It was a landslide final vote in the Senate on June 22, which favored ratification of the critical U.S.-Chile tax treaty. One day prior, the legislative body surpassed the two-thirds supermajority required to approve treaties at 95–2.
The U.S.-Chile tax treaty has been in the works since 2010, but clearing the final legislative hurdles this week was a buzzer-beater for U.S. companies operating in the South American nation. Otherwise, Chile’s government would enforce up to a 47 percent tax rate on existing mining operations, challenging current projects to remain solvent amid lingering uncertainty surrounding access to the country’s rich lithium and copper reserves.
