Chile Gazettes Law Overhauling Tax Code

The Chilean Official Gazette Feb. 24 published a law overhauling the tax code. The law includes measures: 1) establishing an integrated tax rate of 27 percent for companies and 25 percent for SMEs; 2) introducing a creditable 30 percent temporary substitute flat tax for accrued profits up to December 31, 2016; 3) establishing a 19 percent VAT rate on services from foreign digital platforms; 4) adding a 40 percent new top individual income tax bracket for monthly income exceeding 310 monthly tax units (UTM); 5) establishing a temporary, two-year, 50 percent accelerated depreciation regime for new investments in fixed assets; ...