Geoffrey Dennis, independent emerging markets commentator: “President Boric’s sweeping tax proposals are not actually a ‘tax reform’ but rather a very large increase in tax revenues to be used to finance higher spending on the government’s social agenda: pensions, housing, education and health care. At under 20 percent of GDP, the tax/GDP ratio in Chile is low by OECD standards, and the goal of this ‘reform’ is to increase this by 4 percentage points by 2026. To raise this amount of money to fund higher spending represents a ‘fiscal reform’ rather than ‘tax reform;’ it is an ambitious leftist agenda. Some taxes will be raised (on income at the upper end and mining royalties with a limit on mortgage tax relief), and new taxes are proposed (capital gains tax at 22 percent from 2023, the end of the tax exemption of rental income and a wealth tax). The main offset is a small reduction in the corporate tax rate from 27 percent to 25 percent. It is little wonder these tax proposals have been criticized. They will be negative for…”