Kathleen C. Barclay, director of AmCham Chile: “On July 1, a tax reform was announced in line with the government’s commitment to introduce social reforms, as well as to increase spending for regional development, while at the same time maintaining the fiscal discipline necessary to ensure the reforms’ sustainability over time. The package includes a corporate tax reduction from 27 percent to 25 percent, should there be a 2 percent or greater investment in productivity; increased personal taxes with the marginal rates up from 40 percent to 43 percent; the introduction of a 22 percent capital gains tax; measures to reduce tax evasion; a wealth tax of between 1 percent and 1.8 percent for holdings of more than $5 million. It also includes increased mining taxes (hybrid in nature including an ad valorem tax on sales and an increased tax on operational results which vary depending on the price of copper) that would apply to companies with production of more than 50,000 metric tons…”