The US Treasury Department has announced the conclusion of the negotiation of a comprehensive bilateral income tax treaty with Chile.
According to the Treasury, the new tax treaty provides for reductions in source-country taxation of cross-border payments of dividends, interest, and royalties; the full exchange of information between the tax authorities of the United States and Chile; and a comprehensive limitation on benefits provision aimed at preventing the abuse of the tax treaty by third-country investors.
The new tax treaty aims to provide certainty and stability of tax treatment for US and Chilean cross-border investors, the Department said.
The new tax treaty with Chile is scheduled to be signed by both countries in February. If approved by the US Senate, the treaty with Chile would be only the second US tax treaty with a South American country, the other being with Venezuela.
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