Chile: New master file and local file requirements
Chilean tax authorities have adopted a new, three-tiered approach to transfer pricing documentation. The new requirements generally follow the recommendations of the OECD’S base erosion and profit shifting (BEPS) project. They require certain Chilean multinational organizations to prepare and submit a master file and local file, along with the CbCR. The change applies as of the 2020 tax year, meaning the first Chilean master files and local files must be filed on or before 20 June 2021.