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Government announces new electronic VAT filing proposal

The measure will debut in August, and will allow small and micro-companies to make their statement similar to the income transaction. A “real revolution” in the tax system, promised President Michelle Bachelet after announcing the new electronic VAT filing proposal.

The change will allow taxpayers to access a Form 29 proposal pre-filled by the Internal taxes Service, which will automatically calculate the monthly VAT to be declared and paid.

This measure helps micro and small businesses, which will simplify tax compliance, benefiting nearly 500 thousand electronic invoices (of which 94% belong to the small business segment). To them are added 152 thousand taxpayers who issue tickets (without being electronic billers) and 55 thousand independent workers who issue electronic fee tickets.

“This real revolution for our tax system will debut in August and will make this activity easier, simpler and in one place. It will be a huge relief for those who have to pay VAT monthly” said the President.

The new VAT declaration proposal is made possible by the implementation of the electronic invoice from 2003 (required since 2014), which in turn has allowed the SII to make the purchase and sales records of companies in replacement of books of purchase and sale.

“That means a big step in efficiency and comfort. But it is also a profit for Chile, because we improve tax compliance, we help those who have to pay VAT so quickly and without errors, and also companies and services have more time to do what they actually do, Reducing paperwork” said the president.

2017-09-12T12:09:49+00:00 31/07/2017|Latest news|