Tax reform
Senate approves idea to legislate reconstruction tax reform bill
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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.
The Senate Finance Commission approved the Reconstruction bill yesterday by three votes to two. The initiative advanced with only officialist support.
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The Chilean Association of Municipalities accused Finance Minister Jorge Quiroz on Monday of showing no willingness to dialogue on the contributions project and requested to halt its processing until it is guaranteed that there will be no decrease in municipal revenues.
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.