The tax administration has released circular 8 on 23rd January 2015 that gives the SII administrative interpretation regarding a tax amnesty announced by Law 20,780 which is effective in 2015. According to article 24 of transitory law 20,780, taxpayers may report during 2015 properties that are held abroad and income derived from those assets which will be 8% single flat rate. Taxpayers may file a return reporting assets or income between 1st January 2015 and 31st December 2015. In accordance with the instructions given by Circular 8, 8% tax is levied on the value of the assets or income.
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