Chile’s Tax Administration (Servicio de Impuestos Internos, SII) has initiated a public consultation regarding the implementation of the new temporary tax amnesty on foreign income and assets introduced in Article 11 (Transitory) of Law 21,713-2024.
The Draft Circular 3042 regarding the consultation has been published and is open for public comments until 12 November 2024.
The draft circular highlights various provisions concerning the amnesty, such as taxpayers’ ability to file returns for foreign income and assets, details on which assets qualify for tax amnesty, proof of origin for income or goods, and guidance on bringing assets into Chile.
It also covers valuation rules for non-declared income, requirements for requesting information from financial institutions, and an explanation of the tax amnesty reporting procedures, including notices, declarations, and consequences of the amnesty period’s end.
