CCL Auditores Consultores recommended carrying out this process during the third week of April to avoid any inconvenience.
Read the full article in Chócale.
Although the filing stage for Income Tax Sworn Statements (DDJJ) began on February 14, the phase for preparing and submitting the annual income tax return has recently started. This process is carried out once a year by the Internal Revenue Service (SII) during April, within the framework of the so-called “Tax Filing Process.”
It is precisely in relation to this obligation that the question arises as to the most convenient date to file the tax return.
When consulted by Chócale, CCL Auditores Consultores indicated that before making any decision, it is essential to understand the main taxes that individuals must declare in the country. Among these is the Global Complementary Tax, which applies to those who earn income from various sources such as professional fees, interest, dividends, and rental income.
“This is the tax determined each April based on income generated from January to December of the previous year, in this case 2023. It is a ‘progressive’ tax because percentages are applied to total income according to predefined income brackets established in our legislation,” said Matías Araya, Tax Manager at CCL Auditores Consultores.
In addition, besides the Global Complementary Tax, the SII also collects information on independent workers’ contributions and the repayment of the 2020 and 2021 solidarity loans, which, although not taxes themselves, are included in the annual return.
When is the best time to file a tax return?
Although deadlines for early refunds were brought forward last year, Araya indicated that “it is advisable to file from the third week of April, because companies may still be updating the data reported to the SII. If this happens, the return may be flagged and the refund withheld until the amendment period opens in June each year.”
Regarding the documentation required to complete this process, Araya explained that it depends on the type of income received during the 2023 fiscal year.
Considering that most information is already automated, companies and other institutions generally report to the SII during March each year.
In the case of financial institutions, particularly banks, they make Tax Filing certificates available in users’ profiles to support their declarations. “Likewise, each taxpayer should request the corresponding certificates from relevant entities—for example, if an individual received salary and/or professional income, they should request the certificate from the company that submitted the sworn statement associated with that type of income,” the expert added.