Law 21,453, enacted in 2022, modifies the Chilean Tax Code and establishes new obligations for banks and financial institutions regarding information to the Internal Revenue Service (SII). This regulation, also known as the “Transparency Law”, seeks to combat tax evasion and avoidance, providing the SII with access to detailed financial information of taxpayers.
According to Camila Castro Hormazábal, director of the Auditor Accountant Career of the Virtual Campus of the Universidad de Las Américas, “this obligation must be fulfilled once a year, with respect to the balances and monthly payments corresponding to the immediately preceding calendar year, to the extent that said balances or sums of payments register a daily, weekly or monthly movement, equal to or greater than 1,500 Unidades de Fomento, (more than approximately 50 million pesos) without taking into account for these purposes the number of holders to which they belong or the legal nature of said holders.”
The academic details some of the main aspects contemplated by the new legal framework:
1. Information to report:
- Banks and financial institutions must provide the SII with information on balances and credits in checking accounts, time deposits, savings accounts, and other financial instruments of natural and legal persons.
- The information must be individualized for each account holder, including their RUT, full name and address.
- Information on operations in foreign currency and international transfers is included.
2. Reporting period:
- The information must be reported annually, with respect to the previous calendar year.
- The first report under Law 21,453 was made in April 2023, with information from the year 2022.
3. Impact on Operation Renta 2024:
- The SII may use the information provided by the banks to cross-check data and verify the veracity of the information declared in the Income Operation.
- Greater control and oversight is expected by the SII, especially in cases of inconsistencies between the declared information and banking movements.
- Taxpayers must take special care in preparing their 2024 income tax return, considering the information that will be available to the SII.
The UDLA specialist recommends that taxpayers maintain good organization of their financial documents and declare
all your income and rents accurately and completely. In addition, it is important, he adds, “to be prepared to answer questions from the SII about your banking transactions and, if in doubt, consult with a professional expert in tax matters.”
“Law 21,453 represents a significant change in the way in which the SII obtains financial information from taxpayers. It is important that they are informed about this law and its implications in Operation Income 2024, to avoid problems with inspection,” concludes the expert.
#Law #impact #Operation #Income
