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KPMG is committed to providing long term support to our clients as they tackle challenges. Our insurance practice comprises multi-disciplinary teams, led by senior partners with extensive experience. Our global insight and guidance on the key changes to IFRS are now available. The online rates tool compares corporate, indirect, individual income, and social security rates.
New rules which considerably alter the tax treatment of stock options in Chile came into effect on January 1, New provisions on stock options, part of a greater legal modification to the Chilean taxation system, were implemented by Laws 20, and 20, The legal changes concerning stock option mean that the recipient could be subject to Chilean taxes at the following events:.
Taxpayers and their tax service providers need to be aware of the new rules — and employers should review their stock option plans — in order to avoid the risk of being non-compliant and potentially being subject to a heavier tax burden than they need be. Before the legal change, stock option plans in Chile were first taxable when the shares acquired from the exercise of the options were sold unless the recipient of a stock option was provided with the shares for free, i.
Upon sale of the acquired shares, the gain realized, if any, was taxed as a capital gain. The capital gain was equal to the excess of the sales proceeds over the purchase price of the shares this value considered at the exercise of the option.
As a result of the new rules, the recipient of a stock option will be deemed to have compensation regardless of whether the option is exercised. Accordingly, the stock option recipient will be subject to Chilean tax upon the acquisition of the option, under the definition outlined in this newsletter. Furthermore, if the option is sold by the recipient, the eventual sales proceeds will also be taxable.
Despite the clarifications provided by the SII through the Circular Order mentioned above, there are still some issues that require clarification, including:. Under the new tax scenario, it is recommended that employers review their stock option plans in effect under the former rules, as well as their current plans, to determine the impact of the new provisions on them.
The KPMG International member firm in Chile will continue to monitor the new guidance from the SII on the matter and will keep readers informed of any important developments and clarifications when they occur. Todos los derechos reservados.
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Highlights Background New Rules. The legal changes concerning stock option mean that the recipient could be subject to Chilean taxes at the following events: Background Before the legal change, stock option plans in Chile were first taxable when the shares acquired from the exercise of the options were sold unless the recipient of a stock option was provided with the shares for free, i.
New Rules As a result of the new rules, the recipient of a stock option will be deemed to have compensation regardless of whether the option is exercised. To date, there is no specific guidance regarding the determination of the economic value of the options, other than the general conditions of the stock market. Moment of taxation of the option: The Circular provides that a stock option should first become taxable when the recipient acquires the option option defined as the right to acquire certain shares in the future.
Depending on the particular terms of each stock option plan, the acquisition of the option may occur at grant or vest. As such, this is a matter that requires a careful analysis of the terms of the relevant plan.
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