Do you sell on social media? Learn about the new SII regulations that could affect your business

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Do you sell products or services through social networks like Facebook or Instagram? Starting in 2025, a new SII regulation will come into force , which seeks to promote the formalization of SMEs and entrepreneurs, as well as reduce tax evasion. In this article we tell you more details about this regulation and what to do to formalize your business.

Starting in January 2025, banks will be required to share with the Internal Revenue Service (SII) information on accounts that receive more than 50 transfers per month from different people, or more than 100 in 6 months. This provision is part of the Tax Compliance Law, which aims to combat informality and tax evasion.

What kind of information will banks share?
According to the regulations, these entities must provide the IRS with their RUT, account number and transactions carried out. In this way, the Internal Revenue Service seeks to detect people or facebook database that carry out commercial activities in the informal sector, without paying the corresponding taxes.

Banks will be required to share with the SII information on accounts that receive more than 50 transfers per month from different people, or more than 100 in 6 months.

What actions will the SII take if cases of informality or under-reporting of taxes are detected?
In the case of people who sell products or provide services informally, the tax authority will contact them to help them start activities in the SII. These taxpayers must comply with issuing the corresponding tax document, whether it be an invoice or receipt. In addition, they will be required to submit their monthly VAT return and their annual income tax return.

Do you want to know how to start a business formally in Chile? We invite you to read the article: How to start a company in Chile? In it we tell you the steps you must follow, what the requirements are and how much it costs approximately.

On the other hand, in the case of taxpayers who did start activities in the SII but are not complying with their tax obligations as required (for example, they do not issue receipts or invoices for their electronic transfers or make omissions when declaring their taxes), the following audit actions will be generated:

The SII will review the documents issued in different periods and compare the taxpayer's tax behavior with others in the same sector to detect inconsistencies.

If irregularities are detected, the SII will contact the taxpayer by email and ask them to make the corresponding corrections online. They will also have facilities to pay the differences that are detected. However, in some cases, an audit may be required.

In parallel, the SII will conduct on-site visits to verify that businesses comply with issuing tax documents.