chilean tax structure - TTN Transnational Taxation Network

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chilean tax structure - TTN Transnational Taxation Network

Recent Tax Developments in Chile and Estate and Trust Law In Latin America

MICHAEL GRASTY C.

TTN

TRANSNATIONAL

TAXATION

NETWORK

SR. PARTNER

GRASTY QUINTANA MAJLIS & CIA.

SANTIAGO, CHILE

MIAMI CONFERENCE , MAY 3 – 4, 2007

The Bankers Club, Miami, Florida


PRESENTATION

• GENERAL DESCRIPTION OF ISSUES IN CHILE TODAY

• GENERAL TAX STRUCTURE IN CHILE

• INVESTMENT PLATFORM LAW

• OTHER TAX AVOIDANCE STRUCTURES

• USE OF TRUSTS

• BLIND TRUSTS

2

Recent tax developments in Chile

September, 2006


ECONOMIC HIGHLIGHTS

• Early economic liberalization (1975) compared to the

region (1980).

• “Chilean miracle”: Record real avg. annual growth of

8%, 1986-1997, OJOPJP after debt crisis in 1982. Highest in

region and one of highest world-wide.

• Doubled per-capita income / poverty cut in half

during the 1990s.

• Inflation under control: 2%-4% range since 1999.

• “A” Rating from Standard and Poor’s, January 2006

• Steady GDP growth from 1991- 2006 GDP growth:

4.8%.

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Recent tax developments in Chile May, 2007


CORRUPTION INDEX

2006 Corruption Perceptions Index

Finland

Singapore

Australia

UK

Hong Kong

Germany

France

Ireland

US

Chile

Spain

Uruguay

Italy

S. Korea

Czech

Brazil

Peru

China

Argentina

Bolivia

Venezuela

Bangladesh

0 20 40 60 80 100 120 140 160

Rank

Le s s c orrupt m ore c orrupt

4

Recent tax developments in Chile Source: Transparency International 2006

May, 2007


VERY COMPETITIVE

World Competitiveness Report Card 2006

Venezuela

Argentina

Mexico

Brazil

Colombia

40

52

53

55

61

Korea

India

Chile

Malaysia

China

Canada

USA

1

7

19

24

23

29

38

0 10 20 30 40 50 60

Ranking

5

Recent tax developments in Chile

Source: IMD, “World Competitivness Yearkbook 2006”

May, 2007


CHILE DOING WELL

• CHILE IS DOING WELL FROM ALMOST ANY PERSPECTIVE

• RECOGNIZED AS A REGIONAL LEADER

• 2007 STUDY OF “CAPITAL HOSPITABILITY” BY FORBES, PLACES

CHILE IN 28th PLACE, A FALL FROM PREVIOUS 20th PLACE, BUT WAY

AHEAD OF MEXICO, NEXT LATIN AMERICAN IN 43rd PLACE

FORBES “CAPITAL HOSPITABILITY RANKING”, 2007

1. USA 28. CHILE

2. CANADA 43. MEXICO

3. JAPAN 47. URUGUAY

4. DENMARK 57. PERU

5. NEW ZEALAND 61. BRAZIL

6. NORWAY 64. COLOMBIA

7. FINLAND 75. ARGENTINA

8. HONG KONG 98. PARAGUAY

9. SWEDEN 115. BOLIVIA

10. ENGLAND 122. ECUADOR

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Recent tax developments in Chile May, 2007


NOT GROWING ENOUGH

GDP GROWTH OF 4.7% ANNUALLY FROM 1980 – 2005 (double Latin

American Average and more than average of India)

So, if we are doing so well why don´t we just apply the old saying, “If it aint broke,

don´t fix it”. Why are we concerned about growth?

HOWEVER:

2006 shows growth of less than 5%, although price of CU all time high

Why not 8% as in early 1990´s?

“Chile is a clear example of the need for Latin America´s economies to complement

their excellent natural resources and production of commodities with high-valueadded,

knowledge based activities to build global business undperpined by

technology” (The McKinsey Quarterly, Heinz-Peter Elstrodt, 2007, Special Edition)

7

Recent tax developments in Chile May, 2007


NOT GROWING ENOUGH

“It is clear that Chile has been a star economically. If we compare Chile with its

piers in the Region things look good…. However, we are comparing with the wrong

competition. In comparison with Latin America Chile looks fine, however, when

compared with the real global competitors, it doesn´t look so good. China, Russia,

Estonia, Korea, Greece, Taiwan, Ireland, Kazajstan are all in better shape in terms of

pushing for growth and prosperity, and that is what matters. It doesn´t matter how

fast you grow, what matters is that prosperity increases. So, in comparison to where

Chile wants to be, it is not doing so well and therefore needs to question itself

whether necessary steps are being taken today in order to obtain future growth with

prosperity. I have serious doubts that this is happening and I don´t see a firm

commitment to take action and change. I see a sort of paralysis in the economic

debate in relation to the future of Chile.”

Michael Porter, 06.29.05, Seminar Universidad del Desarrollo MBA Program, Santiago, Chile

8

Recent tax developments in Chile May, 2007


NOT GROWING ENOUGH

“The main competitive weakness of the Chilean economy is the relatively poor capacity of

the country to innovate and adopt technological changes.

European Commission

“The challenge for Chile is to ensure a substantial growth in productivity of companies

(but also of public services) and translate that productivity into a comparative advantage

(….) Utopic? Utopic is wanting to compete based on lower wages in an economy where

the value added comes essentially from knowledge and applied innovation in all realms of

society”

Manuel Castells, Prof. Sociology Berkeley

9

Recent tax developments in Chile May, 2007


RAW MATERIALS AND COMMODITIES

• RAW MATERIALS AND COMMODITIES

• COPPER, FOREST PRODUCTS, FRUIT, SALMON, WINE, ETC.

• GREAT RIGHT NOW BECAUSE OF PRICES, HOWEVER ….

• WE ARE GOING WHERE THE MARKETS ARE TAKING US AND

NOT WHERE WE SHOULD BE GOING, STRATEGICALLY

• FORTUNATE THAT WE ARE ON THE RIGHT SIDE OF CHINA AND

HAVE SMALL WINDOW OF OPPORTUNITY TO REACT

• NEED TO TAKE ADVANTAGE OF OUR NETWORK OF FTA´S NOW

• NEED TO MOVE IN DIRECTIONS THAT WILL TAKE US AWAY FROM

POSSIBLE DUTCH DISEASE

• NOTWITHSTANDING HOW GREAT WE ARE AND FTA NETWORK,

FDI INTO CHILE HAS DICREASED TO A MINIMUM EXPRESSION

1

0

Recent tax developments in Chile May, 2007


DFI DOWN

1

1

Recent tax developments in Chile May, 2007


US INVESMENT DOWN

1

2

Recent tax developments in Chile May, 2007


IMPORTANCE OF FDI

• FDI IS IMPORTANT TO CHILE FOR NUMEROUS REASONS:

– SHOWS HOW ATTRACTIVE WE ARE INTERNATIONALLY

– NECESSARY TO INTRODUCE TECHNOLOGY AND BEST PRACTICES

– INTERNATIONAL INTEGRATION AND DISTRIBUTION OF PRODUCTS AND SERVICES

• HOWEVER, US FDI IS EVEN MORE IMPORTANT

• WE DON´T WANT JUST MONEY, WE WANT QUALITY INVESTMENT

• US COMPANIES BRING

– CORPORATE GOVERNANCE

– INTRODUCTION OF SOCIAL RESPONSABILITY

– ENVIRONMENTAL AND LABOR CONCERN

– TECHNOLOGY

– ACCESS TO MOST IMPORTANT MARKET FOR CHILE

1

3

Recent tax developments in Chile May, 2007


STRONG GOVERNMENT REACTION

• GOVERNMENT CONCERNED AND REACTING ENERGETICALLY

• PRESIDENT MICHELLE BACHELET COMMITED TO STRATEGIC GROWTH

What are your plans to improve the competiveness of the Chilean economy?

“One key area is innovation, around which we are developing tax incentives to encourage more industry participation. By OECD standards

the 0.7% of GDP that Chile invests in R & D for science and technology is not only low, but over two thirds of it comes out of public

expenditure. The private sector contributes very little. Out aim is to get industry more closely involved with universities, science centers, and

biotechnology research centers so we can add more value to our products. Our economy is very dependant on natural resources –

copper, pulp and paper, and the fishing industry represent 54% of exports – and we need to do more than just produce

more of them”

What is your message to foreign investors and CEO’s looking at Chile

and the Region?

