Our past Webinar was about Internal Revenue Service (SII) inspections in Chile and how to prevent and deal with them successfully. These inspections are intended to guarantee the correct declaration and payment of taxes by taxpayers.
To face tax audits successfully, it is essential to consider the terms of the SII processes, the factors determining a greater probability of receiving requests and inquiries from the authority, the SII General Tax Compliance Plan (PGCT,) and its focus on taxpayer segments such as large companies, high net worth, and multinationals.
Daniela Valdés, Director of the B&G Tax Disputes area, shared some practical recommendations to deal with tax audits, highlighting the following:
- Detect and address SII observations and notices early.
- Keep company information up to date.
- Keep supporting documentation available and organized.
- Review and unify glosses of accounting records.
- Keep backups of actions carried out before the SII.
- Keep working papers that speak for themselves, along with their well-referenced endorsements.
- Maintain a collaborative relationship with inspectors.
- Have a sound deadline control system.
- Provide the requested documentation in an accurate and timely manner.
- Use electronic records.
By following these recommendations, taxpayers will reduce their tax contingencies and will be able to focus on their business development.
We recommend that you seek the advice of a specialist who can guide you to respond satisfactorily to tax requirements and reduce the possibility of facing disputes with the tax authority early.
You can watch the webinar* here or contact us to answer your questions if you want more information. *Available in Spanish