Chilean President Jose Antonio Kast has seen Congress approve most of the economic and tax reforms he promoted Photo by Adriana Thomasa/EPA
SANTIAGO, Chile, July 22 (UPI) -- Chile's Congress approved most of the economic and tax reforms promoted by President José Antonio Kast -- one of the flagship initiatives of his government agenda.
The reforms include a gradual reduction in the corporate tax rate from to 23% from 27% to encourage investment and revive economic growth.
The Chamber of Deputies on Tuesday passed the National Reconstruction and Economic and Social Development bill, which also establishes tax incentives for the repatriation of capital, creates compensation mechanisms for companies when courts overturn projects that have already received Environmental Qualification Resolution approval and eliminates the tax on a first home for older adults.
Finance Minister Jorge Quiroz said the initiative seeks to "restore tax competitiveness" and provide greater certainty for investment.
