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

As you read the newspaper, watch the news, or listen to the radio, you may have noticed that every news item seeks to convey, in its first few lines or seconds, the gist of the topic. To do this, a method known as the "6Ws" is used.6W": What (what?), who (who?), when (when?), where (where?), why (and how (which, although it does not begin with w, is part of this formula).

As we reach the April fortnight and -with this- enter the right land of Operation AT 2024, we invite you to learn a little more about one of the key milestones of this process: the Income Tax ReturnThe "6Ws" of which are presented below:

1. What is the Annual Income Tax Return?
   
   As its name indicates, it is the act through which taxpayers -individuals, companies and others- declare before the Internal Revenue Service (SII) their income, results, taxes and other information for the immediately preceding year. In this case, such information corresponds to the business year 2023.
2. Who must submit it?
   
   Taxpayers of the first category, global complementary and additional taxes, to the extent that the requirements or provisions established in the Income Tax Law (LIR) are applicable to them.
   In addition, taxpayers of the global complementary tax who have salaries from more than one employer or when they have to make the payment of the solidarity loan; taking into account -in addition- that they can always declare voluntarily in order to adjust taxes withheld during the year or to access tax benefits (reductions for interest on mortgage loans or APV, children's education expenses, etc.).
   Taxpayers subject to the Mining Royalty Law also have this obligation.
3. When should this be done?
   
   The Income Tax Return must be filed in April of each year, and it is advisable to do so during the second half of the month. This is in order to minimize the risk of inconsistencies due to changes in the information that the reporting agents provide to the SII, which -if they occur- could affect the returns filed prior to such changes, generating observations by the tax authority.
   This deadline is extended until May 10 for those taxpayers who are not required to pay taxes or are entitled to a refund.
4. How is this obligation fulfilled?
   
   By filling out and filing Form No. 22 (known as F-22), which must be completed with the information required by the tax authority.
   In this regard, each year the SII publishes on its website a section with instructions and help material to guide taxpayers in this process.
5. Where to apply?
   
   Currently, Form No. 22 must be filed via Internet on the website www.sii.cl (section Online Services > Income Tax Return) or on the SII App.
6. Why file a tax return?
   
   Because it is an accessory tax obligation, which serves as a basis for the main obligation: the payment of taxes.
   Finally, if the taxpayer is obliged to file a tax return and does not do so, he/she is exposed to fines and interest.