The U.S. Department of the Treasury has announced the entry into force of the income and capital tax treaty with Chile on 19 December 2023. The treaty, signed 4 February 2010, is the first of its kind between the two countries. Taxes Covered The treaty covers Chilean taxes imposed under the Income Tax Act, and U.S. federal income taxes (excluding social security and unemployment taxes), Federal excise taxes imposed on insurance premiums paid to foreign insurers, and taxes imposed with respect to private foundations. Residence When a company is considered a resident of both Contracting States, the application of the...