OECD supports banks to report customer accounts to SII

that Banks submit annual reports to the Internal Revenue Service (SII) on the operations of their clients Over certain amounts is the goal of a bill promoted by senators Carlos Montes (note), Ricardo Lagos Webber (PPD) and Jorge Pizarro (DC). The goal, they identified, is to contribute to the fight against avoidance and evasion by providing information to the IRS regarding bank balances and movements in excess of CHF 1,500 (US$45 million), which can activate inspections if discrepancies exist.

The The Senate approved the bill by a large majority, but both the Treasury and the center-right voiced their opposition to the initiative, considering it infringed Reserve and banking secrecy, although neither these rules have been modified nor access to account details. Thus, in the discussion in particular, the government has introduced indications to speed up the process provided by law so that the tax and customs courts It is solved, case by case, when a file SII requests information from the bank but the account holder objects.

Bank secrecy from authorities “can allow taxpayers to hide activities (including illegal activities) and evade taxes,” she says. Head of the General Secretariat OECD Global Forum on Transparency and Information Exchange for Tax PurposesAnd Zed Manata. The forum includes 162 economies, including Chile.

In this interview with TableThe representative of the Organization for Economic Co-operation and Development clarified what is the standard for the countries that make up the body regarding bank secrecy and the powers of their tax agencies. “Reporting taxpayer bank information for domestic purposes (and not just for exchange purposes) to the tax administration is a common practice internationally,” he says of the project being discussed in Congress. He adds that he considers this power to be “an essential element in the fight against tax evasion.” and tax evasion, because it allows to learn more about the tax obligations of taxpayers.”

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Will providing this type of information to the Strategic Insurance Institute effectively contribute to reducing or evading tax evasion?

Access to banking information can greatly enhance the ability of tax authorities to effectively enforce their laws. Bank information is important to the authorities, both in connection with the verification of tax obligations of taxpayers and for their collection. It is a common practice internationally.


Paula Garda has stated that the agency is not proposing to eliminate all tax exemptions. He stressed that “there are some who are ineffective.”

– Is it reasonable to set a minimum limit for the bank’s report without setting the related party rules at the same time? What are the best practices for controlling the splitting of taxpayer transactions into multiple bank accounts?

“Tax departments must find a balance between access to information and the additional burden that may be placed on obligated persons, while ensuring the effectiveness of new obligations for tax compliance purposes. Therefore, it is reasonable to set thresholds for amounts. Other jurisdictions have such a limit setting.”

“On the other hand, other countries require banks to report to the tax administration information on all kinds of financial accounts for tax purposes, without restrictions. For example, without setting a minimum amount. The authorities must find the right balance given their own reality.”

This bill opened a debate in Congress about bank secrecy and taxpayer privacy in Chilean banking operations. What is the current OECD standard in this regard?

“Bank secrecy before government authorities, including tax authorities, can allow taxpayers to conceal activities (including illegal activities) and evade taxes. Thus, the tax administration’s access to banking information is one of the essential elements of financial transparency and information exchange” .

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“The standards administered by the Global Forum require access to banking information for exchange with other countries. All members of the Global Forum are evaluated against these standards. It is important to note that access for local purposes does not fall within the scope of the standards. From the Global Forum, however, it is very common That tax administrations have access to banking information for domestic purposes, and many OECD countries (such as France, the United States, the United Kingdom, and Spain) do.”


The agency is evaluating the financial and monetary response to the crisis and proposing tax changes to fund cash contributions for all households.

Is Chile one of the few economies where the Tax Administration (SII) needs court authorization to access taxpayer bank account information?

“Countries have different procedures for accessing information about taxpayers’ bank accounts. In many OECD countries, the tax administration is automatically reported without the need for a judicial decision. And in Latin America, there are countries like Argentina, Brazil, the Dominican Republic and the Dominican Republic do not need And Ecuador, Mexico and Uruguay to court permission to access this information, and the trend is going in that direction.”

– With Chilean bank secrecy rules and tax information exchange agreements with other OECD countries signed by Chile, is it possible that a foreign tax administration has more information about a Chilean resident’s banking operations than SII?

“Chile will provide banking information to foreign tax administrations in order to enforce its own tax laws. These organizations will have relatively greater access [que el SII] to information in terms of broad categories, but not necessarily to a specific taxpayer who has a tax domicile in Chile.”

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