The Chilean tax authority (Servicio de Impuestos Internos - SII) has published Letter Ruling No. 286 of 4 February 2026, which concerns the availability of a credit for foreign taxes paid when a taxpayer's net foreign-source income is zero or negative (a loss). The ruling addresses a request by a taxpayer to allow a foreign tax credit in such cases and to allow a refund of excess tax paid for not having used a foreign tax credit. In the letter ruling, the SII confirms that in accordance with …