The Internal Revenue Service (SII) issued guidance on the amended general anti-avoidance rule (GAAR) clarifying that in applying the GAAR, it does not consider the intentions of the taxpayers at the time of entering into pertinent legal acts or transactions, maintaining guiding principles previously upheld by the authority such as:
- Preventing and controlling the obtaining of undue tax advantages
- Protecting the configuration of a taxable event
- The objective nature of the GAAR
- The protection of the principle of legality in tax matters and equality in the distribution of public burdens
- Recognition and protection of private autonomy and contractual freedom, among others
Furthermore, guidance is provided on the amendments to the principle of specialty between special evasive rules and the application of the GAAR, regarding the administrative procedure for auditing and declaring the existence of abuse or simulation, as well as the inclusion of the possibility to conclude judicial procedures under GAAR through jurisdictional equivalents.
As a general rule, the modifications in GAAR matters became effective on November 1, 2024.
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Other direct and indirect tax-related topics discussed in this report include:
- Value added tax (VAT) for digital intermediation platforms and sales of movable goods located abroad
- Instructions on Unified Audit Procedure
- Consolidates and issues instructions on business termination
- Amendments to tax identification number (RUT)
- Amendments on declaration of commencement of activities
- Appearance and representation of taxpayers before SII
- Effective cooperation and anonymous whistleblower
- Amendments on Tax Crimes under Article 97 of the Tax Code
- Most-Favored-Nation Clause in Chile-Colombia income tax treaty
- Monetary adjustment of mutual fund and investment fund shares
- VAT on provision of professional services requiring physical presence of employees at client's premises
- Withdrawal of profits affected by the substitute tax on final taxes (ISFUT) when the partner at the time of payment was different from the one making the withdrawal