Chile has established a relatively complete free market economy system, and its economic development level is a medium-level country in Latin America. 198 GDP was $68.25 billion, and the per capita GDP was $47,400, which kept a continuous growth in 17. If Chile's economy can continue to maintain the current good growth momentum, it can be predicted that Chile will enter the ranks of developed countries in the world in the next 10 year.
Chile's economic reform really began in the mid-1970s, many years earlier than other Latin American countries. Since the referendum of 1988, great changes have taken place in Chile's domestic political situation, and Chile has shown a wise leadership position in Latin America. In addition, the achievements of Chile's economic development also help to accelerate the reform process of other countries in the region, open up the Latin American market, and especially attract foreign mining investment. It is estimated that the mining output in Chile will increase from 65438 1 1% to 0999, among which the copper output will increase by 14.6%, reaching 4.2 million tons. From 65438 to 0998, Chile's foreign investment increased by 6.4% over the previous year, reaching $6.55 billion, of which 39.9% was invested in extractive industries.
From an economic point of view, its important position is that Chile is very competitive as a member of the international market. From 65438 to 0996, its export has exceeded160 billion US dollars, accounting for about 27% of its GDP, while copper export income accounts for almost 40% of all export income. At present, Chile has established cooperative relations with MERCOSUR member countries and signed a bilateral trade agreement with Canada, which came into effect on June 1997, which will help Chile to join NAFTA in the near future.
Chile is one of the most open countries in the world. Determined by its own economic characteristics, Chile's economic trend is greatly influenced by the external environment. From 65438 to 0998, Chile's economic prosperity was overshadowed by the Asian financial crisis and the El Ni? o phenomenon. Although it is continuous 15 years of economic growth, the growth rate has dropped greatly. 1998, Chile's GDP growth rate was 4%( 1997 was 7. 1%), which was the lowest growth rate in the 1990s (except 1990). 1999, Chile's economy declined for the first time since1983 (-1.1%), but after a short adjustment, it quickly resumed growth in 2000, reaching 5.4%, and the estimated GDP was 71/kloc-.
Generally speaking, Chile's political situation and society are stable, and this situation will continue in the new government.
2. Evaluation of economic and trade relations with China.
Chile is one of the countries in Latin America that contacted China earlier. 196 1 year, China established the Commercial Press of China Import and Export Corporation in Chile. 1965, the office was changed to the Commercial Office of China Council for the Promotion of International Trade. 1970 12 15. China established diplomatic relations with Chile, and Chile became the first country in South America to establish diplomatic relations with China. After the establishment of diplomatic relations, relations between the two countries have developed smoothly. By the early 1990s, senior military, political and economic officials had exchanged visits.
1992165438+10 In October, Chilean President Alvin visited China as Chile's first head of state, which pushed bilateral relations to a new stage. Since then, officials of the two countries have exchanged visits more frequently.
After the establishment of diplomatic relations between China and Chile, bilateral trade began to develop normally. At present, Chile has developed into one of China's most important trading partners in Latin America. China's exports to Chile are increasing year by year. From 65438 to 0998, China exported US$ 620 million to Chile, an increase of 8.54% over the previous year. The import value was $42 1 100 million, an increase of1.45%; The trade surplus was $654.38+98 billion, an increase of 34.7% over the previous year. In 2000, the bilateral trade volume reached US$ 2 1 billion, making it China's second largest trading partner in Latin America after Brazil.
China-Chile trade is highly complementary. China mainly imports copper, copper concentrate sand, pulp, fish meal, saltpeter and wood from Chile. China's exports to Chile are mainly light industrial products, textiles, clothing, chemical and pharmaceutical raw materials, hand tools, machinery and equipment, hardware and small farm tools.
According to the provisions of the trade agreement between the Chinese and Chilean governments, the two countries set up a mixed economic and trade committee. In the 1970s, due to historical reasons such as political changes in Chile, the work of the mixed committee failed to function normally. Since 1979, with the joint efforts of the Chinese and Chilean governments, the Mixed Commission has gradually resumed its normal work, basically holding meetings in each other's capital in turn every year to discuss and study bilateral economic and trade issues. Through the mixed Committee, the economic and trade exchanges between the two countries have been enhanced and the development of bilateral economic and trade relations has been promoted.
