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Chile Rejects Calls For Lower Business Tax Burden

by Mike Godfrey, Tax-News.com, Washington

13 August 2015


Chilean Finance Minister Rodrigo Valdés has dismissed proposals from the business community for a reduction in the business tax burden.

The proposals were made following the Finance Minister's announcement on August 10, 2015, that a bill containing measures to ease the administrative burden of the new tax regime is to be submitted to Congress.

Valdés said that the complexity of the new tax regime needs to be addressed, but not the tax burden. This echoes the statement he gave on August 10, in which he said the bill to simplify the tax regime would be revenue neutral.

A package of tax reforms came into effect at the beginning of this year, including a hike in the corporate tax rate, designed to raise revenue to fund free education for all and other social projects.

The International Monetary Fund (IMF) said earlier this month that the complexity of Chile's new tax regime is likely to have a negative effect on economic activity in the short-term.

TAGS: Finance | tax | economics | business | Chile | fiscal policy | International Monetary Fund (IMF) | education | tax reform

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