Introduces Adaptations Of Such Tax To The Capital Market And More Flexible Voluntary Savings Mechanism

Original Language Title: INTRODUCE ADECUACIONES DE INDOLE TRIBUTARIA AL MERCADO DE CAPITALES Y FLEXIBILIZA EL MECANISMO DE AHORRO VOLUNTARIO

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Add the following paragraph to the No. 3: "in this issue shall apply also to those amounts received pursuant to an endowment insurance" as that is not welcomed to article 57 ° bis, merely met the deadline, provided that said term exceeds five years, but only for that part every year not exceeding seventeen monthly tax units, according to the value of that unit to December 31 of the year in which the income is perceived Whereas each year that mediate from the conclusion of the contract and the year in which income and the whole of the endowment insurance contracted by the beneficiary is perceived. To determine the income tax will be deducted from the perceived amount, accrued by all sums received with charge to the whole of endowment insurance contracted by the taxpayer properly readjusted according to the variation of the price index consumer that occurred between the first of the month prior to the perception and the first of the month prior to the end of the respective year, that part of the income earned above that are affected with this law and the total taxes of the premium paid to the perception of the entry date, reset in the designated form. If the previous operation proves a positive balance, the insurance company that paid must withhold 15% of such balance, retention to be subjected, as appropriate, to the provisions of paragraph 2 of title V of this law. However, deemed income any amount perceived expense to endowment insurance, when not the insured has died, or has been invalidated, if the amount paid for premium has been reduced from the taxable income of the tax established in article 43. "."

(b) Agreganse then of the current subsection end of no. 8 the following paragraphs: "alienation, for the purposes of this law, the transfer and the return of shares of joint-stock companies with stock market presence, which takes place on the occasion of a loan or lease of shares, in a deal stock short sale, provided that the actions given in loan or lease have acquired in a stock exchange of the country shall not be considered or" in a public offer of shares process governed by title XXV of law No 18,045, on the occasion of the establishment of the society or increased capital back, or the placement of shares first. They have stock market presence means those actions that comply with standards to be subject of investment mutual funds, according to the article 13 of Decree No. 1 of law No. 1.328, 1976.
To determine the taxes that tax revenues that perceived or bearing the transferor by the operations referred to in the preceding paragraph, the General rules of this law shall apply. In the case of the assignee, revenues that would be product of the alienation of the ceded actions shall be earned or accrued, in the exercise that is need to restore actions to the assignor, whose cost will be recognized pursuant to article 30.
Provisions of the two preceding subparagraphs shall apply also to the bond loan in short sale trading. In any case the borrower must purchase bonds that should restore any formal markets referred to in article 48 of the Decree Law No. 3,500 of 1980. "."

2.-Introducense the following modifications in the first paragraph of the article 18 bis: a) Insert, in the first sentence, between the expressions "bonds" and "cast" the following words: "or other titles of public offering of debt", and b) add, in the letter e) No. 2, before the separate dot (.), the expression "or local institutional investors".

