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Keeping the books and paying taxes in US dollars in Chile: when the SII allows foreign currency accounting, how peso books treat FX differences, and paying in foreign currency

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Last verified: 2026-10-26 · Status: Stable

Chilean taxpayers keep their books, file and pay in pesos by default, but the SII can authorize a company to keep its tax accounting in a foreign currency, typically US dollars, when its foreign trade, foreign capital or foreign debt, its pricing or its parent's functional currency justify it. Once authorized the company must stay in the regime for at least two commercial years. Companies that keep peso books revalue foreign currency receivables, payables and cash at the year end exchange rate, which turns FX movements into taxable gains or deductible losses.

USD figures use the Central Bank exchange rate of CLP 986.58 per US dollar published in the Diario Oficial for 23 October 2026 (Ley Nº 18.840 art. 44 and CNCI Chapter I, Section VII). UF values use UF 1 = CLP 41,205.16 (23 October 2026) and UTM values use UTM 1 = CLP 72,151 (October 2026), both as published by the Servicio de Impuestos Internos. Conversions are for orientation only.

Key facts

Default currency for books, returns and tax payments	Chilean pesos textDL Nº 830 art. 18 Nº 1, as of 2026-10-26 · in force
Foreign currency tax accounting allowed	Yes, with SII authorization on statutory grounds textDL Nº 830 art. 18 Nº 2, as of 2026-10-26 · in force
Minimum stay in the foreign currency accounting regime	2 commercial yearsDL Nº 830 art. 18 Nº 2, as of 2026-10-26 · in force
Deadline to request leaving the regime	Last business day of October, effective the next commercial year textDL Nº 830 art. 18 Nº 2, as of 2026-10-26 · in force

The rule

1. Taxpayers keep their accounts, file their returns and pay taxes in national currency. The SII may, by reasoned resolution, authorize specific taxpayers or groups to keep their accounts in foreign currency when: (a) the nature, volume or regularity of their foreign trade operations in foreign currency justifies it; (b) their capital was contributed from abroad, or their debts were taken abroad, mostly in foreign currency; (c) a foreign currency fundamentally influences the prices of their goods or services or, for full accounting first category taxpayers, decisively or mainly influences their capital and income; or (d) they are a subsidiary or permanent establishment, without significant autonomy, of an entity that determines its tax results in foreign currency. The authorization is given only if it does not reduce or distort the tax base.
Cost to do it: No fee is set in the law; the cost is preparing the request and adapting the accounting system.Decreto Ley Nº 830, Código Tributario, Art. 18 Nº 1 and Nº 2, 1974-12-31 official text · verified 2026-10-26

2. The authorization applies from the taxpayer's first year if requested in its start of activities declaration, or otherwise from the commercial year after the request. The taxpayer must keep foreign currency accounts for at least two consecutive commercial years and may then ask to leave the regime for later years; the exit request must be filed by the last business day of October and takes effect from the following commercial year. The SII may revoke the authorization when the taxpayer no longer meets the grounds, with effect from the following commercial year.
Example: A company that applies in March 2027 keeps peso books for 2027 and dollar books from 2028; it can leave the regime at the earliest for 2030, filing the request by the last business day of October 2029.Decreto Ley Nº 830, Código Tributario, Art. 18 Nº 2, second to fourth paragraphs, 1974-12-31 official text · verified 2026-10-26

3. The SII may also authorize taxpayers keeping foreign currency accounts to declare some or all of their taxes in that currency (paying in pesos at the exchange rate on the payment date), and may authorize specific taxpayers to pay taxes, adjustments, interest and fines in foreign currency. It may require authorized taxpayers to pay certain taxes in the currency of their books, or in the currency in which they earn the income. The Treasury may require or allow taxpayers without domicile or residence in Chile to pay property tax (Ley Nº 17.235) in foreign currency at the exchange rate on the payment date.Decreto Ley Nº 830, Código Tributario, Art. 18 Nº 3, 1974-12-31 official text · verified 2026-10-26

4. Taxpayers keeping peso books with full accounting must adjust at year end the value of credits and rights in foreign currency to the exchange rate of that currency, and the value of foreign currency and gold coins held to their buying rate, at the balance sheet date. Assets bought with foreign currency loans are adjusted for inflation like other fixed assets, but the FX differences on the loan are charged to the results of the year rather than added to the cost of the asset.
Example: A receivable of US$1,000,000 booked at CLP 950 per dollar and valued at CLP 986.58 at year end produces a taxable FX gain of CLP 36,580,000. / US$1,000,000 receivable: the peso revaluation from 950 to 986.58 creates CLP 36,580,000 (about US$37,078) of taxable income in peso books, and none in dollar books.Decreto Ley Nº 824, Ley sobre Impuesto a la Renta, Art. 41 Nº 2, Nº 4 and Nº 5, 1974-12-31 official text · verified 2026-10-26

Point	Peso books (default)	Dollar books (authorized)
Foreign currency receivables and payables	Revalued to the year end rate; FX differences taxed or deducted	No FX difference on dollar items
Grounds needed	None	Foreign trade, foreign capital or debt, dollar pricing, or a dollar reporting parent
When it starts	Always	First year if asked at start of activities; otherwise the next commercial year
Minimum period	Not applicable	Two consecutive commercial years
Tax payment	Pesos	Pesos at the payment date rate, or foreign currency if the SII authorizes or requires it

Peso books versus SII authorized dollar books for a Chilean company with dollar revenue and debt (DL Nº 830 art. 18; DL Nº 824 art. 41).

Worked example

A copper services company in Antofagasta, owned by a Canadian group that reports in dollars, prices its contracts in dollars and is financed by a dollar loan from its parent. It qualifies under grounds (b), (c) and (d) of art. 18 Nº 2.
It asks for dollar accounting in its start of activities declaration, so dollar books apply from its first year. Its year end dollar receivables and debt no longer generate peso FX gains or losses for tax.
It must stay in the regime for at least two commercial years; if it later shifts to peso pricing, the SII can revoke the authorization from the following year.

Step by step

1. Check which art. 18 Nº 2 ground the company meets and gather evidence (contracts, capital and debt records, group reporting currency).
2. For a new company, request foreign currency accounting in the start of activities declaration; for an existing one, apply to the SII, effective the next commercial year.
3. Ask at the same time whether to declare and pay taxes in that currency.
4. Set up the accounting system and tax registers in the authorized currency.
5. Plan any exit at least a year ahead: the request is due by the last business day of October.

Common traps

Assuming IFRS functional currency is enough for tax. Tax books stay in pesos unless the SII authorizes otherwise.
Applying mid year. Except at start of activities, the authorization only applies from the next commercial year.
Leaving too early. The regime binds for at least two commercial years.
Ignoring peso book FX gains. Revaluing dollar assets in peso books can create taxable income even when no cash is received.

Sources

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