- Chilean President Gabriel Boric proposed a new VAT regime for individuals selling at fairs
- The proposal includes adding new articles to the VAT Law
- Tax base will be the gross sales price with no deductions allowed
- Tax rate for this substitute tax will be 1.5%
- Sellers must register with the Municipality and SII to qualify for the special regime
- Operators of electronic payment methods will act as withholding agents
- Municipalities must provide information to the Tax Authority regarding permits and licenses
- Merchants who do not comply with the requirements will be excluded from the substitute regime
- The bill will undergo a legislative process before being enacted by the President.
Source: regfollower.com
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.
