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Finance Committee approves provisions for a startup fund of funds and the Executive files a constitutionality reservation

FinanceInternationalDiario Financiero40 s readAI summary
Image: Diario Financiero

The Finance Committee of the Chamber of Deputies approved two provisions empowering Corfo to invest in venture capital for startups and to set up fund of funds, during the particular vote on the capital markets reform (MK4). Finance Minister Jorge Quiroz filed a constitutionality reservation on both powers. In the same session, the Statute for the Promotion of Innovation and Venture Capital Investment was approved, with a 35% tax credit for those investing in Corfo-certified startups.

In 40 seconds

  • The committee reversed by seven votes to six the ruling that the Corfo provisions were inadmissible.
  • The Executive filed a constitutionality reservation, arguing they are matters of exclusive presidential initiative.
  • The innovation statute grants a 35% credit against the global complementary tax, with an annual cap of UTA 50.
Read the full story at Diario Financiero

IASummary generated by artificial intelligence from a story by Diario Financiero. It may contain errors: the original source prevails.

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