“Teamwork”. This has been key in the area under Elizabeth Manríquez, (Head of Shareholders Registry Normalization), in order to meet the modifications that the Internal Revenue Service (IRS) requested last December through its tax supplement, regarding the Declaration Form 1817 that applies to Mutual Funds and Investment Funds, creating the new DF 1922 for the tax year 2015.

The change is based principally in that the DF 1817 will include information for taxpayers as of April 30, 2014, whereas from May 1 to December 31, 2014, it will be included in DF 1922.

Elizabeth Manríquez explains that the changes were communicated in late December, so January was an important month to begin the work, which included a period of analysis of the IRS requirements and adjustments in DCV Registros systems in order to comply with the regulation.

“This year we will provide information to the Investment Funds and Mutual Funds that will allow them to prepare the Declaration Form 1922 with the information related to the contributors who received dividends from May 1 to December 31, 2014, as this new declaration includes additional information”, she explained. “These changes allow the IRS to gather more information in order to fulfil its controlling role during the Income Tax Declaration process”.

The deadline for the DF 1817 and 1884 (not subject to modifications) was March 26. Subsequent to these dates, there are sanctions to issuers by the IRS. In turn, DCV Registros, had to have the certificates available no later than February 28 and in some cases, March 14.

The time to complete the declaration form is limited. This is why Elizabeth Manríquez states that the work team she leads in the “Shareholders Registry Normalization” area is prepared and monitoring eventual changes. The group is comprised of Jorge Loubies, Rodrigo Pérez, Lilian Acuña and David Cordovez, who worked with the effective interpretation and execution of the 2015 Tax Process.

“Each person making up the team has their skills. For example, some are in charge of the tax interpretation, others of generating the information of the companies that paid dividends, others of such companies that did not pay dividends, of transmitting the service and designating the passwords, in a very organized manner, and making the DF 1888 process available. This year we will execute about 209 declaration forms between the Investment Funds and Corporations that paid and did not pay dividends. Administering this number of processes in a short period of time is difficult; the organization of the team is essential for the service to be as efficient as possible”, she says. 

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