and Panama as a leading financial services holding company.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Lima, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Lima, Peru – August 14, 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, today provided an update regarding the tax dispute disclosed on June 30, 2025.
The Company announced that the total amount of the Tax Assessment Resolutions and Fine Resolutions issued by the Peruvian Tax Authority (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT) on June 27, 2025, totaling approximately S/ 1.6 billion soles, has been cancelled. This update does not alter the Company’s position regarding the merits of the case and resolves any potential misperception of outstanding obligations to the Peruvian State.
Grupo Credito has reaffirmed its decision to exercise all legal rights available to challenge the Resolutions. While the Company remains confident in a favorable outcome and continues to assess the contingency as remote, no expense provisions have been deemed necessary.
Credicorp reiterates its commitment to full regulatory and tax compliance, and to safeguarding the interests of its employees, clients, and shareholders.
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:
[email protected]
Investor Relations
Credicorp Ltd.
