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Chile Update
New simplified procedure and
exemption from administrative
duties for foreign investors
According to Resolution No. 36 of 2011 of the IRS,
investors without domicile or residence in Chile including,
under certain conditions, those taxpayers domiciled,
resident or incorporated in countries or territories that are
considered tax havens or preferential tax regimes, can get
their tax identity number in a simplified procedure and be
released from obligations to give notice of the start up of
activities, keep accounting records and submit an annual
income tax return derived from capital or operations
indicated below, when operating through institutions
operating in Chile as their "agents responsible for tax
purposes in Chile”.
To this end, the Chilean source income should come only
from certain investments or operations pointed out in
Resolution No. 36, such as the purchases and sales of
shares of publicly traded corporations, investment in
derivative instruments (known as forwards, futures, swaps),
investments in fixed income instruments, instruments of
financial intermediation, in mutual funds shares, in
investment funds shares and others.
Any interested party may request the IRS to consider other
operations not included in Resolution No.36.
The "officials responsible for tax purposes in Chile" or simply
"agents" are, among others, the banking institutions operating
in Chile, stockbrokers, securities dealers, the overall fund
management companies, mutual fund administrators and
administrators of public funds who areestablished in the
country.
For more information please contact:
Antonio Melys
Tax Division Director
PKF Chile Auditores Consultores Ltda
T: +56 2 650 43 00
E: amelys@pkfchile
13 // PKF International Tax Alert All Regions
Issue 8 November 2011