“Trust Chile, believe in Chile, and invest here”*

* An interview with the president of Chile, The McKinsey Quarterly, 2007,

Special Edition, Shaping a new agenda for Latin America

1

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Recent tax developments in Chile May, 2007


STRONG GOVERNMENT REACTION

• GOVERNMENT CONCERNED AND REACTING ENERGETICALLY

• PROCHILE DOING GOOD JOB OF PROMOTING CHILE

• CORFO PROVIDING MANY INCENTIVES

• HOWEVER, VERY DIFFICULT

• WORLD COMPETING FOR FDI- MANY NEW OPTIONS

• CHILE WITH STRATEGIC PROBLEMS: SIZE, LOCATION

• CHILE NOT KNOWN IN WORLD CONTEXT

• IMAGE IS SOMETHING THAT YOU HAVE AND IS

VERY DIFFICULT TO GET

• CASE OF NEW ZEALAND

– WON AMERICA´S CUP TWICE

– BEST RUGBY TEAM IN THE WORLD

– LORD OF THE RINGS

– MICHAEL CAMPBELL

– SIR EDMUND HILLARY

1

5

Recent tax developments in Chile May, 2007


KNOWLEDGE OF CHILE

When you think of Chile, what types of products do you think of?

Wine/Grapes

Coffee

Beef

Fish/Sea bass

Drugs/Cocaine

Spices

Others

Product

Produce/Fruit and vegetables

Textiles/Blankets/Rugs/Wool

Copper/Metal/Tin

FDI IN CHILE APRIL, 2007

Don’t Know/No response

January 2004

(%)

13

19

19

7

4

4

1

3

2

5

23

March

2006

(%)

18

16

12

7

4

4

3

2

2

6

26


INCENTIVE PROGRAMS

• FOREIGN INVESTMENT INCENTIVES

• Law Reform Proposal (“Proyecto Ley, Boletín 4627”)

• Proposal to grant tax incentives for private investment in R&D that is carried out in CORFO accredited and registered

research centres.

• 2. High Technology Program

• Special incentives for foreign investment in high-technology projects; available to investments with a minimum value of

US$ 500,000.

• 3. Todo Chile

• Financial support on a 50% matching basis for pre-investment studies or specialized advice required and services for

investment projects for amounts equal to or greater than US$400,000. The subsidy will have a maximum limit of

US$50,000.

• Non-Conventional Renewable Energy Projects

• Financial Support on a 50% matching funding for different types of studies or specialist advice required in the preinvestment

phase of projects equal to or greater than US$400,000 up to US$2,000,000. The subsidy will have a cap of

US$60,000 per company (increased from 2006).

• CORFO recently announced an extension of a long term credit line for US$100 million, destined to finance projects up to

$5 million, allowing unique interest rates, grace periods and amortization periods in the local market.

• Tax Free Zones

• Chile has two tax-free zones -one in the northern port of Iquique (Region I) (ZOFRI) and the other in Punta Arenas

(Region XII) (Sociedad Administradora Zona Franca Punta Arenas). Merchants and manufacturers in these zones are

exempt from first-category corporate tax.

1

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Recent tax developments in Chile May, 2007


INCENTIVE PROGRAMS

• Area Specific Incentives

• Various financial incentives are available to promote productive investment and services and strengthen the creation of

new labour sources in isolated regions, such as Arica, Arauco, Valparaiso, Austral Zone, Chiloe, Palerna, Tierra del

Fuego, Tocopilla.

• A shared financing scheme also exists between the regional government of Bío Bío, the Ministry of Economy and the

Chilean Economic Development Agency (CORFO) in support of innovative projects.

• 7. Creation of Business Incubators Program

• Co-financing up to 70% of total required for the creation of Business Incubators that strengthen entrepreneurship and the

creation of new businesses in Chile. Foreign investors must be linked to universities, technological entities dependent on

universities, professional institutions or Technical Centres to access this funding.

• 8. Incentives in the Mining Industry

• Certain tax benefits accrue to exporting companies. i.e. reimbursement of VAT paid on acquisitions of goods and services

destined to the production of exported goods; reimbursement of specific tax paid upon fuel and reimbursement of

additional tax paid on technical consulting abroad.

