On 11 September 2026, Chile’s Servicio de Impuestos Internos (SII) issued Circular No. 38, establishing the value of the Unidad de Fomento (UF) for money credit operations covering the period from 10 September 2026 to 9 October 2026, inclusive. The UF is a inflation-adjusted monetary unit widely used in Chilean tax, financial, and contractual contexts to preserve real value. This monthly update is mandated under the Credit Operations regulations and ensures that tax calculations, loan agreements, and indexed obligations reflect the latest inflation data. The circular originates from the Subdirección Normativa and provides the daily UF values necessary for taxpayers, financial institutions, and legal practitioners to compute interest, adjustments, and tax liabilities accurately. The publication of these values is a routine but critical compliance requirement, as the UF serves as the statutory index for reajustes across the Chilean tax system, affecting income tax determinations, value-added tax calculations, and customs valuations. Failure to apply the correct daily UF can result in underpayment of taxes and exposure to penalties and interest under the Tax Code.
Key Takeaways
- Daily UF Values Published: The circular details the UF value for each day in the 30-day window, enabling precise calculation of reajustes (inflation adjustments) on credit operations, mortgage loans, and tax-related indexed amounts. Taxpayers must use the specific daily rate corresponding to the transaction date, not an average or month-end value.
- Compliance for Financial and Tax Reporting: Taxpayers must apply these official UF values when determining taxable income from interest, adjusting tax bases, and filing returns that involve UF-denominated amounts. Non-compliance may lead to penalties under the Tax Code, including fines for incorrect tax returns and interest on late payments.
- Legal Basis and Effective Period: The update is grounded in the legal framework governing money credit operations and the UF’s role as a statutory index. The values are effective immediately for the stated period and replace the prior month’s table issued in Circular No. 33. The SII’s Subdirección Normativa is the authoritative source, and the PDF circular is the official legal instrument.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement