Tax reform
Chilean opposition meets and reaffirms constitutional challenge to megareform
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Opposition party leaders met Thursday at the Socialist Party headquarters to clarify internal controversies and confirm they will file challenges before the Constitutional Tribunal against the government's tax megareform.
The Senate this week approved the idea of legislating the national reconstruction bill with 26 votes in favor. The initiative seeks to cut the corporate tax rate from 27% to 23% and establishes tax invariability.
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The Senate Finance Commission approved the Reconstruction bill yesterday by three votes to two. The initiative advanced with only officialist support.
After the Constitutional Court struck down the December 2025 emergency economic decree, the Colombian government will present a tax reform to raise $16 trillion. Finance Minister Germán Ávila and President Gustavo Petro confirmed the plan in response to the fiscal imbalance. The measure aims to avoid cuts to social spending and address inherited deficits.
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Opposition senators criticized President José Antonio Kast's National Reconstruction Plan, labeling it a 'hidden tax counter-reform' due to tax cuts that would defund the state by up to US$2.8 billion annually. In a tense La Moneda meeting, they warned against rollbacks on social rights. The bill is expected to enter Congress on April 1.