Advisory on Chilean corporate income tax for assessment year 2027 by Anguita Osorio.
Mapping of the Reconstruction Law rate schedule to assessment years and modeling of 2026 decisions.
Income Tax 2027: which rate applies and what actually changes
The question mixes two calendars. Assessment year (AT) 2027 files the income of commercial year 2026, so the general regime still declares at 27% and owners still recover 65% of the credit. The Reconstruction Law cut runs by commercial year and only shows up in the return one year later: 25.5% in AT 2028, 24% in AT 2029 and 23% from AT 2030.
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This page translates the Reconstruction Law rate schedule into the calendar companies actually file by: assessment years. It covers the rate that governs the AT 2027 return, the full AT calendar of the cut, what does and does not change for owners, and the decisions worth modeling during 2026. The schedule comes from the text approved by Congress; publication in the Official Gazette is still pending (as of 7 August 2026).
Two calendars: commercial year and assessment year
The reform is written in commercial years; companies file by assessment years.
Every April, the annual return covers the income of the previous calendar year: AT 2027 files commercial year 2026, AT 2028 files 2027, and so on. The Reconstruction Law fixes its rate schedule by commercial year, so each step reaches the return one year later. That offset explains most of the confusion around "the 2027 rate": in the AT 2027 filing nothing has changed yet.
27%
The current rate still governs. Owner withdrawals recover 65% of the credit under the rules in force.
25,5%
First step of the cut appears in the return. Profits generated in 2027 carry a 70% owner credit.
24%
Second step. Profits generated in 2028 carry an 80% owner credit.
23%
The permanent rate, with the full 100% owner credit for profits generated from 2029.
With the mapping clear, the next question is what the April 2027 filing looks like for a company and its owners.
What the company files in April 2027
Commercial year 2026 under the rules in force today.
- General regime (article 14 A): First Category at 27% over 2026 profits.
- Owner withdrawals made during 2026: charged first against the accumulated stock, with 65% credit recovery.
- Monthly provisional payments (PPM) paid during 2026 are credited in the return; their adjustment to the new rates starts with the first step of the schedule.
- Pro Pyme regime (article 14 D): keeps its own rules; the rate schedule does not touch it.
- If the law is published and the substitute-tax window is exercised, that election shows its effects on the accumulated stock, separate from the annual return mechanics.
The reform does move real money for companies and owners; it just does so from the following assessment year onwards.
Where the reform does change the numbers
Rate, credits and the historical stock, each on its own track.
The full analysis of the rate schedule and the return of the complete owner credit is in the First Category cut and its 2027-2029 schedule. The short version: future profits improve year by year, while profits accumulated through 2026 keep the 65% credit no matter how long they wait, and the law orders that stock consumed first. For that stock, the lever is the single 10% substitute tax, with its 8-month window from publication.
That asymmetry is what makes 2026 a planning year: several routine decisions land differently depending on which side of the calendar they fall.
Decisions to model during 2026
Timing is the variable.
- Dividend and withdrawal policy: a profit generated in 2029 arrives with a lower rate and full credit; the accumulated stock does not improve.
- Whether to take the substitute-tax window on the historical stock once it opens, modeled against the ordinary withdrawal for each owner.
- Sales of listed shares: from 1 January 2027 the gain becomes non-taxable income again, so closing in 2026 or 2027 changes the tax bill.
- Group reorganizations queued for 2026-2027, which mix historical and new profits with different credits.
Frequently asked questions
The questions companies and owners ask about the 2027 filing.
What income tax rate applies in Chile for tax year 2027?
For companies under the general regime of article 14 letter A, the First Category rate for assessment year (AT) 2027 is 27%, because that filing covers commercial year 2026 and the Reconstruction Law cut only starts with profits generated in 2027. The first step of the cut (25.5%) shows up in the AT 2028 return.
When does the Chilean corporate income tax go down?
The cut runs by commercial year and appears one year later in the return: 2027 profits are taxed at 25.5% (AT 2028), 2028 profits at 24% (AT 2029) and profits generated from 2029 at a permanent 23% (AT 2030 onwards). Commercial year 2026, filed in AT 2027, keeps the current 27%.
Does the 2027 return already reflect the reform?
Not in the corporate rate or the owner credit. Profits generated in 2026 are taxed at 27% and their withdrawals carry the current recovery of only 65% of the credit, even if withdrawn years later. What may appear in AT 2027 are the effects of the reform windows exercised after publication of the law, such as the substitute tax on the accumulated stock.
What about withdrawals partners make during 2026?
They are filed in AT 2027 under the current rules: they are charged first against the stock of accumulated profits and recover 65% of the First Category tax as a credit against final taxes. For that historical stock the reform gains nothing by waiting; its tool is the window of the single 10% substitute tax.
Does anything change for SMEs in AT 2027?
The 27% to 23% schedule applies only to the general regime of article 14 letter A. Companies under the Pro Pyme regime of article 14 letter D keep their own rules, so their AT 2027 filing does not change on account of the rate schedule.
When is 2026 income filed?
In the April 2027 filing season (form 22), which covers commercial year 2026. Monthly provisional payments made during 2026 are credited in that return; the adjustment of PPM to the new rates begins together with the first step of the cut.
Official sources
Put the AT calendar against your own numbers
Our tax compliance practice models the assessment-year calendar for the decisions queued for 2026: withdrawals, the substitute-tax window, listed positions and reorganizations.
Learn about the tax compliance practiceInformative content, updated as of August 2026. It does not constitute legal advice for a specific case.
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