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Scotiabank Peru loses tax case in supreme court

Peru's Supreme Court has ruled against Scotiabank Perú SAA in an appeal case involving a 482 million soles tax payment from some 20 years ago, SEMANAeconómica reported.

The case involves unpaid tax payments from 1997 and 1998 when Banco Wiese, acquired by Scotiabank in 2005, traded gold. The original payment amounted to 48 million soles but spiraled to 482 million soles on accumulated interests, before the bank paid the sum in late 2013 and early 2014.

Meanwhile, the Peruvian Constitutional Court, or the TC, will rule separately on Scotiabank's appeal regarding the amount of interest charged for the tax debt.

As of May 14, US$1 was equivalent to 3.27 Peruvian soles.