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The Chilean 1RS has con- firmed that the indirect transfer rules that were intro- duced in 2012 will not apply to the trading of Chilean company American Deposi- tary Receipts (ADRs). It has also reconfirmed that capital gains arising from the dispos- al of ADRs should not be sub- ject to Chilean income tax provided that both the trans- feror and the depositary bank for the ADRs are neither domiciled nor tax resident in Chile. U.S. individuals, MNCs, and investment funds holding ADRs of Chilean companies should consider the ruling in connection with any future sale or disposition of the ADRs.