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Chile Clarifies Reportable Indirect Transfers of Chilean Assets

The Chilean tax authority (Servicio de Impuestos Internos - SII) has published Resolution No. 11 of 4 February 2021, which complements Resolution No. 119 of 28 September 2020 regarding the revised reporting requirements for indirect transfers of Chilean assets declared using Form 1921. In particular, Resolution No. 11 clarifies the requirements by amending Resolution No. 119 with the addition of the following, with some adjustments for clarity:

The operations (indirect transfers) referred to in this Resolution (No. 119) must be reported only to the extent that the disposal represents, at least, 10% of the total shares, quotas, titles, or rights of the foreign person or entity. The above percentage must be calculated based on the total direct or indirect disposals of said shares, quotas, titles, or rights, carried out by the transferor or other non-resident or domiciled members in Chile provided that they belong to the same business group, in the terms of article 96 of Law No. 18,045, on the Stock Market, and provided that they (the disposals) have been carried out in the twelve-month period prior to the last disposal date.

The provisions of the preceding paragraph shall not apply when the foreign shares, quotas, titles, or rights disposed of have been issued by a company or entity domiciled or incorporated in one of the territories or jurisdictions that are considered as a preferential tax regime in accordance with the rules established in article 41 H of the Income Tax Law (i.e., all disposals must be reported when involving such companies or entities).

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