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Chile's 'Fair' Tax Reform A Success: World Bank

by Mike Godfrey, Tax-News.com, Washington

06 November 2015


Chile's tax reform has had a positive impact on income redistribution and has improved the "fairness" of the tax system, according to a new report from the World Bank.

The report, entitled Chile: Distributive Effects of Tax Reform 2014, said the tax reform package, approved last year and effective since the beginning of this year, has substantially increased the effective tax burden on the country's highest earners. Meanwhile, 75 percent of taxpayers were unaffected.

The report said that the richest 20 percent of the population will contribute about 30 percent of the additional revenue generated by the tax reform, while the poorest 40 percent will contribute 20 percent.

Chile's Finance Minister, Rodrigo Valdés, welcomed the findings of the report. He said that the study's results are fully in line with the objectives of the reform.

The reform package included a number of measures, such as a hike in the corporate tax rate, to raise revenue by three percent of gross domestic product, reduce the deficit, and fund free education for all.

TAGS: Finance | tax | economics | Chile | fiscal policy | budget | corporation tax | education | tax rates | tax reform | Tax

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