• 9. Science and Technology National Commission (FONDEF)

• Technological funds to strengthen impulse and co-finance national and multi-national R&D and technology innovation

projects that generate a high social and economic impact in Chile.

• 10. Investment Platform Law (Law N° 19.840)

• Investment vehicles in Chile are not subject to Chilean tax on earnings generated in third countries, but are able to tap

into the advantages and opportunities that Chile offers as a platform from which to channel and manage these

investments.

• 11. Network of Free Trade Agreements, Double Taxation Agreements and Bilateral Investment Treaties.

1

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Recent tax developments in Chile May, 2007


DIFFICULTIES FOR FOREIGN INVESTORS

• LABOR FLEXIBILITY

• BUREAUCRACY

• CORRUPTION

• SKILLED LABOR FORCE

• ENGLISH

• INTELLECTUAL PROPERTY

• LACK OF COORDINATION: LABOR DEPARTMENT

1

9

Recent tax developments in Chile May, 2007


IRISH SUCCESS STORY

• FROM RAGS TO RICHES IN 20 YEARS

• IRISH GDP PER CAPITA WENT FROM US$ 10,380 IN 1985 TO US$ 38,812 IN 2005

• HIGHEST GDP PER CAPITA IN EU AFTER LUXEMBOURG

• MOTOR OF GROWTH WAS FOREIGN INVESTMENT IN IT

• END OF 90’S FIRST EXPORTER OF SOFTWARE IN THE WORLD

• INTEL, HP, IBM, DELL, MOTOROLA

WENT TO IRELAND

• HOW?

• LOW TAXES (10%)

• TAX AGREEMENT WITH USA

• GOVERNMENT AGENCY IN

CHARGE OF SEDUCTION:

IDA AGENTS IN MAIN IT CENTERS

2

0

Recent tax developments in Chile May, 2007


CASE OF IRELAND

• IDA Ireland Business Sectors

• Over 1000 overseas companies have established operations in Ireland. They are a key driver of the economy employing

130,000 people directly and many more indirectly. They account for one quarter of GDP and over 80% of exports.

• IDA’s focus is to attract foreign investment that is of high value, requiring high skill levels and a sophisticated business

environment.

• Key areas of focus are

• advanced manufacturing projects in the ICT, Pharmaceuticals and Biopharmaceuticals, Medical

Technologies, Engineering and Consumer Products sectors

• high value Internationally Traded Services sectors in Software, Financial Services, Shared Services and Customer

Support activities

2

1

Recent tax developments in Chile May, 2007


CASE OF IRELAND

• IDA Ireland Business Sectors

• Over 1000 overseas companies have established operations in Ireland. They are a key driver of the economy

employing 130,000 people directly and many more indirectly. They account for one quarter of GDP and over 80%

of exports.

• IDA’s focus is to attract foreign investment that is of high value, requiring high skill levels and a sophisticated

business environment.

• Key areas of focus are

• advanced manufacturing projects in the ICT, Pharmaceuticals and Biopharmaceuticals, Medical

Technologies, Engineering and Consumer Products sectors

• high value Internationally Traded Services sectors in Software, Financial Services, Shared Services and Customer

Support activities

2

2

Recent tax developments in Chile

May,2007


CASE OF IRELAND

• Ireland - A young, well educated and productive workforce.

• One of the reasons why so many companies choose Ireland is because of the unique workforce - Ireland has one of the

youngest population in Europe with over 36% under the age of 25 years. Ireland's unique population and age structure

that has fuelled much of Ireland's recent prosperity will continue for the next 15 years with a key focus on education and

research in Ireland.

In a study of demographic trends, economists at NCB Stockbrokers forecast that projected population declines across

much of Europe meant Ireland's already strong economy would look even more attractive in a European context over the

next decade.

The population of the Republic will grow by 30% to over 5.3 million by 2020 and to six million by 2050.

The population between the ages of 15 and 64 will rise by 700,000 in the next 15 years. Sustained strong growth in the

labour supply will maintain a capacity for growth in Ireland that will far outstrip that in other EU countries where the

demographic outlook is much less favourable the report states.

• Flexibility and Adaptability of workforce when faced with new challenges

• Ireland 7.86 USA 7.60 Netherlands 6.45 Czech Republic 6.51 UK 6.27 Japan 6.26

Hungary 5.67 Germany 4.58 France 3.96

Source - IMD World Competitiveness Yearbook 2006.


