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Chile: Summary report of tax developments

Chile: Summary report of tax developments

The KPMG member firm in Chile has prepared a report that addresses the following topics:

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  • Additional tax measures in the COVID-19 emergency plan
  • Special benefit for independent workers
  • The tax authority (SII) instructions on taxation and value added tax (VAT) administration regime for services performed by providers domiciled or residing abroad
  • Instructions regarding the substitute tax under the FUT regime*

*The FUT or “taxable profits fund” mechanism (Fondo de Utilidades Tributables) is used to encourage the reinvestment of profits in Chile, by deferring shareholder-level taxation when the profits are reinvested in Chile—rather than being distributed to shareholders.

  • Instructions on consultations regarding interpretation and application of tax provisions
  • Exchanges of shares between companies that arise from a corporate division
  • Tax treatment of income from a lease with purchase option
  • Tax treatment of products that are exported and sold abroad
  • Tax treatment of the sale of real property
  • VAT return associated with an import in instance of taxpayers under the deferred tax payment plan
  • Tax treatment of commissions charged in operations with virtual prepaid cards
  • Consultations regarding the export of services
  • Billing in temporary supplier unions
  • Tax effects regarding the merger of two private investment funds
  • SII clarification of application criteria for determining the annual average income from the business in order to use the expense for depreciation of fixed assets


Read a July 2020 report (Spanish) prepared by the KPMG member firm in Chile
 

For more information, contact a tax professional with KPMG’s Americas Center or with the KPMG member firm in Chile:

Alfonso A-Pallete | +1 212 954 3852 | apallete@kpmg.com

Rodrigo Stein | +56 2 2997 1412 | rodrigostein@kpmg.com

Andres Martinez | +56 2 29971459 | avmartinez@kpmg.com

Alberto Cuevas | +56 2 29971401 | albertocuevas@kpmg.com

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

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