Chile Investors need a RUT Tax Number
Chile Investors need a RUT Tax Number There are two types of numbers commonly referred to as a “RUT” in Chile. A temporary RUT for foreigners is only a tax payer ID number. Another type of “RUT” (sometimes called RUN) is for Chilean citizens and Chilean Residents. The permanent RUT for citizens and national is a national ID number, similar to a Social Security Number in the United States, and is used for passports, tax issues, ID, and many other things. Companies are also issued “RUT” numbers…
Chile leads Latin America in global competitiveness
Chile’s National Evaluation and Productivity Commission will conduct a new study to assess priority sectoral permits for investment in order to propose substantial improvements in their efficiency, predictability, and stability. The National Evaluation and Productivity Commission (CNEP) received a new mandate from the Government of Chile to analyze priority sectoral permits for investment, identify barriers in the process, and propose efficiency, predictability, and stability improvements. This study aims…
Investing in Chile: FDI Hits Historic Record
Investing in Chile has hit a historic record in 2021, with $13.72 billion of foreign direct investment (FDI) entering the country in the first six months of the year — a 66% increase on the same period last year. That figure far exceeds the $8.23 billion that entered the country in the entire of 2020 and represents the highest level of FDI witnessed in a six-month period since current recording methods began in 2003 (all figures in USD). The record was announced by Chile’s central bank and offers just the…
Tax Filing in Chile: What You Need to Know
If you are looking to enter the Chilean market, or already do business there, it is worth having an understanding of tax filing in Chile. Because while it is highly likely your tax affairs will be handled by corporate accountants in Chile, having a grasp of the requirements needed to remain in good standing with local authorities will be beneficial to your business. Chile is a prosperous high-income country, as highlighted by its gross national income, which reached $24,140 (all figures in USD) in 2019, after three…
5 Tips for business success for US companies in Chile
As one of the world’s most entrepreneurial nations, there are ample business opportunities for US companies in Chile. Chile and the US have maintained a strong commercial relationship dating back to 1918. In 2019, both countries celebrated their 100th anniversary of the Chilean-American Chamber of Commerce. This longstanding and mutually beneficial commercial relationship has fostered strong connections between the 2 countries. For decades, Chile has modelled its economy and institutional foundations on…
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 measures will be subject…
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 the…
