Chile's finance minister says US$1.2 billion is at stake for the 2025 fiscal year.

The Chilean government expects the tax compliance bill to be approved before the 2025 Budget Law is submitted to Congress on Monday, September 30.

This is because, according to the Minister of Finance, Mario Marcel, "US$ 1.2 billion" would be at stake for next year's fiscal treasury.

TAX COMPLIANCE PROJECT

A tentative date has already been set for voting on the tax compliance bill: September 24, before the new Budget Law is introduced.

Why the urgency? Finance Minister Mario Marcel made it clear with a warning: “US$ 1.2 billion are at stake for the 2025 Budget.”

From a technical perspective, economists have asked the minister “not to blame the pavement”, to reallocate the unspent budget and to advance public policies that encourage growth and investment.

Regarding the specific project, Juan Ortiz, an analyst at the Economic Context Observatory of Diego Portales University, said that such measures tend to overestimate the effective income that will be achieved.

The project's revenue figure of 1.5% of GDP has even been questioned by the management of the Internal Revenue Service (SII).

In the Finance Committee, Republican deputy Agustín Romero added that President Gabriel Boric in particular “has no idea about spending.”

The increase translates into going from the current 316 billion (US$ 336 million) to nearly 500 billion (US$ 532 million) in 2025.

Finally, in the ruling party, communist deputy Boris Barrera supported the increase for culture, “which has been abandoned for decades,” he said.