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
Portuguese Authorities Seize 2.6 Tons of Cocaine Worth More Than $550 Million in Drug Bust
Italian financial police reported Monday that Portuguese authorities intercepted a speedboat carrying more than 2.6 tons of cocaine, with an estimated street value exceeding $550 million.
Four people — two Spanish nationals, one Albanian citizen, and a man from Gibraltar — were arrested in connection with the operation, according to Italian authorities.
The vessel was intercepted off the coast of Lisbon by Portugal’s maritime police following an investigation led by Italian authorities.
Italian financial police estimated that the seized shipment had a street value of approximately 500 million euros ($570 million), making it one of the largest drug seizures reported in the region in recent years.
Portuguese authorities said the interception took place on Thursday, about 90 kilometers (50 nautical miles) southwest of Cape Espichel, during an operation targeting international drug trafficking routes.
International
U.S. and Iran Maintain Ceasefire as Trump Expresses Optimism Over New Talks
U.S. President Donald Trump said Monday that there are “good chances” of reaching an agreement with Iran, as both sides maintained a ceasefire for the third consecutive day following weeks of escalating hostilities.
Trump expressed optimism about the possibility of resuming diplomatic negotiations aimed at ending the conflict, which began in late February and has raised international concerns over its impact on global markets and energy supplies.
The fighting has remained suspended since Saturday, after the United States resumed airstrikes against Iran amid a dispute over control of the Strait of Hormuz, a key route for global oil shipments. The renewed military action had previously caused the collapse of an earlier ceasefire agreement.
Asked about the prospects for negotiations aboard Air Force One, Trump said: “I have a lot of patience… We’ll see what happens. I think there are good chances that something could happen.”
The U.S. president also highlighted Washington’s military capabilities, saying: “We have a lot of ammunition,” while adding that he would like to have more resources due to U.S. support for Ukraine.
U.S. Ambassador to the United Nations Mike Waltz said Trump was allowing diplomatic efforts more time, explaining that the president was “giving some space to the talks” while maintaining that Washington remains prepared to take action if necessary.
Meanwhile, tensions continue in other areas of the Middle East. Saudi Arabia reported that it intercepted drones launched from Iraq by groups allied with Tehran and urged the Iraqi government to take measures to prevent further attacks.
International
Police Investigate After Remains of Five Newborns Found in French Apartment
French authorities have opened a murder investigation after the discovery of human remains believed to belong to five newborn babies inside an apartment in the historic center of a city, the local prosecutor’s office reported Monday night.
According to prosecutors, a 32-year-old woman had given birth at home on Sunday to a healthy baby before being taken to a hospital for medical care.
The discovery was made after the woman’s 32-year-old partner began searching the residence after reportedly learning, once again and at a late stage, that she had been pregnant.
During the search, the man found what appeared to be human remains and informed the hospital, which then alerted prosecutors.
A forensic doctor determined that the remains likely belonged to five newborn infants. Authorities have not yet established the circumstances or motive behind the case.
Investigators have not been able to interview the mother, who remains hospitalized following the delivery.
Prosecutors also confirmed that the couple has two other children, aged eight and nine years old. The investigation remains ongoing as authorities work to clarify the events surrounding the discovery.
Portuguese Authorities Seize 2.6 Tons of Cocaine Worth More Than $550 Million in Drug Bust
U.S. and Iran Maintain Ceasefire as Trump Expresses Optimism Over New Talks
Police Investigate After Remains of Five Newborns Found in French Apartment
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
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