By Centro de Conocimiento Tributario (Tax Knowledge Center) - CCT

Often, notices and promotions and promotions sent by different companies, informing about different topics of interest. sent by different companies, reporting on different topics of interest.

And in the last few weeks -depending on the amount of the balances held during the year 2023 in bank accounts and savings and investment instruments- you may have received an informative email referring to the obligation for banks and other financial institutions to inform the Internal Revenue Service (SII) about their clients' deposit products, investment and custody services; when the daily, weekly or monthly balances or payments of these -as a whole and by institution- are equal to or greater than 1,500 Unidades de Fomento (UF).

This reporting obligation -which is materialized through Affidavit No. 1955- was established by Law No. 21,453 of 2022. was established by Law No. 21,453 of 2022, which incorporated Article 85 bis to the Tax Code, where the main scope of this issue is contained.

Through the aforementioned DJ, banks and financial entities must annually inform the tax authority of the holder(s) - natural and/or legal -individuals and/or legal entities- of the of the products and instruments they manage or hold in custody, to the extent that they comply with the requirementsThe tax authorities must inform the tax authority on an annual basis of the holders - natural and/or legal persons - of the products and instruments they manage or hold in custody, provided they comply with the requirements previously indicated.

In addition, they must include in this report a series of data associated with such instruments: quantity, type of product, balances, credits, validity, among others.

Finally, the information received by the SII through DJ No. 1955 is confidential and is used by the institution in the framework of its auditing role, being one of the elements that allows it to verify the correct and timely compliance with the main tax obligation of taxpayers, which corresponds to the payment of their taxes.It is one of the elements that allows it to verify the correct and timely compliance with the main tax obligation of taxpayers, which corresponds to the payment of their taxes.

We invite you to learn more about this topic here.