Duty of Information of Financial Institutions to the SII

Gustavo Cuevas's picture
Published: 25/07/22 - Country: Chile

On June 30, 2022, Law No. 21,453 was published, which introduced amendments to the Tax Code regarding various matters, including on the obligation of financial institutions to deliver to the Service of Internal Taxes (SII) information of people and/or companies in certain cases, to facilitate the detection of evasion and/or circumvention fiscal. In particular:

  • Certain financial institutions (banks and others) are obliged to inform the SII the balance or value and payments made to current bank accounts, time deposits, sight deposits and other instruments or financial products.
  • Said obligation to inform will take place when the balance or sum of bonds, considered individually or as a whole, register a daily, weekly or monthly movement, equal to or greater than 1,500 UF, without attend for these purposes to the number of holders to which they belong.
  • Financial institutions must provide information on the holders of the products/instruments to be reported, as well as information on the controllers of said owners and final beneficiaries who are taxpayers natural or legal persons, assets of affectation or other entities that have domicile or residence in Chile or that have constituted or established in the country.
  • This obligation will govern with respect to the amounts identified from the date September 30, 2022.

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Gustavo Cuevas's picture

Founding Partner of Cuevas Abogados (2002 –).
He previously worked as a General Counsel in various foreign banks (1993-2003).