Chile introduces tax law for forex derivatives

10/30/2011 | Wall Street Journal, The

Chile has introduced a new tax structure for foreign-exchange derivatives aimed at helping companies protect themselves from forex market volatility. The Chilean peso has weakened to a one-year low against the dollar after trading near three-year highs at the beginning of the year. "In a free-floating exchange rate system like the one we have, it's within the rules of the game to see the currency fluctuate, but we have the mechanism and are making strides in hedging," Chilean Finance Minister Felipe Larrain said recently.

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Wall Street Journal, The

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