The newly inaugurated president of Chile, José Antonio Kast, has put forth a legislative initiative aimed at revitalizing the economy and addressing crime. Among the key measures is a proposal to temporarily eliminate VAT (Value Added Tax) on housing purchases, a significant financial relief for potential homeowners. Additionally, the initiative includes plans to reduce the corporate tax rate from 27% to 23%, intended to spur business growth and investment in the country.

The legislative proposal, named the 'National Reconstruction Bill', is set to be presented in the Chilean Parliament soon. Kast, representing the far-right Republican Party, cited the economic destruction and stagnation his country has faced, which he attributes to past governance. This reflects a broader agenda to shift economic policy and it comes at a time when the traditional right and extreme right are just two deputies shy of a majority in Parliament, which could facilitate the passage of this bill.

Commenting on the state of the nation, Kast noted the previous struggles, referencing the extensive damage inflicted by wildfires in the Biobío region. His remarks indicate a strong focus on recovery and reform as he steers the nation towards his administration's vision. If successful, these proposed measures could signify a major turning point in Chilean economic policy, particularly in housing and corporate taxation.