The new Tax Compliance Law Chile has introduced a measure that requires financial institutions to inform the Internal Revenue Service (SII) about certain transactions carried out by their clients. This regulation seeks to strengthen tax oversight, especially in the case of people who could be carrying out informal commercial activities without declaring their income.
When should banks report to the SII?
Banks and other financial entities are required to report when more than 50 transfers or credits to an account during the same day, week or month, as long as these come from different people or entities. In addition, the regulations extend to accounts that accumulate at least 100 transactions of this type in a semester.
What data will the banks deliver to the SII?
According to the information provided by the IBSbanks must send the following data:
- Identification of the account holder, including the Unique Tax Identification Number (RUT).
- Identification of the account into which the payments were made.
- Number of payments made in the established periods.
- Total accumulated amount of subscriptions.
Details about the people or entities that carried out the actions will not be included. transfersthus protecting the identity of the senders.
How will data from multiple accounts be managed?
In the case of people or entities with more than one bank account in the same financial institution, the verification will be carried out cumulatively. This means that the transactions of all accounts of the same owner will be considered as a set, facilitating a more complete analysis of their operations.
What is the objective of this measure?
The main purpose of the regulations is to identify possible tax evasion and regularize informal commercial activities. By having access to this data, the IBS You will be able to cross-reference information and detect discrepancies between the declared income and the financial transactions carried out. The reports will begin to be sent semiannually, and the first report must be delivered in January 2025.
