The tax administration of Chile has issued Resolution 61/2017, which introduces significant changes to the VAT compliance obligations of Chilean taxpayers. Effective August 1, 2017, taxpayers will no longer be required to submit their ledgers of sales and purchases to the Chilean tax administration (SII). Instead, the regulation provides for a new ledger of purchases and sales that will be filled and prepared by the SII based on the electronic invoices reported by businesses located in Chile. Also, based on the same information, the SII will prepare a “proposal” of periodic VAT returns for taxpayers. This return will not be mandatory, as taxpayers will be able to modify its content with information that was not included on the document; however, since the SII claims that 99% of the relevant tax information should be in their system at the time the periodic tax return is prepared, it is expected that few modifications will be necessary to the "proposed" returns.
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