SII’s Tax Enforcement Strategy for Bank Transfers: Informal Economy and Tax Evasion Measures.

• SII will apply control actions when cases of informality or tax underreporting are detected
• No control actions will be generated for transfers unrelated to the sale of products or services
• SII detailed the strategy for monitoring transfers from financial institutions
• Three cases can be detected: transfers unrelated to sales, informal sellers, and formalized individuals not meeting tax obligations
• SII will analyze information for transfers unrelated to sales, but no control actions will be taken
• Informal sellers will be contacted by SII to start formalization process
• Obligations for informal sellers include issuing tax documents, monthly VAT declaration, and annual income declaration
• Informal sellers must notify SII of any changes in information
• SII provides assistance for micro and small businesses to comply with tax obligations.

Source: sii.cl

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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