International

Chilean President abandons his fiscal reform and presents new proposal

Photo: MSM

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.

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“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).

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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.

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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

Trump Delays Potential Iran Strikes as Regional Peace Talks Continue

Donald Trump announced a new deadline for potential military action against Iran, saying he would temporarily delay planned strikes while regional negotiators continue efforts to secure a peace agreement.

Speaking at the White House, Trump said he decided to postpone the operation after receiving requests from the leaders of Qatar, Saudi Arabia and United Arab Emirates.

The U.S. president explained that the pause would remain in place for only a limited period, adding that discussions could continue through the end of the week or early next week.

Trump also warned that military action remained a possibility if negotiations fail to produce results, stressing that the United States could not allow Iran to acquire a nuclear weapon.

“Maybe we’ll have to hit them again,” Trump said, referring to Iran while reiterating his willingness to resume military operations if necessary.

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International

FAO Urges Urgent Action as Hormuz Disruption Threatens Global Food Supply

A prolonged closure of the Strait of Hormuz could trigger a “systemic agri-food shock” capable of causing a major global food price crisis within six to twelve months, the Food and Agriculture Organization warned on Wednesday.

Before the recent attacks launched by United States and Israel against Iran, roughly one-fifth of the world’s seaborne oil shipments passed through the strategic waterway.

The UN agency said the disruption should not be viewed as a temporary shipping issue, but rather as the beginning of a broader global agro-food crisis with potential long-term economic consequences.

The FAO urged governments to establish alternative trade routes, avoid export restrictions, protect humanitarian supply chains and build reserves to absorb rising transportation costs.

Máximo Torero said countries must urgently strengthen their resilience and prepare for the potential impact of disruptions linked to the maritime bottleneck.

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According to the organization, the window for preventive action is rapidly closing.

International

U.S. Sanctions Alleged Sinaloa Cartel Money Launderers Linked to Fentanyl Trade

The U.S. Department of the Treasury announced sanctions on Wednesday against more than a dozen individuals and companies allegedly linked to Mexico’s Sinaloa Cartel, accusing them of laundering money connected to fentanyl trafficking operations.

Among those targeted are Armando Ojeda Avilés, identified by U.S. authorities as a leading money laundering operator for the cartel, and Jesús “Chuy” González Peñuela, who has been subject to a $5 million reward since January 2024.

According to the sanctions list released by the Office of Foreign Assets Control (OFAC), other individuals sanctioned include Jesús Alonso Aispuro, described as the network’s financial chief, and Rodrigo Alarcón Palomares, accused of overseeing cash collection operations in the United States.

Relatives of the alleged cartel figures were also sanctioned for managing businesses reportedly tied to the network, including the security company Grupo Especial Mamba Negra and the restaurant Gorditas Chiwas in Chihuahua, Mexico.

The Sinaloa Cartel was designated a narcoterrorist organization last year under an order issued by U.S. President Donald Trump and has since become a major focus of U.S. law enforcement efforts.

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Two weeks ago, prosecutors in New York’s Southern District accused Sinaloa Governor Rubén Rocha Moya and several associates of collaborating with the cartel, a development that increased tensions with the administration of Mexican President Claudia Sheinbaum.