Chile Lower House Passes Bill to Establish Simplified Tax Regime for Open-Air Markets

The Chilean Chamber of Deputies May 6 passed a bill amending Decree Law No. 825 of 1974, to establish a simplified tax regime for vendors in open-air markets. The bill includes measures to: 1) introduce a 1.5 percent VAT substitute tax for sales made through electronic payment methods, ensuring that the combined total of this tax and the payment method operator’s service commission does not exceed 3.5 percent; 2) allow individuals to voluntarily access the regime by either expressing interest in joining during January of each year or registering as street vendors with the respective municipality at the start of ...