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

Next Sunday, April 28, the streets of the capital will be the scene of one of the most important sporting events in the country: the Santiago Marathon. Santiago Marathon. During those days, taxpayers (and their accounting-tax advisors) will enter the decisive straight of their own "marathon", which corresponds to the Operation Income Tax Year 2024 (TA 2024).

This process contemplates tax obligations of a principal nature principal (payment of taxes) and ancillary (annual tax returns and affidavits, known as DD.JJ.) that companies and individuals must comply with, under the terms and deadlines established in the Income Tax Law (LIR) and instructions from the Internal Revenue Service (SII).

Although the tax return and DD.JJ. must be filed between March and June of March and Junereporting the operations, values or amounts corresponding to the business year 2023, taxpayers -like athletes running the 10, 21 or 42 kilometers of a marathon- usually schedule in advance the activities associated with this process; within the framework of a preparation that considers the following stages:

1. Information gathering
2. Information processing
3. Filing of declarations
4. Monitoring and follow-up
5. Regularization (if applicable)

You can review the detail of each of these stages here.

Finally, the Operation Income process, and specifically the annual income tax return (Form No. 22), makes it possible to determine whether taxpayers are required to pay income tax on their income tax returns (Form No. 22). pay taxes or, on the contrary, they are entitled to receive a refund. receive a refundThus, taxpayers comply with their main tax obligation, which allows the State to have part of the economic resources necessary to carry out its work.