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He Internal Revenue Service (SII) published one that gives instructions on the taxation corresponding to the second withdrawal of 10% of pension funds, established by Law No. 21,295, after complying with the corresponding public consultation process.
This circular instructs that, in accordance with the provisions of said law, the withdrawal of funds will have to pay taxes “When the person who performs it obtains a taxable income greater than 30 UTA ($ 1,530,000 monthly approximately) in the year of retirement ”, detailed the Service.
In addition, it specifies that for the calculation of the 30 UTAs, “All gross income taxed with the Complementary Global Tax (IGC) and all those deductions from the IGC base allowed by the tax legislation are discounted ”(such as, for example, the benefit for mortgage credit).
Among the income taxed with the IGC, and that must be included in said calculation, are dividends, withdrawals, fees, allowances, capital gains, salaries and pensions, among other.
On the other hand, he points out that Income not constituting income is not considered taxable income for the calculation of the 30 UTA, that is, income such as fiscal contribution for the middle class and the State solidarity loan, granted during 2020, the subsidies for medical leave paid by pension agencies, the first withdrawal of 10% of pension funds, among other non-taxable income.
Likewise, the amount of the second withdrawal of 10% should not be considered for the calculation of the 30 UTAs.
In addition, the SII clarified that, in the event that the withdrawal of funds from the AFPs is subject to tax and said withdrawal was paid to the beneficiary of a Alimony that was owed, “the payment of the tax will correspond to the AFP affiliate who owed the alimony and not to the beneficiary of said pension.”
Tax declaration and payment
In the event that the withdrawal is made in two installments and must be affected by taxes, such amounts must be declared through Form No. 22, in the corresponding Income Operation, the following rules must be considered:
-If the first and second installment of the withdrawal are paid in December 2020, the total amount must be declared in April 2021.
-If the first installment of the withdrawal is paid in December 2020 and the second installment is paid in January 2021, the first installment must be declared in April 2021, while the second installment must be declared in April 2022.
-The fees paid in full during the year 2021 must be declared in April 2022.
-Finally, if the first installment of the withdrawal is paid in December 2021 and the second installment is paid in January 2022, the first installment must be declared in April 2022, while the second installment must be declared April 2023 .
Instructions for AFPs
The same circular issued by the SII instructs that the AFPs in which the person making the withdrawal is affiliated “must inform the Internal Revenue Service of the amount paid for this concept, in the year that corresponds to the withdrawal made.”
The conditions for the delivery of this information were defined through Resolution No. 162 of 2020 which, in summary, establishes that the information associated with withdrawals made in the immediately preceding business year, “Must be sent to this Service until March 16, 2021, 2022 and 2023, as appropriate, by electronic transmission of data, through sii.cl, menu of Affidavits and Payroll, Payroll option”.
The information must be sent using the format called “Retirement Information Record of Pension Funds, in accordance with the provisions of Law No. 21,295”, contained in an annex to the aforementioned resolution, which can also be downloaded from sii .cl.
“In the event that the AFP needs to modify the information provided, will have a period of 5 business days counted from the detection of the situation “, said the SII.
Finally, the resolution instructs that this obligation to report applies as of tax year 2021 and for tax years 2022 and 2023, in relation to the delivery of the information for the respective business year.
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