WASHINGTON – The U.S. Department of the Treasury today announced the entry into force of a comprehensive income tax treaty between the United States and Chile. The Chile tax treaty is the first new comprehensive bilateral tax treaty signed by the United States to enter into force in over ten years. The Chile tax treaty will reduce tax-related barriers to cross-border investments between the United States and Chile and is only the second U.S. comprehensive bilateral tax treaty in force with a South American country. The Chile tax treaty was approved by an overwhelming majority in the U.S. Senate on June 22, 2023, and President Biden signed the instrument of ratification in December. The treaty entered into force today when the United States notified Chile that it had satisfied its applicable procedures for bringing the treaty into force.
Provisions in the Chile tax treaty include:
With respect to taxes withheld at source, the Chile tax treaty will have effect for amounts paid or credited on or after February 1, 2024. For all other taxes, the Chile tax treaty will have effect for taxable periods beginning on or after January 1, 2024.
To access the documents related to the treaty, click here.
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