Chile is among South America’s least corrupt countries. The top individual income tax rate remains 40 percent, and the top corporate tax rate is 20 percent. Other taxes include a value-added tax and a property tax. Government expenses equal 23.6 percent of total domestic output, and public debt amounts to less than 15 percent of gross domestic product. Starting a business takes seven procedures and six days on average and costs less than 1 percent of the level of average annual income. Chile has a 4.0 percent average tariff rate.