President Piñera announces tax reform
On 26 April 2012, President Sebastian Piñera announced a major tax reform, increasing corporate taxes from 17 percent to 20 percent, in addition to replacing the current fixed tax on gasoline with a variable tax that will decrease as international gas
prices rise while remaining steady if gas prices drop. In response to student protests and low popularity ratings, he pledged that the government will dedicate 100 percent of revenue generated by the tax reforms to education.
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