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CHILE’S Senate overwhelmingly approved modifications to President Michelle Bachelet’s flagship tax reform late on Tuesday.
The reform aims to boost tax revenue by about £5 billion, equivalent to nearly 3 per cent of gross domestic product, to pay for an education overhaul and profound changes to Chile’s healthcare system.
The Senate passed the revised law back to the lower House of Congress for discussion, bringing it one step closer to becoming law.
The five-member finance committee had introduced changes to the reform, including increasing corporation taxes to 27 per cent by 2017 from the current 20 per cent.
In the Bill initially presented to Congress, corporation taxes were to increase to 25 per cent.
“We’re moving towards a structural reform … and we’ve done it with ample support, which gives it stability and sustainability,” said Finance Minister Alberto Arenas.
The Senate approved the changes by 33 votes in favour to one against.
