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The e-acknowledgment as a tool to access tax credit in Chile

18/02/2015

The application in Chile of Law 20.727, designed to generalize the use of electronic invoicing, will mean the transformation of numerous transactions and administrative procedures currently in common use. The use of tax credits by citizens is one of them.

How will the law affect access to tax credit? The ruling not only simplifies and modernizes citizen relations with the administration, but also incorporates the so-called receipt acknowledgement as an access mechanism to tax credit in Chile. This means that the beneficiary of said credit will have access to it only during the period for which they issue the acknowledgment electronically.

This revolutionizes the way to access this kind of tax credit, and although it is true that the law already included it previously, it did not call for the provision of a receipt acknowledgement as a prerequisite to making use of the tax credits obtained. This way, the beneficiary of a tax credit in Chile will be required to carry out this procedure electronically, also as another means of physical control.

This is one of the great guiding principles of implementation for electronic invoicing in Chile, promoting and facilitating tax compliance by citizens. They, in turn, may make proper use of these tax credits reloaded into electronic documents. Only purchase receipts and waybills may continue to be issued on paper.

There are more exceptions. Law 20.727 on electronic invoicing in Chile exempts from its use those residents living in areas of the country without Internet coverage, with no access to electricity or who are in a place affected by a disaster and declared as such.

But beware. Despite this law, other aspects of the Law on Sales and Service Taxes  are still valid, concerning the use of the tax credit designated for use within the two tax periods following the month the document was issued.

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