The Chilean tax authority (SII) has issued Order No. 1666 of 10 August 2018, which clarifies the deduction of expenses by holding companies. The Order clarifies and confirms the instruction of Circular No. 68 of 2010 that companies must distinguish between taxable income, nontaxable income, and exempt income, and that expenses incurred in relation to income of a particular type may only be deducted from the income of the same type. Further, where expenses are common to different types of inc…