- Chilean Congress enacted the Tax Compliance Bill at the end of October.
- Introduces VAT on low-value imports for consumers.
- Current Import VAT exemption threshold of $41 (approx. £32) will be removed.
- Non-resident providers must register for VAT and charge 19% VAT on consignments valued at or below $500 (approx. £395).
- No VAT registration threshold for non-resident sellers.
- A simplified registration scheme will be implemented for affected businesses.
- Payment service providers must withhold VAT if suppliers fail to register.
- This measure aligns with existing VAT rules for digital supplies.
Source: fiscalsolutions.co.uk
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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