Conclusion: China and Chile have traditional economic and trade friendly relations and cooperation, and their trade is highly complementary.
3. Analysis and evaluation of policies to encourage foreign investment
The Chilean government attaches great importance to attracting foreign investment. As early as 1974, when the military government came to power, it promulgated the foreign investment law, namely Order No.600, and established the foreign investment committee. Later, it was constantly revised to stipulate that foreign capital and domestic capital should be treated equally. 1985, the Chilean government promulgated decree 2004/2005. 19 On the capitalization of foreign debts, the company tax law was revised and a series of provisions aimed at reducing taxes, facilitating the return of capital and the remittance of profits were made. In addition, Chile's economy has grown and developed steadily in recent years, and the investment environment has been continuously improved. Chile is regarded by foreign investors as the most attractive country in Latin America. According to the Standacd&Poors company investment risk classification, Chile is classified as BBB. This is the first Latin American country to reach this level since the debt crisis broke out in August 1982. Therefore, Chile has become a low-risk country for foreign investment.
The main source of foreign investment in Chile is the United States, accounting for about half of foreign investment, followed by Australia, Britain, Japan, Spain and other countries.
According to the current law, most new investment, expansion and related projects in Chile must be approved by the Chilean Foreign Investment Committee. The final decision on all investment project applications belongs to the President, and the administrative authorities generally do not interfere. Mining and oil exploitation have all been opened.
Chile has no restrictions on the proportion of foreign investment, and the highest proportion of foreign investment can reach 100%.
Judging from the current situation, foreign investment is mainly concentrated in mining, manufacturing, energy, telecommunications and infrastructure.
The main content of Chile's foreign investment law is that once capital and projects are established, registered as capital and companies in Chile's central bank, Chile's foreign investment commission and commercial departments, they are considered legal Chilean enterprises, including enterprises engaged in joint ventures or share purchase projects, and can enjoy the same treatment (national treatment) as domestic enterprises in Chile. The relevant procedures of investment projects (excluding debt capitalization investment), including the evaluation and approval of the price of imported equipment by the Central Bank of Chile, generally take only 2-3 weeks to complete.
According to the foreign investment law, investment methods can be freely convertible foreign exchange, tangible assets, capitalization technology, loans related to foreign investment, foreign debt investment, and profit conversion into investment. Investors can recover their investment capital after three years. When the invested technology and original equipment are sold in cash, if they are not higher than or maintain the original price level, there is no need to pay taxes. If it is higher than the original price, the excess will be subject to VAT. There is no time limit for investors to remit profits. Capital withdrawal and profit remittance are converted into required foreign exchange by the Central Bank of Chile at the official exchange rate of remittance. According to article 19 of foreign debt capitalization, the net profit of the first four years of debt capitalization investment can be repatriated in the fifth year. The profit of each remittance cannot exceed 25% of the total profit. Profits earned in the fifth and subsequent years can be remitted in full. When remitting profits in the first four years, you need to pay an early remittance fee of 32% of the profits. Capitalized debt investment capital cannot be recovered within 10 years. Otherwise, the early withdrawal fee shall be paid according to a certain proportion of the original investment capital.
The Foreign Investment Law stipulates in detail the procedures for foreign investors to invest in Chile.
Chile implements a preferential foreign investment policy;
(1) Implement a stable and preferential tax policy for foreign-funded enterprises.
1977, the government announced that the fixed tax rate on profits generated by foreign investment was 49.5%, which remained unchanged for 10, and was later extended to 30 years. 1993 The government decided to reduce the fixed tax rate of profits from foreign investment from 49.5% to 42% in the revised Foreign Investment Law. This makes Chile more competitive in attracting foreign investment.
In addition, the government also stipulates that foreign investment in mineral exploration and development projects in administrative regions 1 2, 10, 12 can reduce the income tax by 10%, and can obtain government subsidies of 10% of the product export value (no more than $2.5 million per year) When calculating taxes, fixed assets are allowed to depreciate rapidly within five years, and the expenses before the project investment and production are amortized in installments within five years after the formal production.
