On 8 July 2016, the Chilean tax authorities (Servicio de Impuestos Internos) issued Circular No. 40 of 2016 on the country's controlled foreign company (CFC) rules. The Circular updates and replaces Circular No.30 of 2015 to incorporate the amendments/clarifications made by Law No. 20.899 in February 2016 to the CFC rules and other aspects of the 2014 tax reform ({News-2016-02-12/A/2- previous …