📢 Chile 🇨🇱: tax authority sets limits on informal sales through WhatsApp

📢 Chile 🇨🇱: tax authority sets limits on informal sales through WhatsApp

Across Latin America, platforms like WhatsApp and Instagram are primary channels for informal sales, a widespread practice that allows small businesses to reach customers without traditional e-commerce platforms. However, in Chile, the tax authority has moved to regulate these informal transactions, urging sellers to formalize their activities and comply with tax obligations. This initiative primarily targets those handling high transaction volumes, deemed "high-risk" clients.

▶️ Key regulation: Banks must report taxpayers who receive 50 or more transfers from different people or accumulate 100 transactions within six months. These reports, including the total transaction amount, will be submitted biannually in July and January.

▶️ Exemptions: This rule does not apply to fundraising for school events, donations, or other nonprofit activities.

▶️ Formalization Process: Any informal business generating income must declare its activities to the tax authority (SII) within 2 months. After this period, fines and penalties may be imposed.

#news #Chile

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