LatinNews Daily - 15 March 2023

In brief: Chile’s Boric meets with business sector to discuss new tax reform

* Chile’s President Gabriel Boric has met with the Confederación de la Producción y del Comercio (CPC), the country’s leading business association, to continue dialogue on tax reform, following the rejection of his reform bill in the lower chamber of congress on 8 March. Boric, together with Economy Minister Nicolás Grau and Finance Minister Mario Marcel, met with the CPC’s executive committee, led by its president Ricardo Mewes, in the presidential palace to discuss the importance of reaching an agreement for tax reform in order to reactivate growth and investment. At the end of the meeting, Mewes stated that the wealth tax and tax on retained earnings included in the initial reform were “an attack against savings and investment”, saying other alternatives would allow more resources to be obtained, such as targeting informal commerce, virtual platform transactions, or VAT evasion. The CPC will now review the proposals made by Marcel in the talks. The rejected tax reform proposal had aimed to boost tax take over the next four years by some 3.6% of GDP.

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