The Chamber of Deputies on Tuesday approved nearly all of the modifications introduced by the Senate to the National Reconstruction and Economic Development and Social Progress bill, giving the green light to the core of the initiative. Only the Municipal Common Fund compensation mechanism—associated with the property contribution exemption already approved—will be reviewed in joint committee, after which the bill will be able to complete its legislative process.

"We are enormously satisfied that these provisions were approved by a broad margin, with cross-party support that goes well beyond the parties and parliamentarians of the ruling coalition," Finance Minister Jorge Quiroz stated following the vote.

The minister also emphasized that the initiative is a response to Chile's urgent need to reactivate investment and economic activity: "The entire bill has reaffirmed the pressing need Chile has to once again have tax competitiveness so that it becomes attractive to invest in the country," he affirmed.

In that vein, he added that "approval has been given to restore certainty to investment in Chile; approval has been given to remove permit barriers that have stalled investments and economic activity; approval has been given to provide certainty to those who take the risk of making those investments."

The Finance Minister also emphasized formal employment and exports of knowledge-based services, with a regional focus. "The provision supporting formal employment and its impact on knowledge-based service exports is perhaps the first productive transformation measure enacted in Chile in decades," he said. And he added that "it seeks to make the knowledge-based service export sector, hopefully, Chile's second exporter, the second product category after copper, with very strong emphasis on the regions."

Regarding reconstruction of Ñuble, Biobío, and Valparaíso, he underscored the committed fiscal support: "The temporary revenue measures that will enable financing this responsibly have been approved," he said.

The minister thanked the different political sectors for their contributions throughout the legislative process. The observations arising from dialogue that enriched the bill, and the agreements reached, reflect shared work between the Executive and the sectors represented in Congress.

With today's approval, the Executive will continue driving the legislative work to complete enactment of the law, which now enters joint committee. Additionally, the Ministry of Finance will continue rolling out initiatives to recover economic growth, drive investment, and create more and better jobs, with a clear horizon: generating greater opportunities for Chilean families.