Press Room

February 09, 2017

From Chile: Country-by-Country (CbC) Report Requirements

Juan Landa Tobar, Domingo Quéro Rivera and Christian Silva Nanjari - Andersen Tax – Landa, the Chilean Member of Andersen Global

On December 27, 2016, the Chilean Internal Revenue Service implemented the requirement for companies to file a country-by-country (CbC) report based on recommendations in the OECD's BEPS Action 13 final report. The report must disclose the taxpayer's revenues, profits, taxes, retained earnings, tangible assets and personnel on a per-country basis. The report should also include a list of all group member companies.

The CbC reporting requirement covers Chilean companies with consolidated revenue exceeding 750 million euros in the prior year. The ultimate parent company is required to submit the CbC report, however, another entity may be appointed to meet the obligation if the relevant authority is notified within 30 days of the CbC report deadline.

The deadline to submit the CbC report is the last business day of June following the fiscal year-end and a one-time three-month extension can be obtained. Failure to submit the required report or the submission of an erroneous, late or incomplete report may result in a fine.

Please contact Juan Landa Tobar, Domingo Quéro Rivera or Christian Silva Nanjari at Andersen Tax – Landa for additional information.