All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Global Tax 50 2014: Alberto Arenas

Chilean finance minister

Alberto Arenas

Alberto Arenas is a new entry this year

The mastermind behind Chile's most ambitious tax reforms for 30 years is finance minister Alberto Arenas, who believes the changes he is implementing will bring "stability and sustainability" to the South American nation. Already responsible for sweeping reforms of the pension system to provide a minimum level of income during his time as the Director for the Budget during the Socialist Party's last period in power between 2006 and 2010, President Michelle Bachelet chose Arenas to step up to lead the Ministeiro de Hacienda .

After being sworn in along with the rest of the new Cabinet on March 23 he took just nine days to submit his eye-catching tax reform Bill to Parliament on April 1.

The Bill bucked the global trend of making tax systems more competitive and instead raised several taxes, including the headline rate of corporate tax which will reach 27% by 2017, up from 20%, with the effective tax rate even higher.

After the Bill had been discussed by the government and the senate, an official version was released with no fewer than 278 modifications to the original – a mark of the intense discussion it had provoked and improvements it had undergone.

A key addition to the Bill was the introduction of two corporate tax systems for taxpayers to choose between: an attributed profits system, as proposed in the original Bill, and a new, partially integrated tax system.

Additionally, a general anti-avoidance rule (GAAR) has been implemented and there are a number of indirect tax changes, mainly environmental in nature.

Of these, the new carbon tax will likely affect taxpayers the most, and a tax of $5 per tonne of CO 2 emitted will also have businesses reminding themselves to turn the lights off as they leave the office at night.

The Global Tax 50 2014

View the full list and introduction

Gold tier (ranked in order of influence)

1. Jean-Claude Juncker  2. Pascal Saint-Amans  3. Donato Raponi  4. ICIJ  5. Jacob Lew  6. George Osborne  7. Jun Wang  8. Inverting pharmaceuticals  9. Rished Bade  10. Will Morris


Silver tier (in alphabetic order)

Joaquín AlmuniaAppleJustice Patrick BoyleCTPAJoe HockeyIMFArun JaitleyMarius KohlTizhong LiaoKosie LouwPierre MoscoviciMichael NoonanWolfgang SchäubleAlgirdas ŠemetaRobert Stack


Bronze tier (in alphabetic order)

Shinzo AbeAlberto ArenasPiet BattiauMonica BhatiaBitcoinBonoWarren BuffettECJ TranslatorsEurodadHungarian protestorsIndian Special Investigation Team (SIT)Chris JordanArmando Lara YaffarMcKessonPatrick OdierOECD printing facilitiesPier Carlo PadoanMariano RajoyNajib RazakAlex SalmondSkandiaTax Justice NetworkEdward TroupMargrethe VestagerHeinz Zourek

more across site & bottom lb ros

More from across our site

Corporations risk creating administrative obstacles if the pillar two rule is implemented too soon, sources say.
Important dates for the Women in Business Law Awards 2023
The Italian government published plans to levy capital gains tax on cryptocurrency transactions, while Brazil and the UK signed a new tax treaty.
Multinational companies fear the scrutiny of aggressive tax audits may be overstepping the mark on transfer pricing methodology.
Standardisation and outsourcing are two possible solutions amid increasing regulations and scrutiny on transfer pricing, say sources.
Inaugural awards announces winners
The UN’s decision to seek a leadership role in global tax policy could be a crucial turning point but won’t be the end of the OECD, say tax experts.
The UN may be set to assume a global role in tax policy that would rival the OECD, while automakers lobby the US to change its tax rules on Chinese materials.
Companies including Valentino and EveryMatrix say the early adoption of EU public CbCR rules could boost transparency of local and foreign MNEs, despite the short notice.
ITR invites tax firms, in-house teams, and tax professionals to make submissions for the 2023 ITR Tax Awards in Asia-Pacific, Europe Middle East & Africa, and the Americas.