ARTICLE · 24 SEPTEMBER 1997
Taxation Of Resident Entities
ChileAccounting and Audit
A resident company is liable for corporate income tax, called first category tax (impuesto de primera categoria), on its worldwide income. A company is considered resident if it has been constituted, incorporated, or set up in Chile.
CORPORATE INCOME TAX RATE
The first category tax rate is currently 15%.
TAXABLE INCOME
First category tax is levied on net taxable income, which is arrived at by deducting from gross accrued revenue the costs and expenses necessary to produce that revenue and then making adjustments for inflation in accordance with tax rules, a procedure referred to as monetary correction (see "ACCOUNTING FOR INFLATION"). Book profits and net taxable income normally differ.
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