(2) Allow foreign investors to use Chilean debt to invest in Chilean mineral exploration and development projects.
This is a comprehensive debt-to-equity swap plan implemented in the mid-1980s. This is of great significance to the development of Chilean investment projects, especially mining investment projects. Because Chile's debt was too heavy at that time and its repayment ability was insufficient. This in turn affected the enthusiasm of investors. In order to make Chile return to the investment portfolio of world investors, the government has formulated special regulations to support this plan. In the process of implementing the plan, a considerable part of Chile's debt was converted into equity in mining projects. During the period from 1983 to 1992, foreign-funded enterprises * * * used Chile's foreign debt of $9.2 billion to purchase Chilean state-owned assets (including mineral exploration and mining rights). On the one hand, it can reduce Chile's foreign debt burden, and at the same time, it can bring new investment from foreign-funded enterprises. For example, Homestkke Mining Company leased the mining right of Hveso gold mine 10 year with a debt of 57 million dollars, and invested 10 million dollars to explore the mining area and build a heap leaching plant; Anglo-American Mining Company and Comino Company of Canada purchased Martai Gold Mine for US$ 47 million and invested US$ 30 million to build mine production facilities. LAC Mining Company of Canada purchased the Tuoji Lead-zinc Mine for $6.5438+0.9 million, and invested $6 million to expand the concentrator.
(3) Allow foreign companies to transfer mining rights.
This gives foreign investors greater flexibility in investment and financial management. For example, after exploring and evaluating the Escondida copper mine, Utah Company and Getty Company in the United States transferred the mining right to a company jointly established by Australian, British and Japanese companies and the World Bank financial organization, which invested in the construction of a large open-pit copper mine; After completing the exploration and evaluation of the gold mine in Indio, the American San Jose Mining Company transferred the mining right to Canadian LAC Company.
(4) Royalty free
Economists generally believe that mining royalties are one of the most important taxes and fees that mining enterprises need to pay. Because whether the mine is profitable or not, this fee must be paid. Chile has not collected royalties for many years, which is very attractive to mining investors.
4. Analysis and evaluation of tax system
The taxes in Chile mainly include: income tax, surtax, capital gains tax, compulsory profit sharing, withholding tax, real estate tax, mining concession tax, value-added tax, import tax, stamp duty, social insurance, etc.
Chile's corporate tax regulations are constantly being revised and supplemented. 1992 The fixed total tax on foreign investment decreased from 49.5% to 42%. The corporate income tax rate is generally 15%. However, joint-stock companies with an annual sales volume of more than 36,000 tons levy an additional tax of 35% in addition to the income tax on non-ferrous metal ores, which is mainly applicable to the profits repatriated or distributed abroad by foreign companies operating in Chile. Foreign companies can also choose to combine income tax and additional tax into a fixed tax rate of 42%. The dividend tax rate is 35%, the branch profit tax rate is 15%, the withholding interest tax rate is 40%, and the value-added tax rate is 18%. Depreciation rate: 5% for machinery, 0/0% ~ 20% for various tools, 0/0% ~/4.3% for automobiles and 0/4% for buildings, and so on.
Mining concession tax. Chile does not collect royalties, but only mining royalties. Generally calculated by how many hectares of land area. Including two fees: one is the legal fees paid at the request of the concession. If the application area is within 300 hectares, the exploration fee is 0. 19 USD per hectare; More than 300 hectares, per hectare 1.50 USD. For mining, the application area is $0.38 per hectare within 100 hectares and $0.87 per hectare over 600 hectares; Second, the annual license fee is $0.83 per hectare for exploration activities, $ 4. 18 per hectare for mining activities, and $0.38 per hectare for mining non-metallic and river sedimentary minerals.
In order to encourage long-term capital investment and restrict short-term capital entry, especially short-term speculative capital entry, the Chilean government stipulated in 199 1 that the short-term capital import tax should be levied according to the length of capital entry. The lowest monthly tax rate is 0. 1% and the highest is 1.2%. The cumulative tax rate of 1 year is 1.2%, and it will not increase if it exceeds 1 year.
