Chile Passes Tax Law to Improve Transparency

Press release of the Global Financial Integrity

WASHINGTON, DC — The Task Force on Financial Integrity and Economic Development welcomes the news that Task Force Coordinating Committee member Chile has enacted legislation enhancing access to bank information for the purposes of improved compliance with OECD standards on tax information exchange and increased transparency in financial transactions.

Previously, legal restrictions prevented Chilean tax authorities from obtaining and exchanging certain types of tax information in non-criminal tax cases. The new law, which is currently in effect and applicable as of January 1, 2010, will enable Chile to better comply with its current 20 bilateral tax treaties which provide for information exchange in tax evasion investigations.

"As a member of the Task Force for Financial Integrity and Economic Development, Chile has demonstrated a commitment to increasing transparency and accountability in the global financial system," said Raymond Baker, Director of the Task Force.

"We welcome the news that they have taken this key step towards cooperation and participation in the global movement for better tax information exchange and regulation and oversight of financial institutions."