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Chile Announces COVID-19 Tax Package

by Mike Godfrey, Tax-News.com, Washington

01 May 2020


The Chilean President Sebastian Pinera has announced a number of tax relief measures for businesses and individuals impacted by COVID-19.

Pinera has stated that advance provisional payments of First Category Tax will be suspended for a period of three months from April 1, 2020. In addition, he said April payments of real estate tax will be postponed and will be payable (without the imposition of interest) in three equal instalments with the next three normal payments. This applies to companies with annual sales below UF350,000 (about USD11.6m) and to individuals with properties with a value of less than CLP133m (USD154,000).

In addition, Chile has announced that expenses incurred by businesses relating to tackling coronavirus will be tax deductible, and the stamp duty rate has been reduced from 0.8 percent to 0 percent for credit transactions from April 1, 2020 to September 30, 2020.

Finally, the Government is to allow small businesses to temporarily retain value-added tax collected. Businesses whose turnover is below UF350,000 (about USD11.6m) will be allowed to defer VAT payments for three months. They may also pay this tax in 12 monthly instalments, free of interest.

TAGS: tax | small business | business | value added tax (VAT) | Chile | interest | penalties | Tax

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