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Government hopes to address income tax reform later

The government of President Gabriel Boric, the Chamber of Deputies and the Senate agreed to accelerate the processing of 21 projects related to the fiscal pact, productivity and growth so that they finish their legislative process before September. A list of initiatives in which the income tax reform was not considered, a project that has not yet been entered into.

We have seen that, whether due to ignorance or sometimes due to not very good intentions, tax compliance issues are mixed. (…) after tax compliance the issue of income tax could come. In other words, once we have sufficiently advanced the tax compliance project, of course, we can do it there,” commented Marcel in an interview with Radio ADN.

Government hopes to address income tax reform later and says that it does not only consist of increasing taxes

Besides, The Secretary of State took advantage of the opportunity to defend the project and point out that the initiative is not only about raising taxes: “A reduction in the first category tax for companies is contemplated, a new regime is contemplated for SMEs, there are tax benefits for the middle class, there are investment incentives.”

However, Minister Marcel also commented that what is not collected must be compensated. Along these lines, the Secretary of State rejected the idea that only lowering the corporate tax will boost the economy.

This is a theory that has been circulating for many years and has never been empirically verified. All cases of large tax cuts in the world without compensation have often led to fiscal deficits. So, here we have to be responsible and we believe that all these things are possible and necessary, to have a better tax regime for SMEs, to reduce taxes for the first category. From the start we have to have a way to be able to compensate them fiscally,” he explained.

Government hopes to address income tax reform later and says that it does not only consist of increasing taxes

Minister Marcel also took advantage of the opportunity to defend the projects to boost the economy that have been proposed by the Executive, such as the fiscal pact.

“There are many people who have rudely repeated that the fiscal pact was only about increasing taxes. It was not enough that there was a document that identified 36 measures to boost growth and 12 to reform the State. They kept repeating the same thing. Later projects were entered and the same thing continued to be said. So, perhaps now, finally, that we have this agreement (of 21 projects to process faster) we can finally recognize that the fiscal pact is much more ambitious, it goes to many more dimensions of the growth of the fiscal situation than taxes,” he commented.

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