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Chilean Tax Authorities issued Resolution N°119/2020 on September 29, amending the reporting requirements for indirect transfers of Chilean assets beginning January 1, 2021, including for shares in a Chilean company, movable or immovable property located in Chile, and Chilean permanent establishments (i.e.,1 Form N°1921).  The new requirements may increase compliance requirements for companies involved in the underlying transactions.

Beginning January 1, 2021, all involved parties in transactions that involve an indirect transfer of Chilean assets should consider the more burdensome filing requirements, including the need to obtain a Chilean Tax ID and appoint a representative in Chile.