The Internal Revenue Service has reported on the details that must be considered by companies that manage, for example, sales over the Internet.
Before the Tax Compliance Law The Internal Revenue Service (SII) has indicated who must formalize their activities and the deadlines to comply with the standard.
The above applies to those who receive credits or bank transfers For, for example, sales made on the Internet such as products offered via WhatsApp messages or social networks.
How does the tax compliance law work?
With the entry into force of the tax compliance law, or Law 21.713 financial institutions must inform the SII of the bank accounts who meet one of the following conditions:
- May they receive 50 or more payments or transfers from different people or companies in a month.
- May they receive more than 100 subscriptions or transfers from different people or companies in one semester .
According to the SII, the main motivation for this rule is to combat informality of those who provide products or services without complying with tax obligations.
The above does not apply to those who receive bank transfers that do not represent sales of products or services, such as fees to a course treasurer or donations for the benefit of an individual.
Who must be formalized in accordance with the tax compliance law?
According to the SCI tax compliance law applies to businesses that have not been formalized or those that receive transfer payments and do not issue receipts .
The organization informs that all income-generating economic activities must be formalized, through the start of activities before the SII, during the first two months in which it begins to develop.
The following situations are illustrated by the entity in which it is necessary to start activities:
- You’ve started selling products online, whether made by yourself or purchased from third parties.
- You offer services on web platforms, social networks or Internet commerce pages.
- You own a physical store in which you sell products or services.
- You will provide professional or other services to third parties and receive payment for them.
The start of SII activities can be managed through this link .
In the meantime, Those who have started their activities, issue receipts and declare their taxes do not need to take any action .
Source: Latercera
I am David Jack and I have been working in the news industry for over 10 years. As an experienced journalist, I specialize in covering sports news with a focus on golf. My articles have been published by some of the most respected publications in the world including The New York Times and Sports Illustrated.
