2018 Tax Complexities: Boris León analyzes challenges and improvements
On May 30th, our Tax compliance leader, Boris León, presented at the Financial Complexities in Chile and Latin America Seminar.
He delved into the Operation Renta 2018 experience, the first process with full application of the tax reform contained in laws 20,780 of 2014 and 20,899 of 2016.
Among other topics, he mentioned the continuous and necessary changes made in the date of presentation; the lack of in-depth training of advisors who – having the time to inquire about what would be asked for – did not do it appropriately; and the new way of auditing the Internal Revenue Service, which since 2017 is based on risk analysis and that necessarily requires adjustments and greater definitions.
Regarding possible improvements that could be expected for next implementation, he mentioned the need of having software certified in advance (combination of factors implemented by the IRS and providers); greater control mechanisms in the filling of DJ; clearness in the dates of expiration of the presentations, in order to avoid declarations with provisional values (especially for natural persons); and the possibility of changing dates of the rental operation process permanently via legal modification.
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