The profit tax levied by the Chilean government on foreign investors is selective and protected by law. The Committee on Foreign Investment in Chile has set two kinds of taxes. The first is the corporate profit tax 15%, which is a tax that all enterprises in Chile must pay every April. The second is that foreign profits are only collected when they are remitted. There are three different tax rates to choose from: ①35% variable income tax, which is adjusted irregularly by the state; ② The fixed income tax rate of 42% is applicable for 10 year from the date of investment activity, which is suitable for the mining industry that exploits natural resources. If the investment exceeds 50 million dollars, the fixed income tax rate will be 20 years; ③40% basic profit remittance tax.
After the selected profits are remitted, the foreign investors sign an execution contract with the Chilean government to determine the rights and obligations of both parties. In the future, investors can only change the selected profit remittance tax rate once. Foreign investors shall, after paying taxes according to regulations, convert the remitted profits or capital into the required foreign exchange by the Central Bank of Chile at the official exchange rate.
If foreign investors buy Chilean products from their profits and ship them abroad, they will be regarded as ordinary exports, and the export settlement will be handled by the Central Bank of Chile. Foreign investors or enterprises have the right to use and remit foreign exchange, and they must pay taxes on profits when exporting foreign exchange.
Foreign loans should enter Chile according to Chile's foreign exchange regulations or foreign investment laws, and must be registered with the Central Bank of Chile to facilitate the remittance of loan principal and interest. After the loan enters Chile, it must be converted into local currency. Foreign investors do not need to pay taxes when repaying the loan principal, but they must pay 4% tax when paying the loan interest. Remittance of loan principal and interest shall be made after the completion of 15% profit tax.
Implementing tax incentives is one of the important measures taken by the Chilean government to encourage foreign investors to invest.
In principle, the Chilean government gives foreign investors the same tax preference as domestic investment, that is, it gives foreign investors national treatment. The degree of tax preference enjoyed by foreign investors shall be decided by the foreign investors through consultation with the Foreign Investment Committee. People who want to enjoy tax benefits must submit a written application to the Committee on Foreign Investment.
According to Chilean laws and regulations, investors can either decide to apply the general tax rate stipulated in the foreign investment law or choose the constant tax rate within 10 years after opening. But relatively speaking, the general tax rate is lower than the constant tax rate.
With regard to the specific measures of tax preference, since 1974, the government has formulated a series of decrees and made specific provisions on tax preference. Generally speaking, Chile is determined by industry.
Tax incentives for developing forests
Decree number. Chile170 1 promulgated in 1974 established the legal scope of forest belts and areas suitable for forest development, and specifically stipulated preferential tax measures to encourage forest development. According to the law, 50% additional tax can be deducted from the income from forest development. However, the profits from wood processing and related production activities cannot enjoy the preferential tax measures stipulated in Law 70 1.
(2) Tax preference for petroleum industry
According to the law. 1089 was promulgated on 1975, and contractors engaged in the oil industry can enjoy special tax incentives. That is, the contractor will either pay taxes at the usual tax rate or pay income tax. The tax amount is equivalent to 50% of the remuneration or service fee. However, no matter which tax payment method is adopted, the president can deduct 10% ~ 100% tax according to the situation of each project. The same relief measures can also be applied to value-added tax and customs duties. The export of hydrocarbons can be exempted from customs duties and other taxes.
(3) Tax incentives for atomic energy enterprises
According to the law. 1557 promulgated on September 30th, 1976, contractors engaged in atomic energy projects can enjoy the same tax benefits as those engaged in petroleum industry.
(4) Give tax incentives to traders engaged in trade in coastal areas.
The law allows ships registered in Chile to engage in trade in coastal areas and enjoy preferential treatment of value-added tax reduction and exemption.
(5) Preferential treatment for imported raw materials and means of production.
