On Wednesday, September 25, 2024, the National Congress approved the new tax reform, with only the approval of the Constitutional Court and the subsequent publication of the law remaining.
Among other matters, the new tax reform includes a new voluntary and extraordinary declaration system for assets or income located abroad that have not been duly declared or taxed in Chile.
Taxpayers domiciled or residing in Chile will be able to include in this system all types of assets (movable and immovable, tangible and intangible), currencies, and income that can be proven to have been acquired before January 1, 2023, by reporting their market value and applying a single tax rate of 12% on the value of the declared assets or income.
With the declaration and payment of the single tax at a rate of 12%, the taxpayer’s good faith will be presumed by law, and all civil, criminal, or administrative liabilities that may have applied to the declared assets or income will be extinguished.
The window to take advantage of this new capital repatriation will be from the first day of the month following the publication of the new tax reform until November 30 of the same year. This means that taxpayers will likely have no more than two months to make their respective declarations (assuming the law is published in 2024).
En caso de requerir información adicional sobre esta materia, contactar a Rafael Valdivieso (rvaldivieso@jdf.cl) o Martín Hudson (mhudson@jdf.cl)
