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Mining Royalty and Pension Bills To Be Discussed

CHILE
  • At 10:30am local time, Chile’s senate mining committee will debate a mining royalty bill. On Monday, President Boric confirmed he would present the amended bill. Recall that last week, Finance Minister Mario Marcel told legislators that the government would amend the mining royalty bill to cap the maximum effective tax rate at 47% of operating profit from 48%, Diario Financiero reported. For companies producing less than 80,000 tons, the maximum tax burden would be 45.5%.
  • Separately at 3pm local, Chile’s lower house constitutional committee will debate legislation that would allow Chileans to withdraw more funds from their retirement accounts. Both the President and finance minister Mario Marcel have been very vocal of how another round f pension withdrawals would be detrimental for Chilean citizens.
  • On Monday, the central bank traders survey showed that participants have reduced their inflation expectations and they now forecast the commencement of monetary easing in July with a 25bp cut. The key rate is then expected to be reduced to 9.5% by October.
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