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Chile – Brutal Tax proposals impacting multinational entities

On 8 November 2019, the Chilean government reached an agreement with the Senate’s Finance Commission to strengthen the government’s social agenda. The three principles of such agreement are:1. To increase tax revenues to fund the Government’s social agenda. 2. To assist the aged population 3. To support SMEs from a tax perspective.  This agreement will probably also result in amendments to the original Tax Modernisation Bill submitted by the Government months ago, while other…

Chile – Tax reform implications for foreign investors

The enacted tax reform legislation introduces significant changes to Chile’s tax regime with measures that, among other items, are intended to increase tax revenue. Foreign shareholders will want to consider the effect of making certain elections (described below) and of making adjustments to their current structures, to address the potential Tax reform implications of the tax reform to their operations in Chile. Prior tax law Under the prior tax regime, Chile had an integrated tax system whereby…
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