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Chile

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About

Chile

Capital
Official languages
Population 
Currency

ISO 4217

Santiago

Spanish

18,946,898 (as of July 2020)

Chilean Peso

CLP

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Economy

Chile has a strong and growing economy, with a GDP of $541.3 billion in 2019, according to the World Bank. This makes it the 40th largest economy in the world. Chile has a GDP per capita of $14,845, which is higher than the average for Latin America and the Caribbean. The unemployment rate in Chile is 6.2%, which is lower than the regional average of 8.2%. The inflation rate in Chile is 2.7%, which is lower than the regional average of 4.2%. Chile has a strong export economy, with exports totaling $77.2 billion in 2019. The main exports are copper, fruit, fish, and wood products. Chile also has a strong tourism industry, with over 5 million international visitors in 2019. The country has a strong financial sector, with a banking system that is well-regulated and has a high level of financial stability. Overall, Chile has a strong and growing economy, with a GDP that is higher than the regional average and a strong export sector.

Taxation

Chile has a modern tax system that is divided into two main categories: personal income tax and corporate income tax.


Personal income tax is levied on all Chilean residents and non-residents who earn income in Chile. The tax rate is progressive, ranging from 0% to 40%, depending on the income level. The first CLP 700,000 of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability.


Corporate income tax is levied on all businesses operating in Chile. The standard corporate tax rate is 25% on the net taxable income. However, there are various tax incentives available for certain industries and activities, such as those related to research and development, exports, and investment in certain regions of the country.


In addition to federal taxes, there are also other taxes levied on businesses operating in Chile, such as the value-added tax (VAT), which is currently 19%, and various excise taxes on certain products.


The tax year in Chile runs from January 1st to December 31st. The deadline for filing personal income tax returns and paying any outstanding tax is usually April 30th of the following year, while the deadline for filing corporate tax returns and paying any outstanding tax is generally May 31st of the following year.


Payments can be made online or in person at designated banks. Penalties for late payment or non-payment of taxes can range from fines to imprisonment, depending on the severity of the offense. Additionally, interest may be charged on any outstanding tax liability.


Overall, taxation in Chile is relatively straightforward, with a well-established tax system and modern tax administration. It is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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