Chile House Panel Approves Updated Tax Evasion Guidelines

Chile’s Finance Committee unanimously approved a bill Wednesday to allow anonymous whistleblowers, lift banking secrecy, and tighten restrictions on transfer pricing.

Under the proposal, which aims to boost revenue equivalent to 1.5% of gross domestic product, Chile’s anti-evasion guidelines would be updated to meet international standards and include stricter guidelines on tax planning around company reorganization, the Finance Ministry said in a release.

• To garner more support for the bill, the government is also open to removing the financial incentive for anonymous whistleblowers and increasing the penalties for false testimony, among other concessions, Finance Minister Mario Marcel said in ...