Chile Lower House Approves Wealth Tax Amid Spending Pressure (1)

April 21, 2021, 6:47 PM

Chile’s lower house approved the base text of a bill which creates a wealth tax and raises the corporate levy rate, as the country seeks funding to counter the social and economic impact of the pandemic.

Lawmakers backed a proposal for a one-time tax of 2.5% on individual fortunes of more than $22 million and a temporary increase in the corporate rate to 30% from 27%. The legislation, which got 105 votes in favor and 18 against, must still pass a committee vote before moving to the senate.

Stores stand closed on Patronato street in Santiago, Chile in 2020.
Photographer: Cristobal Olivares/Bloomberg

The bill is part of a wave of such measures across...

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