Chile enacted Law No. 21.716 which extends the deadline for the Regularisation Regime for Foreign Assets and Income, allowing taxpayers to regularise undeclared foreign assets and income with a 12% tax, granting amnesty for any civil, criminal, or legal liabilities.
The law extends this regime until 31 December 2024. The original deadline was 30 November 2024. The law also sets a deadline of 31 December 2024 from 30 November 2024 for taxpayers with ongoing legal proceedings related to transfer claims or tax settlements before Tax and Customs Courts, Courts of Appeals, or the Supreme Court.
These taxpayers can request an early termination of these cases, which is available as a one-time option. If the courts accept the adjusted debt, taxpayers can apply for total remission of interest and penalties.
Law No. 21.716 was published in the Official Gazette on 13 November 2024, amending the Law on Compliance with Tax Obligations (Law No. 21.713), announced by Chile’s Internal Revenue Service (SII).
