Last Sunday, March 1st, 2020, Law 21,210 came into force, which enshrines several amendments to our tax legislation. Notwithstanding, and as highlighted in previous news, this does not imply that all its provisions have come into force as of that date.

That is why, in order to facilitate the tax compliance of our clients, the Tax team of Barros & Errázuriz developed a report in which a selection of those provisions that are already in force, or those whose deadlines have already begun to run, and which are especially relevant, are presented. The provisions addressed are the following:

1. Semi-Integrated System as the only taxation system for large companies.

2. New bracket of the Second Category Tax (Single Tax on Labor).

3. Necessary expenses.

4. New rules for determining the VAT tax credit for habitual sellers of tangible property and construction companies.

5. Unique opportunity for the remission of interest and fines.

6. Opportunity to comply with the obligation to report derivative transactions.

7. New Contribution to Regional Development.

8. Period of adjustment of Private Investment Funds.

9. Refund of VAT per fixed asset.

Review the detail of each of the provisions here.