Member Article

Decree No. 553 establishes a tax measure for taxpayers subject to the presumptive income regime

On April 18, 2020, Decree No. 553 was published, which, in addition to Decree No. 420 , extends the deadline for taxpayers subject to the presumptive income tax system to exercise the option to pay taxes on income obtained during 2019, on the basis of effective income determined under full accounting. The deadline is extended until 31 July 2020.

The instructions on this measure are regulated in Resolution No. 43, issued by the Chilean IRS on 20 April 2020. To review its content, access here.

The content of the Decree No. 553 can be reviewed here.

Link to Article: https://www.carey.cl/en/decree-no-553-establishes-a-tax-measure-for-taxpayers-subject-to-the-presumptive-income-regime/

Resolutions No. 40 and 41 issued by Chilean IRS in relation to the tax measures established due to Covid-19

On April 13, 2020, the Chilean Tax Authority issued the Resolutions No. 40 and 41, through which it refers to the tax measures adopted by the Government by means of the Decree No. 420 , on March 30, 2020.

In general terms, Resolution No. 40 refers to (i) taxpayers who can be exempted from the obligation to make Monthly Provisional Payments for the months of March, April and May; (ii) the deferral of the deadline to pay the taxes declared through Form No. 22; (iii) the refund of taxes withheld during the months of January and February to independent workers issuing boletas de honorarios (which are a type of invoice for personal services), and (iv) the anticipated refund of taxes requested in the annual income tax return .

In addition, Resolution No. 41 refers particularly to VAT and the deferral of the deadline for paying the tax corresponding to the months of April, May and June.

The content of the Resolution No. 40 can be reviewed here .

The content of the Resolution No. 41 can be reviewed here .

Link to Article: https://www.carey.cl/en/resolutions-no-40-and-41-issued-by-chilean-irs-in-relation-to-the-tax-measures-established-due- to-covid-19 /