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SII about to achieve a historic collection

The Internal Revenue Service has published the balance of the collection of the initiatives proposed since the 2020 Tax Reform.

The Internal Revenue Service has published the balance of the collection of the initiatives proposed since the 2020 Tax Reform. The director of the institution, Hernán Frigolett, also announced the roadmap for this year and those programmed for the following years. 

1. Collection during 2021 and 2022

The Tax Modernization Law was essential to collect more than US$2.5 billion in 2021, which was 114% more than the estimated in the financial report for that year.   

On the other hand, this year, more than US$2.18 billion is being collected, which is almost double the income target for this year, which was expected to be US$1.327 billion.  

Specifically, the FUT substitute tax, the VAT on digital services, and the mandatory electronic sales and services receipt are the ones that have contributed the most to the collection.  

Specifically, the FUT substitute tax, the VAT on digital services, and the mandatory electronic sales and services receipt are the ones that have contributed the most to the collection. 

2. Transfer pricing tax audit

Due to the focus on multinationals, almost $28,000 million has been collected through the tax audit of transfer pricing and international operations.  

Likewise, regarding high net worth taxpayers, the SII will reinforce the control of non-compliance with the under-declaration of the Global Complementary Tax. 

3. Informal trade

To reduce informal trading, the entity is identifying possible informal networks and seeks to implement effective control mechanisms with the support of other public agencies. 

Source: Diario Financiero 30/05/22

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