3 Agreganse, following article 18 bis, the following articles 18 ter and 18 ° c: "article 18 ° ter-however the provisions of articles 17, no. 8, and 18 ° bis, not be taxed with taxes of this law the highest value obtained from the alienation of shares issued by corporations with stock market presence, made on a stock exchange of the country or in another bag authorized by the Superintendency of securities and insurance or" a process of public offer of acquisition of shares governed by title XXV of law No 18,045, provided that the shares have been acquired in a stock exchange, or in a process of takeover bid of actions governed by the 25th title of law No 18,045 or in a placement of shares of first issue on the occasion of the establishment of the society or a subsequent capital increase, or at the time of the redemption of convertible bonds in shares considering in this case as the price of acquisition of the shares assigned to the exercise of the option price. When actions have been acquired prior to its placement in the bag, the exempt value will be that occurs above the upper value of the placement or the value book that the action had the day before their placement in bag, and in consequence on the taxes of this law, in the form provided for in article 17 , the highest value that results from comparing the initial acquisition cost, duly adjusted in the form provided in that article, with the value indicated above. To determine the value book applies the provisions of the third paragraph of article 41. They have stock market presence means those actions that comply with standards to be subject of investment mutual funds, according to the article 13 of Decree No. 1 of law No. 1.328, 1976.
Also applies the exemption established in the preceding paragraph, where the disposition is made within 90 days following the day when the action has lost stock market presence. In this case the retrieved value is exempt of taxes of this law only to the equivalent to the average price that the action had in the last ninety days that had stock market presence. The excess over that value be taxed as established in article 17. So appropriate this exemption the taxpayer must provide proof, when the internal revenue service so requires, a certificate of a stock exchange, both the date of the loss of stock market presence of the action, as the designated average value.
However, in the case of the alienation of a set such actions enabling the purchaser to take control of a corporation open, the exemption shall apply only to the extent that the alienation to be carried out as part of a public offer for the same process, governed by title XXV of law No 18,045 (, or if it occurs in a bag of the country, without exceeding the price referred to in the letter ii) of the third subparagraph of article 199 of the law.
In the first subparagraph shall also apply to alienation, in a stock exchange of the country or in an authorized by the Superintendency of securities and insurance, investment funds governed by law No. 18.815, have stock market presence. Also applies to alienation in these bags of designated quotas, having no stock market presence or the redemption of such shares when the Fund is liquidated or its partners agreed a voluntary capital reduction, and the redemption of mutual funds governed by Decree Law No. 1.328, of 1976, provided that it is established in the investment of internal regulations policy , of both types of funds, which at least 90% of the assets of the Fund will be allocated to investment in shares with stock market presence. Additionally, so mutual fund rescue operations eligible for the provisions of this article, the respective funds must contemplate its internal regulations the obligation of the company administrator to distribute to the participants in the Fund, all of the dividends that have been distributed, between the date of acquisition of the shares and the redemption of the same by corporations open that you have invested the resources of the Fund, article 17 of the decree in accordance with law No. 1.328, 1976.
The provisions of the preceding paragraph will not be applicable to disposals and redemptions, as appropriate, of shares of investment funds regulated by law No. 18.815, which fail to comply with the percentage of investment referred to in the internal rules of the respective for reasons attributable to the administrator or, when not being attributable to the administrator, said non-compliance has not been regularized within six months of produced. Similarly, treatment with the bailouts of mutual funds established in the previous paragraph, will not be applicable with respect to mutual funds that fail to comply with the percentage of investment established in its rules of procedure, for reasons attributable to the administrator, or when, not attributable to the administrator, not has been regularized in the conditions and term in the exercise of their powers, set the Superintendency of securities and insurance, which may not exceed twelve months, from the date in which the breach occurs.
Fund managers must annually certify, to the internal revenue service and to participants who request it, the fulfilment of the abovementioned conditions.

Article 18 ° c-the highest value obtained by the redemption of mutual funds that are not in the situation described in the article above, determined in the manner provided for in subsection first article 17 º of the Decree Law No. 1.328, 1976, shall be considered income, and, therefore, subject to the rules of the first category, global complementary or additional of this law , as appropriate, with the exception of which get taxpayers who are not required to declare their effective incomes according to accounting, which will be exempt from the tax of the aforementioned category. For these purposes, administering societies shall send to the internal revenue service before March 31 of each year, the list of investments and bailouts made by the unit-holders of the funds during the previous calendar year.
Persons who are partakers of mutual funds that have investment in shares and which are not in the situation referred to in the final paragraph of the preceding article, shall be entitled to a credit against the first category tax, global complementary or additional, as appropriate, which shall be 5% of the value declared by the rescue of those funds in which average annual investment in shares is equal to or greater than 50% of the active of the Fund, and 3% in those funds that investment is between 30% and less than 50% of the assets of the Fund. If it proves a surplus of such credit this will be returned to taxpayers in the form referred to in article 97. "."

4 Agreganse, then of the present article 42, the following article 42 bis and ter 42 degrees: "article 42 bis.-taxpayers of article 42, no. 1, making deposits of voluntary pension savings or voluntary contributions in accordance with the provisions in number 2 of title III of the Decree-Law No. 3,500 of 1980, may benefit from the regime that set forth below : 1. may be lower, the tax base of the flat tax's second category, the amount of the deposit of voluntary pension savings and voluntary contribution made by the discount of their remuneration from the employer, up to a monthly amount equivalent to 50 units of promotion, according to the value of this to the last day of the respective month.

2 may reliquidar, in accordance with the procedure laid down in article 47, only of second-rate tax, lowering the tax base the amount of the deposit of voluntary pension savings and voluntary contributions which have made directly to an authorized institution defined in the letter p) article 98 of Decree Law No. 3,500, 1980, or an administrator of pension funds , up to an annual maximum aggregate amount equivalent to the difference between 600 units of promotion, according to the value of the December 31 of the respective year, less the total amount of voluntary savings and voluntary contributions, with the number 1 above.
For the purposes of impetrar the benefit, every investment made in the year shall be deemed according to the value of the unit of promotion on the day that this is done.

