Increased Tax Revenue from high-Wealth Individuals

In 2024, chile’s tax authority, known as the SII, intensified its scrutiny of high-wealth individuals, multinational corporations, and domestic business groups. This strategic focus, outlined in the 2025 Tax Compliance Management Plan, has yielded substantial results, notably in the declaration of complementary global tax.

Taxpayers classified as high-asset individuals declared over $2.9 billion in complementary global tax in 2024,representing 51% of the total declared IGC. This figure marks a 16% increase compared to the payroll of taxpayers in force to 2023. The SII’s proactive measures, including advanced data analysis using artificial intelligence to detect unusual investment patterns, have been instrumental in this upswing.

Enhanced Control Measures and Their Impact

The SII’s enhanced control measures have considerably boosted tax revenue. In 2024, the analysis of 636 selected cases resulted in a total yield of $68 billion, a remarkable 63% increase compared to 2023. These control actions encompass preventive measures to ensure compliance with tax obligations, such as complementary global tax, inheritance tax, and donations.

According to Carolina Saravia, Deputy Director of Supervision, these segments are a permanent focus of our analysis. We are constantly applying preventive actions… and,when appropriate,call them to correct tax differences that may arise from our analysis.

The taxable base declared by taxpayers in Operation Income 2024 reached nearly 12.4 billion pesos, an increase of over 400 billion pesos. Moving forward, the SII will concentrate on foreign investments, potential under-disclosures, family asset transfers, and the use of complex financial structures to conceal assets.

Focus on Multinational Corporations and Business Groups

The SII’s Tax Compliance Management Plan also prioritizes the control of transfer prices among related parties within multinational corporations, particularly in sectors like healthcare, electronics, automotive, and machinery. The goal is to ensure that these transactions adhere to market parameters and to conduct thorough inspections of companies affiliated with entities abroad.

A key area of focus is the review of valuations related to the sale of social actions and rights that deviate from market values. The SII will also leverage new powers granted by the Law of Compliance with Tax Obligations to prevent the application of negative transfer pricing adjustments, thereby safeguarding the taxable income.

Revenue Growth from Multinationals and Business Groups

Tax collection from multinational corporations saw a 13.5% increase, while domestic business groups contributed a 7.3% rise. This translates to over $20 billion from multinationals and over $13 billion from business groups. Collectively, these segments accounted for 67.2% of the total tax collection in 2024.

Inspection efforts targeting these entities yielded over $61 billion in 2024, an 18.7% increase compared to the inspection plans of 2023. Furthermore, the SII is closely monitoring the application of the General Anti-Avoidance Rule (GAAR), with 22 requirements submitted to the Tax Court of Appeals (TTA) in 2024, involving a total of $37,931 million in taxes.

Strengthening the Tax System

To bolster the tax system,the SII has issued six circulars and seven resolutions related to regulatory changes introduced by the Law of Compliance with Tax Obligations. These measures enhance the SII’s inspection capabilities concerning capital repatriation, transfer pricing, tax sustainability, bank secrecy, passive income, preferential tax regimes, multi-jurisdictional issues, and the unified control of business groups.