According to the law, both foreign investors and domestic investors are required to pay import tax (CIF tax) and value-added tax (CIF+ import tax) when importing means of production, but they can enjoy the following benefits: ① Delaying the payment of import tax on means of production. Decree number. 18634, promulgated in 1987, stipulates that the import tax on production materials such as machinery and equipment required for the production of export products can be postponed for seven years. If the annual export rate reaches the specified proportion, import duties may be exempted. (2) Exemption from value-added tax on means of production. Decree No.635 issued by 1976 stipulates that a productive enterprise established according to the Foreign Investment Law may be exempted from value-added tax if the imported means of production cannot be produced in Chile upon the application of the parties concerned and the consent of the economic department. However, due to the complicated and time-consuming procedure of applying for exemption from VAT, the method of paying VAT first and then going through the formalities of tax refund was adopted. (3) Tariff return of raw and auxiliary materials. According to the law. 18708 was promulgated on 1988, and the relevant government departments refunded the customs duties of imported raw materials, auxiliary materials and spare parts used to produce export products by cheque. Raw materials imported through third parties can also apply for refund of customs duties.
5. Analysis and evaluation of tariff policy
Chile implements a unified tariff system. The tax rate is 1 1%, the imported goods are subject to customs duties 1 1%, and the value-added tax 18%. After the imported goods are sold to the final consumers, importers can get 18% VAT refund. Some imported goods have to be taxed in addition to the tariff 1 1%: ① Second-hand goods have to be taxed at an additional rate of 50% of the import tariff. ② Air cargo is taxed at 2% of the tariff on imported goods.
Luxury goods tax is levied on some expensive consumer goods, and its tax rate is 50%.
Since the late 1970s, Chile has gradually implemented a free trade policy. On the import side, various restrictions are gradually decreasing. At present, all are allowed to be imported freely, except for those that endanger national security and are immoral, there are also some luxury goods. Chile achieved a unified import tax rate of 10% in 1979. At present, the tariff rate is maintained at around 1 1%, and the value-added tax on imported goods is 18%. Foreign exchange payment for imported goods shall be handled by domestic commercial banks according to the original import declaration form and freight documents after reporting to the central bank, and the exchange rate shall be determined according to the interbank lending rate. The Chilean government also stipulates that for the import of capital goods and intermediate products, import tariffs can be postponed or reduced according to the specific conditions of domestic enterprises. In order to encourage exports, exporters enjoy preferential tax and capital. Among them, the export tax rebate rate is determined according to the export scale. Commercial banks can provide all kinds of foreign exchange and peso credit. The time limit for exporters to collect foreign exchange for export is 65,438+050 days, and 65,438+00% of the foreign exchange income (the upper limit is 5 million US dollars) can be used as operating expenses. In addition, 10% can be purchased as the cost of overseas operation.
6. Foreign exchange management system
Chile's foreign exchange management is relatively loose, with two foreign exchange markets. In addition to the official foreign exchange market mentioned above, there is a parallel foreign exchange market. Parallel foreign exchange market is also called free foreign exchange market. The difference between the official foreign exchange market and the free foreign exchange market ranges from 1 ~ 2 pesos to 6 ~ 8 pesos. The free foreign exchange market has no restrictions on foreign exchange. The newspaper publishes the exchange rate between peso and US dollar every day, including official market exchange rate, agreed US dollar exchange rate and free market exchange rate. Private groups can trade in two markets at freely agreed exchange rates.
7. Foreign trade management and policy analysis and evaluation
Chile pursues a policy of trade liberalization. In Chile, any natural person and legal person can engage in import and export business as long as they are registered with the central bank, and the registered capital is not limited.
The Ministry of Economic Affairs of Chile is the highest authority to formulate national economic policies (including foreign trade policies). The central bank is the executive body of foreign trade policy. Chile's foreign trade affairs are under the unified management of the Economic Department of the Ministry of Foreign Affairs. It leads and coordinates Chilean importers and exporters and hundreds of enterprises in various industries through various domestic committees and offices around the world. The Central Bank of Chile plays a major role in the examination and approval of imported goods, non-tariff barriers and foreign exchange management.
