Taxation in Chile

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President Sebastián Piñera announced on Tuesday the signing of a tax modernization project and 13 measures with which the Government seeks to promote growth, investment and the creation of jobs to boost the country’s development.

President Michelle Bachelet of Chile enacted new environmental tax legislation on Friday making the country the first in South America to tax carbon dioxide (CO2) emissions.

Chile’s Congress is expected to approve President Michelle Bachelet’s tax reform bill on Wednesday, the first key part of the center-left leader’s tax-and-spend campaign pledge to reduce inequality.

Chile’s Senate overwhelmingly approved modifications to President Michelle Bachelet’s flagship tax reform late on Tuesday, sending it back to the lower house of Congress for discussion and bringing it one step closer to becoming law.

The Chilean government will collect from July this year a specific tax on companies holding A fishing licences. The rate varies according to the number of metric tons the companies, currently 49, are allowed to fish.

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