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The current VAT rates are as follows:
Chile VAT rates | ||
Rate | Type | Which goods or services |
19% | Standard | All taxable goods; there are additional taxes ranging from 15% to 50% |
There are detailed rules controlling the recording and processing of transactions for VAT. These include guidelines on:
VAT Invoices must include the following information:
Since January 2014, all invoices must be electronic. To benefit from an export VAT exemption, invoices must be in accordance with the National Customs Service and stamped by the Internal Revenue Service.
Invoices to consumers may be simplified as a till receipt. An invoice need not be issued for transactions below Chilean pesos 180.
Tax payers must submit monthly returns. These are due by the 12th of the month following the reporting period. However, electronic returns may be submitted by the 20th.
In addition, large taxpayers and exporters must file a sworn filing, listing all taxable transactions submitted in each VAT return. This filing is a bi-annual submission.
Foreign companies may not reclaim Chilean VAT incurred.
Chile has strict rules on books and accounting records that the tax payers must maintain for six years or more. These include:
On request, tax payers may have to supply electronically lists of sales invoices.
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