The Ministry of Economy is preparing two legislative proposals designed to bolster the financial standing of micro, small, and medium-sized enterprises (SMEs). Undersecretary Karlfranz Koehler confirmed that the initiatives aim to ease the tax burden and address shortcomings in supplier payment timelines.
The first proposal includes extending the deadline for SMEs to pay Value Added Tax (VAT) beyond the current 60-day limit. Additionally, the bill will introduce mechanisms to simplify the acquisition of provisional business licenses, allowing firms to formalize their operations and issue their first invoices quickly while completing the final registration process.
Strengthening the 30-Day Payment Law
The second initiative seeks to make the 30-Day Payment Law more effective, as the current regulation has faced implementation challenges. The government intends to establish a mechanism that allows for the automatic settlement of interest and late fees alongside the principal invoice payment.
"What we want is to implement a mechanism that allows for the settlement of the interest and commissions already established by law, concurrently with the obligation to pay the invoice," Koehler stated. This measure will apply to both the private and public sectors, with the executive branch planning to introduce changes to the Public Procurement Law to improve payment traceability.
The undersecretary explained that government agencies with the longest payment delays will be identified to allow for direct administrative intervention. "We are going to create a tracking system that allows SMEs to see exactly how many days on average it takes for specific public services to pay," the official added.
Regarding the investment agenda, the Ministry of Economy remains focused on implementing the Framework Law for Sectoral Authorizations. The Investment Office is currently working to convert 91 permits into sworn statements, a measure intended to shift the responsibility for regulatory compliance to the private sector.
Koehler noted that the schedule is progressing as planned, with the goal of finalizing the first package of authorizations by June 29. Regarding the continuity of projects from the previous administration, such as the Development Financing and Investment Agency (Afide), the undersecretary indicated that a final decision will depend on a joint analysis with the new Corfo leadership regarding the efficiency of current financing mechanisms.