Insurers before the SII Circular, which taxes the settlement of insurance with savings


At the end of the year, the Internal Revenue Service surprised the insurance industry. Has it issued a circular, in which it is stipulated that the settlement of the insurance with savings is subject to the payment of taxes.

This change has caused immediate concern in the insurance industry, because, in his opinion, this type of product was not related to the payment of taxes.

In a recent SII statement, it was found that salaries of life insurance policyholders with savings and insurance pay profits on profitability. Insurers must keep taxes and report returns to SII.

In a previous statement in 2010, the SII clearly explained that savings in life insurance by saving were exempt from taxation.

In the insurance industry, it is estimated that, in accordance with the change in the Bachelet administration reform, when the SII changes its criteria, the public consultation process must be carried out. They say that it was not done here.

There is a precedent in 2015, in which the SII explicitly recognizes that it should follow the public consultation process and, failing this, leaves a previous interpretation with no effect that they maintain.


Source link