Chile passes bill to boost taxes on rich, spur investment, small business

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Chilean lawmakers passed a bill on Wednesday that raises taxes on the rich while reducing the burden on the elderly and small businesses, a nod to months of protests over inequality in the South American nation

SANTIAGO, Jan 29 - .

The most violent, widespread riots since Chile´s return to democracy in 1990 have rocked the top copper producer´s economy as demonstrators demand a stronger social safety net.Chilean Finance Minister Ignacio Briones called the nearly two-year-old bill, rewritten amid the unrest in late 2019, a compromise that would help spur investment while levying taxes in a"progressive manner ... something we all value.

The measure also streamlines the corporate tax system, setting the rate for large businesses at 27%, the summary said.

 

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