On 29 January 2020, the Chilean Senate approved a bill for the country's tax reform, which completes the approval process in Congress. The approval follows nearly 18 months of negotiations and revisions after an initial reform bill was submitted in August 2018. Some of the main reform measures include:
- The replacement of the dual corporate tax system with a single tax system with a tax rate of 27% (except for SMEs), including a 35% withholding tax on distributions to foreign shareholders, wi…