On September 25, 2024, Congress approved the bill titled "Compliance with Tax Obligations,"
focusing on strengthening the control of informal commerce, addressing tax crimes and aggressive
tax planning, regulating tax obligations, enhancing oversight entities, and expanding the authority of
taxpayer advocacy.
The law was officially published on October 24, 2024, in the Official Gazette and is now fully in
effect. Below is a summary of the most significant changes introduced by this legislation:
1. Voluntary and Extraordinary Procedure for Declaring Foreign Assets or Income
This provision allows for the regularization of undeclared assets and income abroad. Declarations
must be submitted from the publication of the law until November 30, 2024.
A single tax rate of 12% will be applied to the declared income.
2. Early Termination of Pending Judicial Procedures with Waivers of Fines and Interest
This measure allows for the resolution of judicial disputes over tax assessments and liquidation
claims filed before Tax and Customs Courts, appellate courts, or the Supreme Court, provided they
were initiated before January 1, 2024, and remain active.
Applications may be submitted starting the month following the law’s publication, with the Internal
Revenue Service (SII) given three months to respond.
3. General Anti-Avoidance Rule (GAAR)
Improvements to procedural rules clarify the relationship between anti-avoidance regulations and
specific provisions, distribute the burden of proof, and establish an executive committee. This
modification takes effect the first day of the month following the law’s publication.
4. Oversight of Business Groups
Introduces comprehensive and unified oversight of business groups, eliminating discrepancies
among SII units. Effective the first day of the month following the law’s publication.
5. Multi-Jurisdictional Oversight and Other Procedures
Regional directors will be authorized to carry out procedures for any taxpayer in any Chilean
territory. This change is effective from January 1, 2025, for certain regions and from 2026 for the
rest of the country.
6. Notification Procedures
SII is required to notify taxpayers via email, amending Article 11 of the Tax Code. Effective May 1,
2025.
7. Determination and Payment of Interest on Tax Arrears
Article 53 is amended to impose a daily penalty interest on overdue taxes, calculated based on the
current interest rate applicable to one-year or longer adjustable operations in national currency, up
to the equivalent of 2,000 UF, as published by the Financial Market Commission, increased by
3.5%. Effective January 1, 2025.
8. Obligations for Intermediary Platforms and Other Entities
Public entities, payment administrators, and digital platform operators must require their clients to
initiate business activities. Effective six months after the law’s publication.
9. Financial Institutions’ Reporting Obligations
Financial institutions are required to report deposits received if they involve more than 50
transactions from different individuals in a month or 100 deposits over six months. The first report is
due in the second half of 2024.
10. Control of Suppliers Selling Used Movable Goods
Frequent sellers of used movable goods and other cases determined by the SII director must issue
tax documents identifying the supplier, acquired goods, and quantities. Effective the first day of the
month following the law’s publication.
11. Traceability of Cash Purchase and Sale Transactions
Transactions involving amounts between 50 UF and 135 UF may be paid using any legal payment
method, provided the payer’s identity is recorded in a relevant document. Effective January 1, 2025.
12. Anonymous Whistleblowers and Substantial Cooperation
Mechanisms are introduced to encourage effective cooperation through anonymous whistleblowers.
Effective six months after the law’s publication.
13. Transfer Pricing Rules
Updates transfer pricing regulations to incorporate the arm’s length principle, validating cost
processes, and eliminates the 5% penalty on pricing discrepancies. Effective the first day of the
month following the law’s publication.
14. New Rules on Passive Income Relationships
Amends rules for identifying controlled entities, introducing new criteria for defining relationships
(spouses, civil partners, ascendants, or descendants up to the second degree). Effective January 1,
2025.
15. VAT on Purchases from Non-Residents
Expands VAT application to the purchase of goods located abroad destined for Chile. Effective
twelve months after the law’s publication.
16. Changes to Export VAT Regulations
Amends rules on reimbursements and oversight. Effective the first day of the month following the
law’s publication and six months after a Supreme Decree.
17. Modifications to the “Luxury Tax”
Resolves issues in applying the luxury tax by clarifying affected parties and applicable values.
Effective the first day of the month following the law’s publication.