2

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Recent tax developments in Chile May, 2007


CHILEAN TAX TAX

STRUCTURE

STRUCTURE

CHILEAN TAX STRUCTURE

• 1874: FIRST TAX: STAMP TAX ON CONTRACTS FOR THE SALE OF GOODS, 2%

(Boston Tea Party?)

• 1902 TAX ON PRODUCTION OF ALCOHOL AND “ALCOHOL TAXES

ADMINISTRATION”

• NEXT TAXES ON TOBACCO, CARD GAMES, STAMPS, LEGAL PAPER (“PAPEL

SELLADO”)

• 1916: ALCOHOL TAXES ADMINISTRATION MODIFIED TO BE COME THE GENERAL

IRS, AND RECEIVES MANDATE TO LEVY NEW TAXES INCLUDING LAND AND REAL

ESTATE, PERSONAL PROPERTY AND INVESTMENTS

2

4

Recent tax developments in Chile May, 2007


CHILEAN TAX TAX

STRUCTURE

STRUCTURE

CHILEAN TAX STRUCTURE

• Chilean income tax is built around three basic principles: a) it is individuals that are taxed

and taxes paid by an enterprise are only paid on account of the taxes that the owners will

finally pay, b) the tax base includes incomes received or accrued during a given tax period,

and c) Resident and non resident business owners only pay personal taxes for the

withdrawn profits.

• Taxes and rates:

– First Category Tax (company) : 17%

– Personal tax (global com. Tax) : gradual, up to 40% (most individuals use companies

only 10.000 individuals pay highest rate)

– Dividends : 35% less FCT 17%

– Interest : 4% (when from Fin. Institution)

– Royalties : 30%

– Engineering and Technical Ass. : 20%

– VAT : 19% (up from 18% in 2003 to compensate for FTA´s)

– STAMP TAX : 0.134 of face value of document w/ max 1.608

– Real estate tax : 2% of fiscal valuation of property

– Municipal license : min 0.25% – max. 0.5% of taxpayers equity; US$

380,000 maximum; charged by Municipality where

office is established

2

5

Recent tax developments in Chile May, 2007


CHILEAN TAX STRUCTURE

2

6

Recent tax developments in Chile May, 2007


CHILEAN TAX TAX

STRUCTURE

STRUCTURE

CHILEAN TAX STRUCTURE

• Tax evasion a big issue as in most countries

• Chile one of the best in the world down to 19% thanks to new tax evasion law and to

facilities given to tax payers.

• On line declaration with proposal by SII – click on the box and pay

• 2004: Wharton School of Business and Infosys Technologies presented the Chilean IRS

with the Wharton-Infosys Business Transformation Award 2004, in the category of

Technology Change Agent.

• However, the battle remains on the Judicial level: currently Chile´s tax courts and judge

are part of the SII – not independent. Appeal to independent Court of Appels

• Bill presented in 2002 to create independent tax tribunals, but moving slowly

2

7

Recent tax developments in Chile May, 2007


MODERN INSTITUTIONS - SII

2

8

Recent tax developments in Chile

Source: IMD, “World Competitivness Yearkbook 2006”

May, 2007


MODERN INSTITUTIONS - SII

2

9

Recent tax developments in Chile

Source: IMD, “World Competitivness Yearkbook 2006”

May, 2007


SECURING TRANSACTIONS

3

0

Recent tax developments in Chile May, 2007


MODERN INSTITUTIONS - SII

3

1

Recent tax developments in Chile

Source: IMD, “World Competitivness Yearkbook 2006”

May, 2007


CHILE AS AN INVESTMENT PLATFORM

• UNILATERAL MEASURES: 1993 and 1997, reforms to Income Tax Act creating a

credit for tax paid overseas, thereby reducing double taxation. Reduces tax liabilities

of investors resident in Chile who invest abroad. Arts. 41 A and 41B of Income Tax

Law provides a credit against taxes paid abroad, with a limit of the First Category tax

payable in Chile. Unrelieved tax credits may be used as deductible expense or carried

forward against future tax liabilities.

