1 May 2024
Chile is proposing to extend its VAT system to impose VAT on low-value consignments of goods being imported directly by consumers.
Currently, there is an Import VAT exemption threshold set at $500 (approx. £400), which allows importers to purchase goods free of VAT from non-resident companies up to this value. However, if accepted, this proposal would lead to this threshold being removed and instead, non-resident providers will have an obligation to charge VAT to the consumers at the current rate of 19% themselves.
This follows similar VAT measures that were introduced on supplies of digital supplies and if introduced there will be via a simplified registration scheme with no VAT registration threshold for non-resident traders.
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