The law entered into force the last quarter of 2014, though some provisions will be phased in over the 2015-2018 period. The overall goal tax reform is to raise the tax-to-GDP ratio to finance a large increase in education spending. The tax measures aim to raise an extra 3% of GDP. More than half of the increased revenues are forecasted to come from increased income taxation, mainly from corporate income (Table 1). Increases in compliance are forecast to increase revenues by 0.5% of GDP (17% of the overall reform revenue goal), while expansions in the VAT base will account for 0.3% of GDP (12% of the overall reform target. To raise more revenues Chile could focus on broadening the tax base of the personal income tax (PIT), which does not contribute significantly to reduce inequality.