International
Chilean President abandons his fiscal reform and presents new proposal
August 2|
Chilean President Gabriel Boric said on Tuesday that his government will not insist on a rejected tax reform bill and will promote new initiatives to raise the necessary funds to address some of its promised social proposals.
In June, the leftist ruler had said that his government would insist at the end of July in the Senate to resume the legislative processing of the tax adjustment.
Through a new Fiscal Pact, Boric said that the spending proposals involve resources for 8,000 million dollars to finance programs such as the Universal Guaranteed Pension to improve the lowest pensions, reduction of waiting lists in health, as well as greater investment in citizen security.
“This proposal considers the contribution made by growth, the reform of the state, the strengthening of tax oversight and taxes paid by the higher income sectors to be able to finance in this way the social expenses that are urgent,” he said in a televised speech.
“We are not going to insist in the Senate with the bill that was previously rejected”, he added.
Boric did not specify deadlines for the delivery and processing of the initiatives, or how much the total collection is expected to be.
The government’s new proposal will be divided into two projects, one to improve tax compliance and the other to adjust income tax focused on those with greater resources.
“This initiative will also include tax incentives for investment, productivity and formalization, as well as benefits for the middle class and a new regime for smaller companies,” he said.
He specified that the tax incentives would be equivalent to 0.5 points of the Gross Domestic Product (GDP).
The first project includes measures that seek to increase tax collection through legal modifications that do not imply a tax increase, which would increase tax collection by 1.5% of the GDP in net terms, according to a government minute.
Meanwhile, the second will be focused on income tax for both companies and individuals and will include incentives for investment, productivity and formalization, as well as benefits for the middle class and the new tax regime for smaller companies, which would have a fiscal cost of 0.5% of GDP.
At the investment level, tax incentives such as semi-instantaneous depreciation and a tax credit fund for investments with a multiplier effect on activity, employment and environmental sustainability are proposed.
It also commits to reduce by 30% the processing time for mining projects, according to the minutes.
Additionally, the plan includes five priority areas of productive diversification that by 2026 foresees three or four new lithium projects, two thirds of the energy matrix with renewable sources, 10-12 projects in the development of green hydrogen and an increase in the digital economy.
The original tax reform bill was rejected in March by the deputies and the government could only insist on its passage through the Senate.
International
Senate Bipartisan Vote Moves Measure to Block Further U.S. Military Action in Venezuela
The U.S. Senate took a significant step on Thursday toward limiting President Donald Trump’s military authority in Venezuela, advancing a bipartisan war powers resolution that would block further military actions without explicit congressional approval, lawmakers said.
In a 52-47 procedural vote, the measure moved forward after five Republican senators joined all Democrats in supporting the effort. The resolution aims to require presidential authorization from Congress before the United States can engage in any new hostilities against Venezuela, a rare rebuke of Trump from both sides of the aisle following the controversial military operation that resulted in the capture of Venezuelan leader Nicolás Maduro.
If ultimately passed, the legislation would obligate the administration to withdraw U.S. forces from any imminent hostilities in or against Venezuela unless Congress explicitly authorizes such actions. However, the measure’s future remains uncertain as it heads next to the House of Representatives, where a Republican majority is less likely to approve it, and any final version would likely face a presidential veto. Overriding a veto would require a two-thirds majority in both chambers, a high threshold in the current political landscape.
President Trump has sharply criticized Republican senators who broke ranks to support the resolution, saying they should not be re-elected and arguing that the measure undermines his authority to act in national defense. Nevertheless, the vote signals growing bipartisan concern in Congress about unchecked executive military action in the absence of legislative authorization.
International
Petro and Trump Agree on Joint Action Against ELN Guerrillas After Tense Diplomacy
Colombian President Gustavo Petro and his U.S. counterpart Donald Trump agreed on “joint actions” to combat the National Liberation Army (ELN) guerrilla group operating along the Colombia–Venezuela border, Colombia’s Interior Minister Armando Benedetti said on Thursday.
The announcement came after a period of heightened diplomatic tension triggered by recent U.S. airstrikes in Venezuela, the capture of Venezuelan President Nicolás Maduro, and threats of possible U.S. military action in Colombia. The phone call Wednesday evening was the first direct conversation between Petro and Trump since both leaders took office, and it helped ease the strained relationship.
During the call, both presidents committed to carry out joint efforts against the ELN, a guerrilla group that has repeatedly attacked Colombian security forces and is accused of kidnapping soldiers. In December, the ELN declared a “armed strike,” confining civilians in areas under its control in response to perceived threats of U.S. intervention.
According to Benedetti, Petro welcomed Trump’s invitation to meet in Washington and asked for U.S. support to “strike hard” against ELN positions along the porous border with Venezuela, where guerrillas often flee after clashes with Colombian forces.
The border region is a longstanding flashpoint, where armed groups, drug traffickers and illegal mining networks compete for control. Previous attempts by Petro’s government to negotiate peace with the ELN have stalled after a major offensive in Catatumbo that left hundreds dead and displaced thousands.
International
Lula Vetoes Bill That Would Have Shortened Bolsonaro’s Prison Sentence
Brazilian President Luiz Inácio Lula da Silva vetoed on Thursday a bill that would have significantly reduced the prison sentence of his far-right predecessor, Jair Bolsonaro, who is currently serving time for attempting a coup d’état.
Despite the veto, the conservative-majority Congress retains the power to override the decision through a vote.
In September, following a landmark trial, Brazil’s Supreme Court sentenced Bolsonaro to 27 years in prison after finding him guilty of conspiring to remain in power in an “authoritarian” manner following his defeat to Lula in the 2022 presidential election.
The 70-year-old former president has been incarcerated in a Brasília prison since late November. Earlier this month, the Supreme Court rejected a request for house arrest on health grounds.
Under the current legal framework, Bolsonaro would be required to serve approximately eight years before becoming eligible for sentence leniency. However, a bill passed by Congress in December could have reduced that period to just over two years, prompting Lula’s veto.
Senate Bipartisan Vote Moves Measure to Block Further U.S. Military Action in Venezuela
Petro and Trump Agree on Joint Action Against ELN Guerrillas After Tense Diplomacy
Lula Vetoes Bill That Would Have Shortened Bolsonaro’s Prison Sentence
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
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