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Chile • practices, although it is expected that during the early years of implementation the tax administration will focuses on must take the taxpayer to tax court before any taxes are settled and collected. • Notwithstanding these points, tax advisors are getting their clients accustomed to hearing that “it’s not enough that it’s legal,” fearing the tax administration will adopt too an aggressive approach, considering that revenue is a key issue for President Bachelet’s other reforms. 2.9 Country position on OECD Base Erosion and Prot Shifting (BEPS) Action Plan • Even though the Chilean tax reform was not a direct result of the BEPS Action Plan, it shares many of its objectives or is inspired by them. • against BEPS, and the tax authorities are training people under the Action Plan’s guidelines. It is no coincidence that the current Commissioner authored some of the studies that were taken as a base for diagnosing the need for tax reform in Chile. • The Chilean tax reform, therefore, acknowledges several key issues contained in the BEPS Action Plan, some of which are listed below: • • New powers to audit digital systems of taxpayers • Creation of a specialized unit in 2014 • Hybrid mismatches • New obligations to inform trusts and foreign investments (and abundant related information) with severe penalties for noncompliance • CFC rules • • • New information obligations in regard to foreign investments • Risk and capital issues in relation to transfer pricing • transfer of functions within the same corporate group • rules (2012) certainly constitute the two main focal points by which Chile will seek to adjust its practices to the BEPS Action Plan. 2.10 Pending tax proposals • The Chilean tax reform constitutes a major overhaul from many perspectives, and thus, it has left little “pending” to reform. • to have them better prepared by the time the reform comes into full effect in 2017. The most important aspect of the tax court reform is the regulation of alternate dispute which today can only take place rather informally during the administrative proceedings stage. Formally, the tax authority is supposed to litigate everything up to the Supreme Court, which could be viewed as highly unusual in the context of • The tax court bill should also include the possibility for tax judges to apply for a seat in upper courts (which they cannot do today, discouraging many senior tax specialists from becoming judges), and more powers to judges. • Also, there is market speculation whether a new bill will be necessary to amend technical errors contained in the 2014 tax reform, although according to most specialists, the • CFC rules to enter into effect in 2016 • Interest deduction • New thin capitalization rules (2015) • Interest deduction related to abroad payments requires withholding tax payment on the remittance 56 | The outlook for global tax policy in 2015
Chile 2.11 Consultations opened/closed • bill without public consultation, by the time it reached the Senate, several congresspeople invited top economists, lawyers and accountants as experts to the discussion sessions. All of the “Big Four” professional services organizations also participated. • proposals from several private institutions or groups, though • The result was a negotiated reform that changed many of its original provisions, though kept its spirit and principles. • However, aside from the Congressional sessions, there were no institutionalized consultative processes on behalf of the The outlook for global tax policy in 2015 | 57
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The outlook for global tax policy i
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Tax twists and turns For more than
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where cuts in VAT rates were initia
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Ireland 2.11 Consultations opened/c
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Italy 2 | 2014 tax policy outlook 2
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Italy 2.7 Current tax policy and ta
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Japan 2.2 Fiscal consolidation vs.
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Japan • • for each stock owne
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Japan 2.9 Country position on OECD
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Luxembourg 2 | 2015 tax policy outl
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Luxembourg 2.4 Tax policy outlook f
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Luxembourg 2.10 Pending tax proposa
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Malaysia 2 | 2015 tax policy outloo
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Malaysia 2.3 Tax policy outlook for
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Malaysia 2.9 Country position on OE
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Mexico 2.2 Fiscal consolidation vs.
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Mexico 2.7 Current tax policy and t
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Netherlands • Additionally, the C
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Netherlands 2.4 Tax policy outlook
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Netherlands exemption, the tax tre
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New Zealand 2.2 Fiscal consolidatio
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New Zealand 2.6 Political landscape
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Poland 2.2 Fiscal consolidation vs.
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Poland 2.5 Fiscal stimulus in 2015
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Portugal 2 | 2015 tax policy outloo
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Portugal 2.4 Tax policy outlook for
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Russia 2 | 2015 tax policy outlook
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Russia 2.4 Tax policy outlook for 2
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Russia 2.9 Country position on OECD
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Slovak Republic 2.2 Fiscal consolid
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Slovak Republic VAT, GST and sales
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South Africa 2.2 Fiscal consolidati
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South Africa 2.8 Key tax policy cha
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South Korea 2.2 Fiscal consolidatio
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South Korea 2.6 Political landscape
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Spain 2.2 Fiscal consolidation vs.
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Spain 2.5 Fiscal stimulus in 2015
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Switzerland 2.2 Fiscal consolidatio
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Switzerland 2.5 Fiscal stimulus in
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Thailand • Continued sluggish eco
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Thailand 2.4 Tax policy outlook for
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Thailand 2.10 Pending tax proposals
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United Kingdom 2.2 Fiscal consolida
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United Kingdom 2.5 Fiscal stimulus
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United Kingdom 2.11 Consultations o
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United States • There is a desire
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United States 2.4 Tax policy outloo
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United States • Committee • C
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