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Lower House Rejects One-Off Wealth Tax

CHILE
(Bloomberg) -- A proposal to charge a one-time tax of 2.5% on individual fortunes of more than $22m failed to pass the lower house in Chile.
  • Received 79 votes in favour and 47 against; needed 92
  • An increase in corporate rate tax to 30% from 27% also failed to pass
  • Legislators approved a cut of the value-added tax (VAT) to 4% for essential products such as milk, bread and vegetables, and to 10% for fuels, health products and hotels, until end-2022
  • Bill goes back to senate where legislators may try to reintroduce wealth tax and higher corporate tax

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