The Foreign Relations Committee of the Chilean Senate approved Monday legal proposals to eliminate double taxation with China and three other countries.
Chile and China first signed an agreement over the matter on May 25, 2015 in Santiago. "China is our main trading partner and we are working on a series of investment projects with them. Also, many Chileans have investments in China, making up large sums that are covered by this agreement," said Senator Jorge Pizarro, president of the committee.
"This agreement would bring more Chinese investments to Chile, said Senator Francisco Chahuan. "With the approval of the bill, we will improve the conditions for Chinese investments to arrive in Chile."
The three other countries involved in the proposed legislation are Argentina, South Africa and the United Arab Emirates.
The draft law, which also aims to curb tax evasion in business interactions between Chile and the these countries, will be put to vote in the Senate. If approved, it will be signed into law by President Michelle Bachelet.