Chile launches public consultation on MAP
The Internal Revenue Service (SII) of Chile has launched a public consultation on a draft circular that aims to clarify the 3-year deadline for submitting a mutual agreement procedure (MAP) request. The SII is accepting feedback from the public
See MoreChile joins International Compliance Assurance Program
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax compliance
See MoreOECD announces that Chile has joined the ICAP
On 24 February 2022 the OECD announced that Chile has joined the International Compliance Assurance Program (ICAP). The ICAP is a voluntary risk assessment and assurance program whose objective is to facilitate greater cooperation in tax
See MoreOECD: Stage two peer review report on Chile’s compliance with BEPS action 14
On 26 July 2021 the OECD published the stage two peer review report on Chile’s compliance with the minimum standard under action 14 of the action plan on base erosion and profit shifting (BEPS). BEPS Action 14 is concerned with making dispute
See MoreChile: Tax authority extends deadline of income tax return and payments for SMEs
On 30 April 2021, the Tax authority declared that taxpayers may file their 2021 income tax declaration until 31 May 2021, as a way to facilitate compliance with this tax responsibility, which occurs in a period marked by the health emergency and
See MoreChile: Avery Dennison wins Chile transfer pricing dispute
On 31 March 2021, the Tax Tribunal issued its decision in one case of: Chile v Avery Dennison Chile S.A. , relating to the appropriateness of the inter-company loan interest rates of Avery Dennis and the price of the goods sold to the company by
See MoreIMF Recommends Tax Measures and Structural Reforms in Chile
On 9 March 2021 IMF staff issued a concluding statement following discussions with Chile under Chile has issued wide policy responses to the pandemic and its macroeconomic policies and institutions remain strong. The economy is recovering from
See MoreChile: BEPS MLI enters into force
On 1 March 2021, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, MLI entered into
See MoreOECD and IMF: Report on Analysis of Tax Expenditures in Chile
A report was issued on 23 November 2020 following a mission conducted by staff from the IMF and the OECD from April to October 2020. The main purpose was to provide technical support in relation to the methodology for reviewing Chile's tax
See MoreChile deposits BEPS MLI ratification instrument
On 26 November 2020, OECD has published the updated position of signatories’ countries regarding the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Accordingly, Chile on 26
See MoreChile: Government publishes Law regarding new COVID-19 tax incentives package
On 2 September 2020, Government Officially published Law 21.256 regarding new COVID-19 tax incentive packages for those who are badly affected by coronavirus pandemic. Previously, on 18 August 2020, the Senate approved this Bill. The measures
See MoreChile: SII publishes new transfer pricing reporting obligations
On 31 August 2020, the Internal Revenue Service (SII) published a Resolution No. 101, which establishes the obligations for companies to submit master file (Form 1950) and local file (Form 1951) respectively. The Resolution includes both Forms. The
See MoreOECD: Global Forum issues peer review reports on transparency and exchange of information
On 1 September 2020 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes issued nine new second-round peer review reports containing details of their review and assessment of the compliance by nine jurisdictions
See MoreChile: SII publishes a Letter regarding thin capitalization rules
On 31 July 2020, the Chilean tax Authority (SII) published a Letter Ruling No. 1475 of 31 July 2020, which addresses whether interest payments on a loan agreement concluded in 2014 between a Chilean resident company and a non-resident related party
See MoreChile: Senate approves the ratification of BEPS MLI
On 9 July 2020, the Senate approved the ratification of multilateral convention to implement tax treaty related measures to prevent BEPS (MLI). After the ratification process, Chile will need to deposit its ratification instrument to bring the
See MoreChile: Tax authority suspends advance corporate tax payments and VAT payments
On 8 July 2020, the tax authority published a Resolution 76/2020 to suspend the provisional corporate tax payments obligations for the months July, August, and September 2020 respectively. Note that, this relief applies to micro, small and
See MoreChile: Government announces speedy VAT credits for small businesses
On 30 June 2020, the Government announced that small businesses may receive speedy refunds within 10 days on VAT credits if they can show more than 30% drop in
See MoreChile: President announces tax measures due to COVID-19
On 19 March 2020, the President, Sebastián Piñera, announced tax measures due to the economic impact of the global Covid-19 pandemic. The tax measures include: The monthly provisional payments of corporate income tax is to be suspended for the
See More