(1) Export and export revenue management
All commodities can be exported freely, and there are no restrictions on export products and export destinations except military materials. If the value of export commodities exceeds US$ 65,438+US$ 0,000, foreign exchange must be settled through commercial banks and registered with the Central Bank. Authorized commercial banks to purchase all spot foreign exchange of exporters. Exporters are allowed to keep 5% of export income in a special foreign exchange account, and can withdraw money from this account to pay travel expenses, consulting fees, bank fees, commissions and other export-related expenses. However, the accumulated amount of any such account within 12 months shall not exceed USD 500,000. The foreign exchange income from the export of national copper mines must be deposited in the special foreign exchange account of the central bank, and it is only allowed to be withdrawn from this account under certain special circumstances.
In order to make the small-scale export tax rebate system work better, exporters of qualified commodities (about 6% of the national annual export) can choose to accept tax rebate (within 0/20 days of settlement of export income/kloc-) instead of export subsidies according to the current export tax rebate system. According to rauno. 19024, the exporter can recover the paid import tax and the annual average export value of qualified goods stipulated by law. 1990 is equal to or less than $5 million. The catalogue of qualified products is revised every year according to its export volume in the previous year. The annual export volume (calculated on FOB basis) is also adjusted accordingly. The tax refund for exporters whose annual export value is less than or equal to $6,543,800 is equivalent to 654.38+00% of annual net export sales; For exporters whose annual export value is between100000 USD and150000 USD, the tax rebate is equivalent to 5% of the net export sales; For exporters whose annual export value is between/kloc-0.50 million USD and/kloc-0.80 million USD, the tax rebate is 3% of the annual net export sales.
(2) Import and import payment management
There are no restrictions on the import of most goods except used cars. However, the import license issued by the central bank must be obtained through local commercial banks. External payment for tangible trade through the official foreign exchange market can only be made after the import license is issued.
Importers who meet the documentation requirements are allowed to enter the official foreign exchange market, regardless of the debt maturity involved.
8. Capital import and export management
1Law 600 of July 7, 974 (as amended by Law 1748 of March 6, 977) and the Foreign Investment Law established the management system for long-term capital investment. Foreign investment in Chile must be approved by the Foreign Investment Committee and carried out through contracts. Mining investment generally does not exceed 8 years and other projects do not exceed 3 years. With few exceptions, projects with an investment of less than US$ 5 million may be approved by the Executive Secretary of the Investment Committee. There are generally no restrictions on profit remittance. However, a special agreement on this matter has been included in the above investment activities. Unless there are other special provisions in the contract, the capital can be repatriated after three years of investment. Foreign investors can choose whether the corporate income tax rate is 42% within 10, or according to Chile's domestic corporate income tax system (according to this system, the tax rate payable by foreign investors is 32.5%). Any foreign loan related to foreign investment must be approved by the central bank. If the capital that entered Chile before the promulgation of Law 600 does not choose to implement this law, it can still be implemented according to the original provisions. According to the contract, the oil part is decided by the government according to the presidential decree. The Ministry of Mines granted the national oil company the rights and obligations of this law.
There is no limit to the proportion of foreign investment in Chile, and the highest proportion of foreign investment can reach 100%. The capital withdrawal and profit remittance of foreign investors are converted into required foreign exchange by the Central Bank of Chile at the official exchange rate. When the invested technology and equipment are converted into cash, if it is not higher than or maintained at the original price level, there is no need to pay taxes. If it is higher than the original price, the excess will be subject to VAT. According to the foreign exchange trading rules promulgated in May 1985, foreigners can convert their creditor's rights in Chile into shares invested in Chile. According to Article 19 of Foreign Debt Transfer, the net profit of the first four years of debt transfer investment can be remitted in the fifth year, and the remitted profit does not exceed 25% of the total profit each year, and the profits earned in the fifth and subsequent years can be remitted in full. When remitting profits in the first four years, 32% of the profits should be paid in advance. The Foreign Exchange Trading Rules also stipulates that the above-mentioned debt-to-equity swap shall not be withdrawn within 65,438+00 years, otherwise the early withdrawal fee shall be paid according to a certain proportion of the original investment principal.
9. Analysis and evaluation of gold management policy
Chile issued three kinds of gold coins, but none of them is legal tender. Currency gold trading can only be conducted on designated exchanges. However, gold transactions between private individuals are generally free. As long as the formal procedures for gold import and export transactions are met, including registration with the central bank, the import and export of gold is unrestricted.