• 1997: Chile starts negotiation bilateral Double Taxation Agreements, mostly with

countries with FTA´s

• US agreement not moving because of bank secrecy

• Does not consider individuals and only enterprises

32

Recent tax developments in Chile

May, 2007


DOUBLE TAXATION AGREEMENTS

3

3

Recent tax developments in Chile

Source: IMD, “World Competitivness Yearkbook 2006”

May, 2007


INVESTMENT PLATFORM LAW

• Law N° 19.840 of November 11, 2002 added a new article (41 D) to Income Tax Law.

• Enables foreign investors to set up a platform company in Chile to receive and manage

investments in third countries, allowing the use of Chile´s infrastructure and not paying

Chilean taxes on earnings from overseas investments.

• Up to 75% ownership can be resident in Chile; non residents cannot come from tax havens;

cannot invest in tax havens either.

• Can be Stock Companies, or Limited Liability Partnerships

• Not considered a resident of Chile and therefore only pays income tax on profits generated in

Chile

• Must be subject to supervision of SVS (SEC) like listed stock companies

• Can provide services to subsidiaries and associated companies

• Renounces to bank secrecy

• Idea to copy Spanish ETVE (“Entidad de Tenencia de Valores en el Extranjero”)

34

Recent tax developments in Chile

May, 2007


INVESTMENT PLATFORM LAW( problems)

• Law not well received – only 14 companies have used and mostly not operative

• Confusion regarding real intent: holding for investments or services. The object of the

company must be investments. Services can be provided only to related companies

• Some say that only real reason for the law was to tax Exxon´s sale of their interest in

Disputada de Las Condes mining project. Taxes sale of shares if as a result the buyer ends up

with more than 11% ownership in a Chilean company

• Terms of law are not compatible with tax treaties – platform companies not resident in Chile

and therefore treaties do no apply

e.g.: a company that provides services from Chile to Perú, pays 17% under the Tax

Treaty and 30% (the Peruvian tax) under the Platform structure

• Supervision by the SVS increases administrative costs

35

Recent tax developments in Chile

May, 2007


OTHER TAX AVOIDANCE VEHICLES

• Art. 38 BIS, allows for no capital gains on the sale of shares of certain companies with

importance presence in the local stock market

• DFL 2 of 1959, allows for certain tax benefits related with income generated with

certain type of property (residential less 140 mts2). No inheritance or donations tax

(first transfer only) no income tax from rental.

• Personal Real Estate: No capital gains tax on personal real estate

• Usufruct. Income Tax Law provides that the increase in price of the nude property,

does not affect the holder of the usufruct on consolidation

• Agricultural Activity: allows for a system of, “presumed income” in relation to

appraisal of farm property

• Forests: native or planted forests under DL 701 are not subject to donation tax.

• Freedom to agree on distribution of profits allows to transfer patrimony from the rich

partner to the heirs.

• Non payment of personal income tax until distribution.

• Easter Island: No income tax paid as long as profits not distributed – allows to sell

Easter Island company with no taxes

36

Recent tax developments in Chile

May, 2007


USE OF TRUSTS IN CHILE

• COMMON LAW INSTITUTION

• FEW ROMAN LAW COUNTRIES

• INTERESTING LONG TERM PROJECTION

• PROBLEM IN GETTING FUNDS INTO TRUST

• RISK INTERPRETATION BY SII

• POSSIBLE VIOLATION OF FORCED

HEIRSHIP RULES

37

Recent tax developments in Chile

May, 2007


BLIND TRUSTS

• NEW INSTITUTION FOR CHILE

• SENATOR SEBASTIAN PIÑERA RUNNING FOR PRESIDENCY

• US$ 1.3 – US$ 1.5 BILLION

• IN SHARES OF DIFFERENT COMPANIES, INCLUDING CONTROL OF LAN

• ALSO PUSHING THE IDEA OF A FLAT RATE AND MAKING THE MAPOCHO RIVER

NAVEGABLE

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Recent tax developments in Chile

May, 2007


Recemt Tax Developments in Chile and Estate and Trust Law In Latin America

THANK YOU !!!

MICHAEL GRASTY C.

TTN

TRANSNATIONAL

TAXATION

NETWORK

SR. PARTNER

GRASTY QUINTANA MAJLIS & CIA.

SANTIAGO, CHILE

MIAMI CONFERENCE , MAY 3 – 4, 2007

The Bankers Club, Miami, Florida

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