Finance Committee passes tax modernization bill
11 abril 2019

On April 10, the Deputies’ Finance Committee passed the Tax Modernization Bill (Exp. 12.043). The result was 8 votes in favor vs 5 against, thanks to the Christian Democrats (DC) last minute support. This party, which until now was allied with the opposition, backed the bill following concessions from the ruling party over benefits to small and medium-sized enterprises (SMEs). The committee will set the date for starting its analysis of each of the Bill’s articles at its next session.

On Monday, the Minister of Economy Felipe Larraín presented before the committee new proposals aimed at unblocking the debate on the bill. These were focused on compensating the tax reintegration costs and promoting the profitability of SMEs. Christian Democrats’ deputies, until then loyal to the opposition and set to vote against the bill, were swayed to support it. The Executive thus obtained the necessary majority to pass the measure. During the vote, DC Deputy José Miguel Novoa assured that “legislating is dialogue” and that “the need for tax reform goes beyond political parties and reaches all citizens”.

The committee’s next step will be to start the individual analysis of each article of the bill. The date for this will be decided during the committee’s next session. A timeline for recommending amendments will be set, during which the Deputies and the Executive branch will be able to introduce the modifications they deem appropriate.

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