Uruguay’s government has submitted to the Congress the Bill of the National Budget for the years 2015 up to 2019 on 31 August 2015. If enacted the bill would make significant changes to the tax laws.

According to the proposal, income derived from advertising services provided from abroad to resident companies that perform taxable activities, under additional conditions would be considered Uruguayan-source income. Also revenue gained from the lease, use or disposal of image rights of sportsmen, participate in a resident sporting organization and income derived by a commission agent from activities like mediating the lease, use, assignment for use or transfer of federal rights of, images  would be considered as Uruguayan-source income.

According to the proposed bill corporate expenses would be treated as appropriately documented for deduction purposes if the documentation satisfies the same formal requirements established for value-added tax purposes.

Consumer price index would be required to be used for fiscal years beginning on or after 1 January 2016, for the actualization of net operating and fixed assets, and the calculation of the inflation adjustment.

According to the proposed bill the Executive would be empowered to exempt from net wealth tax the assets of companies exclusively carrying out activities that qualify as productive microcredit.

Also, transfers made as a consequence of the substitution or dismissal of a trustee would not be subject to the Real Estate Transfer Tax.

Unless otherwise indicated the proposed changes will apply from 1 January 2016.