Chile's Chamber of Deputies ended an eight-hour debate yesterday on the National Reconstruction Plan bill. The government-backed initiative aims to cut corporate taxes and provide investment certainty.
The session started shortly after 10:00 and lasted until 18:10. Lawmakers from Frente Amplio, the Communist Party, the Socialist Party and the Christian Democrats announced their rejection of the bill, which is in its first constitutional stage with urgent status.
Finance Minister Jorge Quiroz defended the proposal against opposition criticism. “All economies that have emerged in the world have done so with a very relevant dose of private drive,” he said. He also addressed tax cut concerns: “With fewer taxes there is more investment and more employment.”
The Christian Democrats reached a unanimous position after an internal meeting. Bloc leader Jorge Díaz confirmed they will vote against the bill. The Party of the People, however, struck a deal with the government in exchange for an IVA refund bonus for diapers and medicines, with an estimated annual fiscal cost of 100 million dollars.
The general and particular vote is scheduled for today, Wednesday, in the same chamber.
