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Chilean Accounting and Tax Compliance Requirements

The legalities for running a business in Chile are similar to those of other Latin American countries. However, there are a few differences concerning taxes, documentation, and licensing that are important to note in your research of Chilean business practices. Tax Rates Chile has four main taxes: Value Added Tax (VAT), Stamp tax, Customs duties,…

EXPENSES AND THE CHILEAN TAXATION SYSTEM

Tax Expenses: What types of expenses does Chile’s IRS allow a company to deduct from its financial profit (gross income)? It is common knowledge that companies must only pay taxes from the profit forming part of its taxable base and that which they have made during a certain tax period. The taxable base corresponds to the financial profit of a tax period,…

How many hours do South American workers need to work to pay their taxes

According to the World Bank workers in Uruguay spend half their working day to support the government. However on the other side they only spend 113 working days per year making them some of the least productive in the region. This compares poorly with Chile at 146 working days and Argentina 203 days. Source Banco Mundial,…

Chile Property Taxes Update

Chile Property Taxes Update First, some basic tax terminology in Chile Property Taxes in Chile is paid proportional to a government valuation of each individual property.  These valuations are known as “avalúo fiscal” and are governed by the Chilean IRS, “Servicio de Impuestos Internos (SII).” The Chilean IRS is regulated by the Real Estate Tax Law…