Stamp Tax
Definition
In Chile, stamp tax (impuesto de timbres y estampillas) is levied when a customer presents you with a bill of exchange by way of payment.
Use
The tax varies according to when the bill is due:
Where a bill of exchange matures on a fixed date, the tax depends how long the bill runs. It is calculated at 0.1% of the principal for every calendar month started – so a bill that runs from July 29 to October 27 would be taxed at 0.4%. Stamp tax may not exceed 1.2%, but the system does not check whether the maximum amount has been exceeded.
Bills that are due on demand are taxed at 0.5%.
Integration
The procedure for posting bills receivable is slightly different from the norm. For more information, see
Posting Bills of Exchange Receivable with Stamp Tax.To prepare a list of the stamp tax that you are liable for, use the
stamp tax ledger.