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By Tom Azzopardi
SANTIAGO--The Chilean government will send legislation to Congress to reduce the stamp tax charged on most financial transactions from 0.4 percent to 0.2 percent, Finance Minister Felipe Larrain said March 26.
“This is a strong economic stimulus, especially for small and medium-sized businesses and vulnerable sectors, as this tax affects financing and discourages entrepreneurship,” he said.
The government estimates that the cut will benefit an estimated 2.8 million individuals and more than 366,000 small businesses, while reducing government revenues by about $200 million annually.
The government had included a cut in stamp tax from 0.6 percent to 0.2 percent in last year's major tax reform, but the reduction was scaled back to 0.4 percent during negotiations in Congress (150 DTR I-1, 8/6/12).
The bill, which will be sent to Congress April 2, also introduces a new simpler system of electronic invoicing, a move the minister said would represent major savings in time and money for small businesses and simplify the process of tax inspecting for the state.
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