Cristina de la Piedra

Principal Associate
  • Biography

    Tax lawyer with experience in tax consulting of national and foreign enterprises, especially for financial institutions, retail and mining companies, among others, regarding to the tax treatment of derives, income tax treaties, tax planning, tax compliance, shareholders reorganizations and the impact of tax court resolutions. Conducted due diligence for merger and acquisition process and reorganization transactions.

  • Experience

    • Advised several Swedish individuals referred by the Stockholm office of Baker & McKenzie in the filing of a Mutual Agreement Procedure under the Sweden-Peru tax treaty and reimbursement request before the Peruvian Tax Authority.
    • Advised Security Internacional SPA. in its PEN 100 million (approximately US$30 million) acquisition of Inversiones Security Peru S.A.C. from Seguros Vida Security Previsión S.A., a related party, as part of the corporate reorganization of Grupo Security in Chile.  Inversiones Security Peru S.A.C. holds 61% of Protecta S.A. Compañía de Seguros, a leading Peruvian insurance company. Our advice include obtaining, the tax basis certificate of amount of USD 24.9M required by Seguros Vida Security Prevision S.A. to deduct the tax cost of the shares transferred and support the seller with the verification tax procedure carried out by the Peruvian Tax Authority to verify that the capital gain tax, calculated in USD 1.8M was duly determined.
    • Valero Energy Corporation, through some of its subsidiaries, acquired 100% of Pure Biofuels del Peru S.A.C. (“PBF”) from Pegasus Capital Advisors L.P., PBF management, and its minority shareholders effective May 14, 2018. Our firm was engaged by the buyers for analyzing the structure proposed by the sellers and determining if necessary an alternative structure from both the seller and the buyer side considering the possibility of triggering an indirect transfer tax in Peru, the application of the Canada-Peru tax treaty that prevents such tax, and the most efficient structure for the exit. An analysis was also made in connection with a possible corporate reorganization of the local entities post acquisition.
    • Advised from a tax perspective Celistics Epayment S.L. in its PEN 57 million (approximately US$17.2 million) acquisition for controlling 60% equity interest in the Red Digital del Peru S.A.C. Our tax services included: (i) advice to determine the best possible acquisition structure considering the number of investments that the holding company would end up having in Peru; and, (ii) advice in connection with the most tax efficient manner for obtaining an acquisition finance.
    • Advised Banco Santander SA - after they completed the acquisition of the 99% (purchase of USD 37.3 million) of the company Edpyme Santander Consumo Peru SA.- for designing, planning and recommending a new business structure that will allow Edpyme Santander Consumo Perú SA granting financial services to the final clients of their former partner SK Berge, a Peruvian automobile  distributor. Our tax advice included the recommendation of the most suitable legal form under the Peruvian law for entering into a JV agreement, assessing the tax consequences and potential tax risks for the Income Tax and VAT, based on the controversial and opposed criteria of the Peruvian Tax Authority and the Peruvian Tax Court.
    • Advised Savia in a tax expert opinion to assess the allocation of the economic tax burden of an omitted WHT by one of the targets purchased (PEPESA), in the course of an ongoing arbitration between Korea National Oil Corporation and Ecopetrol (Purchaser and Our Client) vs. Offshore Exploration and Production LLC. Our advice included the analysis of all the agreements and documents related to the underlying services that triggered the omitted WHT allocated initially by the Seller after the Straddle Period.
    • Advise IBM on the design and implementation of the corporate reorganisation of its subsidiaries in Peru for the segregation of its infrastructure management services business. This include also the advice on the tax effects of their global reorganisation up in the holding chain to consider their tax effects in the Peruvian jurisdiction.  The complexity of the advice includes: i) the analysis and potential application of the indirect transfer rules; ii) the analysis of the potential application of the General Anti-avoidance Rule; (iii) the analysis of the Peruvian tax effects of repo agreements under foreign law.
  • Publications


    • Las Penalidades En Tiempo De Pandemia Y El Cuidado Para Su Deducción, Legal Blog of the Newspaper Gestion; 2020.
    • La Suspensión Y Reducción De Los Pagos A Cuenta Del Impuesto A La Renta, Una Medida Imprescindible A La Que El Ejecutivo Debiera Dar Inmediata Prioridad, Legal Blog of the Newspaper Gestion; 2020.
    • Flexibilización al límite de deducción de intereses por financiamientos. Una medida imprescindible en medio de la crisis. Legal Blog of the Newspaper Gestion; 2020.


    • Speaker, "Navigating relevant tax matters in LATAM during COVID-19 era" 2020.
    • Speaker, "2021 América Latina - Actualización sobre Impuestos, 2021".
  • Education

    • New York University School of Law, New York, LL.M. in International Tax, May 2014.
    • ITC Leiden Summer Course in International Tax (July 2012).
    • Law School of Universidad De Lima, Lima, Peru, Licenciado en Derecho (Law Degree), Magna Cum Laude, July 2008.


    • Lima Bar Association, 2011.


    • International Fiscal Association (IFA) - Member, Peruvian Group.
    • Peruvian Institute for Tax Law (IPDT) - Member.
  • Additional Information


    • Principal Associate at Estudio Echecopar (July 2017).
    • Intern of the International Monetary Found, Washington D.C., United States (August 2014 – September 2014).
    • Consultant of the General Division of Public Income Policy, Ministry of Economy and Finance, Lima, Peru (February 2012 – July 2013).
    • Senior Tax Consultant, Ernst & Young, Lima, Peru (July 2011 – January 2012).
    • Tax Assistant, Ernst & Young, Lima, Peru (May 2009 – July 2011).
    • Teacher Assistant, Pontificia Universidad Catolica del Peru, Lima Peru, Taxation of Financial Instruments - Master Degree Program.