The rules in Chile regarding transfer pricing for cross-border transactions were revised in September 2012. By the 2012 tax reform, there is a new requirement for particular taxpayers (for example, those with income above a specific threshold amount for the previous two tax years) to file an annual statement or return naming “Declaración Jurada 1907 de Precios de Transferencia” by the last business day of June of each year, on the basis of the taxpayer’s related-party transactions during the previous year. For filing the declaration or form 1907, taxpayers may get a one-time extension, of up to three months. Failure to file, or late filing or incomplete transfer pricing declaration on form 1907 may causes penalty assessment.
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