In the context of the processing of the bill that seeks to finance the creation of a Universal Guaranteed Pension (“PGU”), the Ministry of Finance today presented a set of indications that aim to grant new sources of permanent financing to the pension reform.
Specifically, the measures that the Executive seeks to incorporate into the initiative are the following:
1. Elimination of the credit established in article 33 bis of the Income Tax Law (“LIR”) for large companies.
It proposes the elimination of the credit against the first category tax of 4% of the value of investments in fixed assets of article 33 bis of the LIR, with respect to companies whose average annual sales of the last three years are greater than 100,000 UF.
2. Approval of the tax treatment of financial leasing contracts to their accounting financial treatment.
It seeks to equalize the tax treatment of financial leasing contracts, which today are treated as a lease with a purchase option, to their accounting financial treatment, in which the existence of financing for the acquisition of an asset is recognized, in order to prevent the asset from being financially depreciated and, at the same time, the rent is deducted as a tax expense.
3. Elimination of special treatment for freely available surpluses.
Its purpose is to eliminate the special tax treatment of the freely available surplus balance that remains in the AFP after making the pension effective, which can currently be withdrawn free of tax at one time up to 800 UTM, or withdraw up to 200 UTM per year, with a maximum limit of 1,200 UTM. In this way, the surpluses will be taxed with a complementary global tax according to the general rules.
4. Increase in the marginal rate of the highest section of the territorial tax surcharge.
It seeks to increase from 0.275% to 0.425% the marginal rate of the territorial tax surcharge, dealt with in article 7 bis of the Law on Territorial Tax, for the highest bracket of the tax, which includes the amount of the total fiscal appraisal of the taxpayer-owned real estate above 1,510 UTA.
5. Creation of a tax on luxury goods.
Creates a new annual tax on luxury goods, in addition to the circulation permit or equivalent, at a rate of 2%, on the ownership of helicopters, planes, yachts and automobiles, as long as they are not from a company that develops productive activities, which is It will be calculated on the value of the fiscal appraisal or market value, as appropriate. Regarding automobiles, those with a tax appraisal value equal to or greater than $40,000,000 Chilean pesos will be affected by this tax.
6. Modernization of the mining concession system (main changes).
In the first place, it proposes to increase the term of the exploration patent to 4 years, eliminate the possibility of renewal and increase the amount of the patent from 1/50 UTM per hectare to 3/50 UTM per hectare.
Secondly, it proposes to increase the value of the non-metal exploitation license to the level of the metal one (1/10 UTM per hectare).
Finally, regarding the exploitation patents, the measure seeks to create the following progressive scale of values, according to the passing of the years for concessions that do not show work:
- 4/10 UTM per hectare for the first 5 years;
- 8/10 UTM per hectare from year 6 to 10;
- 9/10 UTM per hectare from year 11 to year 15;
- 1/2 UTM per hectare from year 16 to year 20;
- 3/UTM per hectare from year 21 to year 25:
- 6/UTM per hectare from year 26 to year 30, and
- 12 UTM per hectare from year 31.
- Those concessions that, having not started mining operations, have obtained or are in the process of obtaining a RCA, the amount of the patent will be the equivalent of 3/10 UTM for each hectare.