According to a statement from the Ministry of Finance, the Chilean Senate has approved tax reform bill from the President on July 15, 2014. An agreement between the government and the Senate’s Finance Committee has taken place earlier this month for amending the bill. Under the changes the corporate tax rate will raise from the current 20% to 27% by 2017. The tax reform is planned to increase tax revenue by USD8.2bn annually. Finance Minister said that the bill will initiate incentives for saving and investment to provide revive the economy and develop income distribution in the country. The Senate has agreed to conclude legal aspects of the bill within August 7, 2014.