Bill submitted to Congress

On 9 April 2013, the government submitted Bill 8874-05 to the Congress. The main proposals are summarized below.

(a) Foreign tax credit

Currently, under the indirect foreign tax credit, the income tax paid by a company on the profits distributed to another company that remits such profits to Chile may be credited, provided that both companies are domiciled in the same country and at least 10% of the capital of the first-mentioned company is directly owned by the company remitting t…