The Internal Revenue Service (SII) has implemented a crucial measure within the framework of the Tax Compliance Law. Its main objective is to strengthen oversight against evasion and economic informality. This new regulation establishes that financial institutions must inform the SII when a natural or legal person is the recipient of a high amount of transfers from different issuers.
What to do if you receive more than 50 transfers per month?
The measure seeks to detect unusual movements that do not match the taxpayers’ declared income. The key is not in the amount of money, but in the volume of operations, since the report must be made even if the payments of the transfers They occur in different periods (one day, one week, or over the course of the year). month).
The law is very specific regarding the amount of transfers that put an account under the magnifying glass of the SII. If the amount of credits to an account exceeds any of the following limits, the banking institution is obliged to report the account data to the tax agency:
- More than 50 transfers: received from different issuers in a single month.
- More than 100 transfers: received from different issuers in a continuous period of six months.
- It is crucial to understand that this inspection targets exclusively the recipient of the transfers, not the people who issued them.
Source: Shutterstock.
Financial institutions are required to submit a very specific set of data on accounts that meet the thresholds. transfer defined. This information allows the SII to cross-check data to detect possible undeclared activities.
- Full name of the account holder (natural or legal person).
- Single Tax Role (RUT).
- General account information.
- Quantity and total amounts of credits for transfers received.
Source: Shutterstock.
People who suspect they have exceeded the limits of transfer and wish to verify if their information was reported, they can do so easily through the official website of the Internal Revenue Service.
- To perform the review and verify the records associated with the transfers, follow these steps:
- Enter the SII portal and authenticate with a Tax Code or Unique Code.
- Access the section called “My IBS”.
- Select the “SII informs you” option.
- Click on “Information about Credits and Transfers” to view your report history.
