Business Opportunities In Chile

Business Opportunities In Chile 1

Chilean taxation, regulations, laws, economic data, trade information. Some issues will most likely be attended to, because of its relevance. 25 billion between both countries. 15 billion from USA. 158 billion, divided almost even between importation and exportation, and therefore this small country has chosen foreign trade as way to develop the nation.

So, there are many opportunities available to foreigners to transfer from and export to Chile. The federal government of Chile delivered to the Congress on April 1, 2014 an considerable reform to the taxation in Chile. The primary reason for it is to financing a major reform to improve the quality of college education, and to reduce segregation and inequalities.

However, there is a huge discussion regarding that the various tools, as buying out chartered schools from private hands to be owned by the constant state, can help these purposes really. The taxation reform has many edges plus some are “non negotiable” by the authority and others are receiving severe criticism and it is expected that the Senate can make some modification.

This reform is affecting more Chilean companies and Chilean owners, than foreigners. Actually, the maximum taxes rate for foreigners during years has been 35%, but for Chileans it is 40%. Recently Chileans needed to pay 45% for taxpayers on the higher income bracket. Now, the maximum rate is going to be set in 35% for those taxpayers, if approved by the Senate.

Company income is 20% currently. A foreigner deducts this 20% taxes paid by the business from his 35% when he SEND or WITHDRAW the gains from Chile. Then he pays the difference or 15%. If he locally retains the gains reinvested, this additional tax is suspended until he wires the huge benefits to his country.

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However, the federal government presented several changes to taxation. 1. Corporate tax will raise gradually to no more than 25% in 2017 for the accrual earnings produced by the business. The taxes will be paid, even if the business have not collected the gains. 2. An additional withholding of 10% will be paid to the government by the business, as a provisional taxes on behalf of the stockholders taxation. In summary, the earnings yielded by the business in 2017, will pay a 35% tax on April 2018, even though some of the, it is with respect to the owners. The other main change affecting large foreign traders is to eliminate a contract authorized between them and the State of Chile.

On the situation of SMALL BUSINESS taxation, today there are a few benefits, that the federal government wants to keep. So, if foreign investors opt to invest on small businesses, they might keep the taxation over profits withdrawn or wired to your home country. And not over accrual profits as the reforms plan to do. I guess the federal government won’t risk to obtain a public disapproval by a large number of small business owners, when he needs that support for increasing the taxation over larger companies. So, foreigners trading on Small Business may still keep some of the present advantages. We have to start to see the final law approved. But that is my estimation.

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