The Fiscal Responsibility Law also allowed for the creation of two sovereign wealth funds: the Pension Reserve Fund (PRF), to face increased expected old-age benefits liabilities, and the Economic and Social Stabilization Fund (ESSF), to stabilize fiscal spending by providing funds to finance fiscal deficits and debt amortization [REF].
The main taxes in Chile in terms of revenue collection are the value added tax (45.8% of total revenues in 2012) and the income tax (41.8% of total revenues in 2012) [REF].