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Posted by On 9:01 PM

Chile planning new ecommerce tax for multinationals -finance minister

Reuters

June 21 (Reuters) - Chile's government is planning to include a new tax on multinational digital commerce companies with local operations as part of a wider tax bill set to go to Congress this year, Finance Minister Felipe Larrain said on Thursday.

He did not give specifics but said that the measure may involve a tax on each transaction and would be aimed at international companies such as Amazon, Netflix, Spotify, and Uber.

"Obviously innovation and entrepreneurship are welcome. However, it is the government's duty to ensure that everyone can compete on a level playing field," he told reporters in th e capital Santiago.

E-commerce is gaining traction in Latin America after a slow start. Last month, an Amazon Web Services vice-president met Chilean president Sebastian Pinera to discuss Amazon investing in the country as part of a longer-term regional expansion plan.

Larrain acknowledged other countries had grappled with taxing e-commerce because the companies often lack a physical presence in-country.

"We are looking at other ways to apply tax, perhaps charge a transaction fee," he said. "Initial estimates suggest that collecting taxes from the digital economy and digital commerce could bring in several hundred million dollars."

The center-right government is hoping to send the tax bill to Congress in the next three months. Pinera has pledged to partially roll back corporate taxes hiked by his center-left predecessor, Michelle Bachelet.


This article appears in: Stocks , World Markets , Economy , Taxes , Banking and Loans Referenced Symbols: AMZN ,Source: Google News Chile | Netizen 24 Chile

thumbnail

Posted by On 9:01 PM

Chile planning new ecommerce tax for multinationals -finance minister

Reuters

June 21 (Reuters) - Chile's government is planning to include a new tax on multinational digital commerce companies with local operations as part of a wider tax bill set to go to Congress this year, Finance Minister Felipe Larrain said on Thursday.

He did not give specifics but said that the measure may involve a tax on each transaction and would be aimed at international companies such as Amazon, Netflix, Spotify, and Uber.

"Obviously innovation and entrepreneurship are welcome. However, it is the government's duty to ensure that everyone can compete on a level playing field," he told reporters in th e capital Santiago.

E-commerce is gaining traction in Latin America after a slow start. Last month, an Amazon Web Services vice-president met Chilean president Sebastian Pinera to discuss Amazon investing in the country as part of a longer-term regional expansion plan.

Larrain acknowledged other countries had grappled with taxing e-commerce because the companies often lack a physical presence in-country.

"We are looking at other ways to apply tax, perhaps charge a transaction fee," he said. "Initial estimates suggest that collecting taxes from the digital economy and digital commerce could bring in several hundred million dollars."

The center-right government is hoping to send the tax bill to Congress in the next three months. Pinera has pledged to partially roll back corporate taxes hiked by his center-left predecessor, Michelle Bachelet.


This article appears in: Stocks , World Markets , Economy , Taxes , Banking and Loans Referenced Symbols: AMZN ,Source: Google News Chile | Netizen 24 Chile

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Posted by On 8:13 PM

Chile to chance local currency arm in uncertain Lat Am

Latin America’s best-rated sovereign will be on the road on Monday June 25 and Tuesday June 26 and could issue as soon as Wednesday, though one banker close to the trade said Thursday was a more likely date.

HSBC, Itaú and Scotiabank are bookrunners on the proposed deal, with ...

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Source: Google News Chile | Netizen 24 Chile

no image

Posted by On 8:13 PM

Chile to chance local currency arm in uncertain Lat Am

Latin America’s best-rated sovereign will be on the road on Monday June 25 and Tuesday June 26 and could issue as soon as Wednesday, though one banker close to the trade said Thursday was a more likely date.

HSBC, Itaú and Scotiabank are bookrunners on the proposed deal, with ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial Log in

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Source: Google News Chile | Netizen 24 Chile