Invoicing in Chile – foreign currency exchange operations

Andres Landerretche
November 9, 2022

Invoicing in Chile is changing on 1 December 2022. This is when resolution 66 from the Chile Internal Revenue Service comes into force.

This new regulation concerns organisations with foreign currency operations. Banks, stockbrokers, exchange houses and financial institutions are affected. Other intermediaries or entities that carry out foreign currency purchase and sale operations themselves or on behalf of third parties are also included.

All these organisations must issue the following:

  • Electronic invoice
  • Invoice Not Affected or Exempt Electronic
  • Electronic Credit Note
  • Electronic Debit Note
  • Electronic Ticket
  • Electronic Ticket Not Affected or Exempt

How is invoicing in Chile changing?

Every electronic tax document must consider the specifications described by “Electronic Tax Document Format”. This document is available on the Internal Revenue Service’s website and is regularly updated.

What electronic information is required in Chile?

Resolution 66 also contains technical instructions. These establish the details necessary for electronic tax documents that support foreign currency purchase and sale operations.

The resolution states the following must be included:

  • Name and code of the traded currency
  • Transaction type and detail
  • Exchange rate
  • Amount traded
  • Total value
  • Date of the transaction

There are other requirements not listed above, so it’s important to check the guidelines.

This change allows the Internal Revenue Service to receive, validate, and process electronic tax documents. This ensures the operations are accurately reflected and prevents inconsistencies.

More on rights, commissions and other charges in Chile

In the case of commissions, the taxpayer must issue an invoice or electronic ticket containing all the information indicated by the Technical Annex.

If the document doesn’t include an affected item, consider the following:

  • A non-affected invoice
  • An exempt electronic invoice
  • A non-affected ticket
  • An exempt electronic ticket

An example is when there is no commission.

Likewise, when differences in collections and values are ​​subject to VAT, an electronic credit or debit note must be issued.

The following information must be recorded separately as well:

  1. The total value of the instruments traded
  2. Value of commissions and charges, if any
  3. Total to be paid in favour of the client or total to be paid in favour of the company

Need help for invoicing in Chile?

Are you in financial services or working at a bank with more questions about invoicing in Chile? Speak to our tax experts.

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Author

Andres Landerretche

Andrés is the Director of Regulatory Analysis and Design in Latin-America. He graduated with a degree in Law from the University of Chile and has an LLM in International Law from Kings College, London. Andres has over 20 years of international experience working in the Chilean diplomatic service with assignments in South Africa and the United Nations in New York. He has significant experience in external affairs, compliance, communications and community relations in Chile, Brazil, Colombia, Peru, South Africa and Australia.
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