Phase 2 Peer Review Report Summary: Chile


The Phase 2 review rates Chile overall as largely compliant with the international standard. Chile’s legal framework generally ensures that ownership, accounting and bank information is available according to the standard. The report recognizes the progress made by Chile, especially in relation to amendments to their tax law to address Phase 1 recommendations on the availability of ownership information in respect of foreign companies and their increased treaty network notably with the signature of the Multilateral Convention. For information not already contained in the Chilean tax database, the Chilean tax administration has broad powers to access accounting information and information on the ownership of legal entities. In practice, some banking information was exchanged. Nevertheless, it is recommended that Chile take steps to make improvements in certain areas related to the access to banking information, and to ensure that appropriate exceptions exist to prior notification. Chile should report steps taken to address the recommendations made in the combined report within12 months. For further information on Chile’s exchange of information practices and to read the full report click here.


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