Chile: Optional regime for substitute tax for final taxes
Law No. 21,681 creates an emergency fund and provides other relief for communities in the Valparaíso Region affected by a major fire in February 2024
Law No. 21,681 creates an emergency fund and provides other relief for communities in the
Law No. 21,681 (published on July 1, 2024) creates an emergency fund and provides other relief for communities in the Valparaíso Region affected by a major fire in February 2024, including an optional regime of a substitute tax for final taxes (ISIF).
- Taxpayers may elect to apply the ISIF regime on part or all of their taxable profits until January 31, 2025, by filing one or more ISIF returns (but once exercised, the election is irrevocable).
- For taxpayers of the general regime, the ISIF rate is 12% (and corporate income tax credit cannot be used), and for taxpayers of the small and medium enterprises (SME) regime, the ISIF rate is 30% (but corporate income tax credit is available).
Read a July 2024 report (Spanish and English) prepared by the KPMG member firm in Chile
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