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Taxation applicable to individuals
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Disposition of shares and equity interests
- New 20% sole-tax regime (and option to apply the corresponding Personal Income Tax rate on a cash-received basis).
- Option to reassess the Personal Income Tax in up to 10 past years, to the extent that the taxpayer declares on an accrual basis.
Disposition of real estate
- Non-taxable income for the first UF 8,000 (app. 330,000) of gain is still applicable.
- The application of the non-taxable income (up to the aforementioned UF 8,000 limit) no longer requires that a 1 or 4 year-period has elapsed between the property acquisition, building construction or land subdivision, as appropriate.
- Excess is subject to a 10% sole-tax or Personal Income Tax on cash-received basis.
- Option to reassess the Personal Income Tax in up to 10 past years, to the extent that the taxpayer declares on an accrual basis.
Disposition of bonds, debt titles and mining properties
- Subject to Personal Income Tax or WHT on cash-received basis.
- Personal Income Tax reassessment is not applicable.
- Non-taxable income limit of up to 10 UTA (app. US$ 8,700) is applicable.
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Incentive plans granted to employees (stock options)
New regulation of tax treatment of labor incentive plans that grant stock options over shares of the employer or its parent company. Regulation depends on whether the programs are established in an employment contract or not.
New rule to determine domicile and residency for tax purposes
Modifies the circumstances that determine the loss of domicile and residence for tax purposes.
Modification of taxation applicable to individuals subject to taxes based on effective income determined according to a contract
New credit for Real Estate Tax paid, applicable to individuals that obtain income derived from non-agricultural real estate.
Assets acquisitions by inheritance
Tax cost basis of assets acquired by inheritance is equal to the tax base for purposes of the Inheritances Tax.
Elimination of tax benefits for individuals
- Eliminates the tax benefit for gains derived from fixed-term deposits, savings accounts, mutual funds and other instruments.
- Eliminates the Corporate Tax exemption for effective income derived from non-agricultural real estate property obtained by individuals.
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