This Friday, July 1, the Ministry of Finance announced the main pillars of the new tax reform that the Government intends to implement gradually.
The first bill is expected to be submitted to Congress within the next few days for discussion.
According to the minutes presented by the Government, the first bill will include, among others, the following proposals:
1. The creation of new brackets and rates of the Global Complementary Tax and the Single Second Category Tax.
2. Wealth tax, to which natural persons with domicile or residence in Chile, whose net worth exceeds US$ 5,000,000, will be subject.
3. New royalty to large mining companies.
4. New general regime for large unintegrated companies that replaces the current semi-integrated system and reduction of the First Category Tax rate from 27% to 25%.
5. Limitation and elimination of certain tax exemptions and the implementation of a series of measures to combat tax evasion and avoidance.