3 in the event that the resources originated in quotes or voluntary pension savings deposits volunteers who referred to in number 2 of title III of the Decree Law No. 3,500 of 1980, are withdrawn and not intended to anticipate or improve retirement pensions, the amount removed, reset in shape arranged in the penultimate number 3 of article 54 second subparagraph It will be on a flat tax that shall be declared and paid in the same way and opportunity than the complementary global tax. This tax rate will be three percentage points higher than which is multiplied by the factor 1.1, product, expressed as a percentage, that results from dividing, the re-designed the staged withdrawal, the difference amount between the complementary global tax determined on the remunerations of the exercise including re-designed withdrawal amount and the same tax determined without considering such a withdrawal. If removal is carried out by a pensionada person, or that meets the age and amount of pension requirements that establish articles 3 ° and 68 letter b) Decree Law No. 3,500, 1980, or eligible for retirement who established in Decree Law Nº 2.448, of 1979, do not apply the percentage charges the factor before designated.
The managers of pension funds and authorized institutions that administer the resources of voluntary pension savings from which made the withdrawals described in the preceding paragraph, shall practice a withholding tax rate 15% which will be treated in accordance with the provisions of article 75 of this law and will serve as a credit to the specific flat tax. However, will not be considered withdrawals transfers of resources carried out between the managers, provided that they comply with the requirements listed in the following paragraph.

4. at the time of joining the savings system referred to in this article, the person must manifest to pension fund managers or the authorized institutions, their willingness to join the regime established in this article, and must maintain existing such expression of will. The administering entity shall record this fact in the document giving account of the investment. You should also report annually regarding the amounts of savings and withdrawals incurred, the taxpayer and the internal revenue service, in the opportunity and form to this last point.

5 amounts to voluntary pension savings plans should not be eligible at the same time provisions in article 57 ° bis.

Article 42 ° ter-the amount of available surplus, calculated pursuant to Decree-Law No. 3,500, of 1980, determined at the time when members opt for retirement, can be withdrawn free of tax up to a maximum annual equivalent to 200 tax units per month, and can in any case, exceed the exemption the equivalent of 1,200 monthly tax units. However, the taxpayer may elect, Alternatively, to accommodate their withdrawals to a maximum of 800 units per month tax exemption for a year. This exemption shall not apply to that part of the surplus of free disposition that corresponds to resources originating in agreed deposits.
To make operating the designated exemption, the contributions that are made to constitute such surplus, on the concept of voluntary contributions or voluntary savings deposits, must have been made at least forty-eight months in advance to the determination of the surplus.
Withdrawals made by the taxpayer shall be charged, at first, the oldest contributions, and so on. "."

5 Add following paragraph third to article 50, becoming fourth paragraph the current third paragraph: "Likewise, shall the deduction of those amounts set forth in article 42 bis, which complies with the conditions established in the numbers 3 and 4 of that article, even though the taxpayer welcome the provisions of the following paragraph. The amount that you can deduct for this concept is the result of multiplying the equivalent to 8.33 units of development according to the value of that unit on December 31, by the total number of units of building that represents the mandatory contribution which takes place in the respective year according to the provisions of the first paragraph of article 17 of Decree Law No. 3,500 , 1980. For these purposes, will be the amount paid by these quotations to UF, depending on the value of this to the last day of the month in which the respective contribution was paid. In any case this rebate may exceed the equivalent to 600 units of promotion, according to the value of the December 31 of the respective year. The designated deductible amount shall be deemed voluntary pension savings that the taxpayer has done as a dependent worker. "."

6.-amending article 59 No. 1, in the following way: to) in (b)), add the following paragraph: "Notwithstanding the foregoing, no is charged with this law tax from interests of the appropriations referred to in the preceding paragraph, where the debtor is a financial institution established in the country and provided that it has used those resources to grant a credit to the outside." For these purposes, the institution shall inform the internal revenue service, in the form and time to this point, the total of loans granted to the outside from the resources obtained through the credits referred to in this provision. "."

((b) added, then the letter f), the following letter g): "g) (the instruments mentioned in the letters to)(, d) (and e) earlier, issued or expressed in national currency.".
(((c) Suprimense, in the letters b) and d) and in paragraph which follows to the letter g) No. 1; in the first paragraph of the No. 2 and no. 6, expressions "always, in the case of the latter, they are authorized expressly by the Central Bank of Chile", "when the respective operation has been authorized by the Central Bank of Chile", and the comma (,) that precedes them, "and has been authorized by the Central Bank of Chile" , "they are previously authorized by the Central Bank of Chile in accordance with the legislation in force and that the sums", and "that authorized by the Central Bank of Chile", respectively.