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Chile Tax Agency Seeks Comments on Draft Circular to Amend Life Insurance Inheritance Tax Provisions

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Daily Tax Report: International

March 25, 2022, 5:00 AM

The Chilean Internal Revenue Service March 18 opened a consultation on a draft circular to amend provisions on the life insurance inheritance tax, effective Feb. 4. The draft circular includes measures to: 1) explain the scope of life insurance policies covered and excluded; 2) require life insurance companies to pay beneficiaries the net amount of the life insurance after the applicable taxes, rebates, and exemptions; 3) establish fines for noncompliance; 4) establish provisions for when the beneficiaries are or are not heirs; and 5) allow a single tax declaration for beneficiaries having multiple policies. Comments are due April 1.[Chile[Chile

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