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

Nine People Killed in Two Armed Attacks in Manabí, Ecuador

At least nine people were killed Monday in two nearly simultaneous armed attacks in the province of Manabí, located on Ecuador’s Pacific coast, one of the areas hardest hit by violence in the country, according to the National Police.

The first attack left seven people dead and took place in Camarones, a rural area of the Jama canton. The second occurred in the sector known as La Y, in the seaside town of Canoa, part of the San Vicente canton, where two people were killed.

According to preliminary reports, both incidents occurred early Monday morning when armed men intercepted the victims. Authorities said the motives behind the attacks remain under investigation.

The assault in Camarones happened around 1:15 a.m. local time, when a group of armed individuals stormed a ranch in the area. The victims have not yet been officially identified.

About 15 minutes later, in Canoa, two men traveling in a motorized taxi were intercepted by armed suspects riding motorcycles and shot. One of the victims was identified as a 28-year-old passenger, while the identity of the driver has not yet been confirmed.

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The attacks occurred just days after another multiple homicide on February 12 at a ranch in San Juan de las Cucarachas, a rural area of the Santa Ana canton in Manabí, which left six people dead.

Manabí has been experiencing escalating insecurity linked to disputes among organized crime groups, including drug trafficking networks and territorial control conflicts. In response, the government has maintained a state of emergency in the province since August to address the surge in violence attributed to these criminal organizations.

International

Over 40 Million Affected by Major Snowstorm in Northeastern U.S.

More than 40 million people across the northeastern United States are facing a new major snowstorm this Monday, including residents of New York City, where local authorities have shut down roads to traffic.

The storm triggered widespread flight cancellations early in the morning and caused power outages affecting thousands of homes and businesses throughout the region.

New York City Mayor Zohran Mamdani banned non-essential vehicle travel at least until noon and ordered the closure of public schools as a precautionary measure. Authorities in neighboring states, including New Jersey and Rhode Island, imposed similar restrictions to ensure public safety.

This marks the second major winter storm to hit the East Coast in less than a month, leading to growing frustration among residents.

“I’m fed up. I don’t want to see another snowflake,” said Vincent Greer, a resident of Wildwood, New Jersey, as he shoveled accumulated snow from in front of his building.

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Officials continue to urge residents to remain indoors, avoid unnecessary travel, and monitor local advisories as crews work to clear roads and restore power.

International

Ninth Victim Recovered After Deadliest U.S. Avalanche in Decades

Rescue teams in California on Saturday recovered the body of the ninth and final victim of a deadly avalanche in the Sierra Nevada mountains, according to the local sheriff’s office.

The avalanche struck a group of 11 skiers and four guides on Tuesday as they were returning from a three-day backcountry trip near Castle Peak, a 2,777-meter (9,111-foot) mountain and popular tourist destination on the U.S. West Coast.

Six people were rescued alive on Tuesday. Authorities said the incident marks the deadliest avalanche in the United States since 1981.

“All nine individuals who lost their lives in the February 17 Castle Peak avalanche have been safely recovered from the mountain,” the Nevada County Sheriff’s Office said in a statement.

“There are no words that can truly capture the magnitude of this loss, and our hearts grieve alongside the families affected by this catastrophic event,” Sheriff Shannan Moon said.

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Officials had warned on Thursday that search operations would likely continue through the weekend due to severe weather conditions in the area.

Survivors were able to call for help shortly after the avalanche occurred. However, near-zero visibility and the risk of additional snow slides prevented rescue teams from reaching them for several hours.