Chile: Exemption from Least Developed Countries’ exports
The World Trade Organization (WTO) has said that Chile has joined a number of developing countries that have opened their markets to products from least-developed countries (LDCs) by waiving duties and quotas on June 30, 2014. Since 28 February
See MoreChile: Claim for education tax break rise of 16%
Chile's Internal Revenue Service (SII) reported that 284,494 taxpayers have claimed a tax rebate for expenses regarding children’s education this year, an increase of 16% from previous year. The total amount claimed was CLP25.45bn (USD45.84m),
See MoreChile revives negotiation on Free Trade Zone in Antofagasta for Paraguay
Chilean Foreign Minister and his Paraguayan counterpart recently revived negotiations on a free zone for Paraguayan businesses stayed at the Chilean port of Antofagasta. The proposal is actually drafted in 1968 to denominate the port of Antofagasta
See MoreChile: TP Return is due end of June
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
See MoreChile proposes tax reform
Chile is embarking on a tax reform that will affect both direct and indirect taxes. A Bill is under discussion in the National Congress and this covers important changes to the existing tax laws. The Bill aims to raise the corporate tax rate from
See MoreChilean President submitted Tax Reform Bill
The Chilean President has sent a tax reform bill to Congress. This bill is intended to raise the government’s tax revenue by around USD8.2bn annually by tax increases including an increase in the corporate tax rate to 25 percent by the year 2017.
See MoreChile introduces instructions on modifications included in Law 20.630
Chile issued a Circular on 11 March 2014 giving guidance on modifications to Law 20,630 dealing with international tax issues. A number of tax provisions were amended by the law including a rise in the First Category Tax and a tax on indirect
See MoreFinland and Chile Sign US FATCA
On March 5 2014 the United States signed intergovernmental agreements (IGAs) with Finland and Chile to implement the Foreign Account Tax Compliance Act (FATCA). Â A total of twenty four of these IGAs have so far been signed by the US in connection
See MoreUS: DTA Protocols between the United States and various countries
The US Senate Committee on Foreign Relations held talks on February 26, 2014, on the double taxation agreement (DTA) Protocols between the United States and Switzerland and Luxembourg, and DTAs with Hungary and Chile, as part of the nation's
See MoreUS: Finland and Chile Sign FATCA Pacts
On March 5, 2014 the United States signed intergovernmental agreements (IGAs) with Finland and Chile to implement the Foreign Account Tax Compliance Act (FATCA). To date, twenty four of these bilateral agreements have been signed between the US and
See MoreChile – amends FTC rules
Chile has amended Article 41A of the Income Tax Law to reduce the caps on bilateral and unilateral foreign tax credits for certain types of income. The changes to the income tax law affect the credit claimed for income taxes paid or withheld
See MoreChile: New tax reporting format
The tax authorities have provided a new reporting format for the declaration that Chilean individuals and foreign individuals that have been domiciled or resident in Chile for more than 3 years must file a return by 19 March 2014 to report foreign
See MorePacific Alliance signs a free trade agreement
On February 10, at the eighth summit meeting of heads of state from the Pacific Alliance (PA), comprised of Chile, Colombia, Mexico, and Peru, a deal was signed that will remove 92% of tariffs on goods and services traded between the four countries.
See MoreChile changes foreign tax credit system
On 31 January 2014, the Chilean government published in the official Gazette Law 20.727, which makes changes to the country’s foreign tax credit (FTC) rules. The FTC amendments increase the availability of FTCs for indirectly owned foreign
See MoreChile- Combine tax treatment of corporations and partnerships
Chile's tax administration has issued several guidelines on December 18, 2013 for measuring income tax related to corporations and partnerships. These measures also include some treatments for employee benefits. Ley 20.630, which considered both
See MoreChile- New Bill is proposed to limit taxation of Senior Citizens
The Finance Minister of Chile proposed a new bill on November 8, 2013 for limiting the amount of tax payable for senior citizens with low incomes. The measure is taken to help the poorer people of this nation. The bill states that if an individual
See MoreChile: OECD convention for Mutual tax assistance has been signed
The Organization for Economic Co-operation and Development (OECD) announced that on October 24, 2013 Chile, as the 59th country, signed the OECD's agreement for mutual administrative assistance in tax. This agreement is being considered as an
See MoreChile-Thailand FTA signed
The Free Trade Agreement (FTA) has signed between Chile and Thailand on October 4, 2013. This follows a feasibility study by a Joint Study Group and further negotiation between the two countries. The agreement will remove 90% of tariffs on products
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