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Chile Boasts Rise In Voluntary Corporate Tax Compliance

by Glen Shapiro, Tax-News.com, Washington

22 June 2017


Chile saw a three percent increase in voluntary tax filing compliance and an uptick in revenue collections from companies during this year's filing season, boosted by new initiatives to ease tax compliance.

Chile's tax authority said that three percent more returns were filed under Operation Income 2017 – Chile's tax filing season, which began on April 1, 2017, and covered income received by companies during the 2016 tax year. 99.7 percent of all submissions were electronically filed.

Revenue declarations were up just 0.6 percent, despite an increase to the corporate income tax rate from 22.5 percent to 24 percent, due mainly to higher payments from state enterprises. Most filings were for refunds, making up 82.5 percent of all filings.

For this tax filing season, a new application was launched, enabling taxpayers to declare income from a smartphone or other electronic device. The tax authority also engaged with high-income taxpayers to ensure their declarations were correct; income amounts were automatically compiled for 2.5 million taxpayers who had third parties report information to the tax authority concerning income amounts; and passive income accrued abroad was to be reported for the first time.

The tax authority said that during this tax season, a total of CLP72bn (USD108m) had been withheld from taxpayers' income to settle tax debts.

In a separate release, the tax authority said that it had concluded an agreement with the custom authority to tackle cross-border tax fraud and avoidance.

TAGS: individuals | compliance | tax | small business | business | value added tax (VAT) | Chile | tax authority

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