Uruguay-Tax authorities rule on application of transfer pricing study
The tax administration of Uruguay issued Ruling No. 5,975 on 18 June 2014. According to the ruling transfer pricing study will not be applicable in the case of financial operations between a Uruguayan branch and foreign parent. The ruling will
See MoreUruguay- reduction of VAT rate on electronic purchases
In Uruguay the Vat rate applicable on purchases of goods and services acquired by bank debit cards, credit cards and wire transfers has been reduced by 2% from 1 August 2014. Also a further 1% cut will be applied from August 2015. The reduced rate
See MoreUruguay- TIEA with Canada entered into force
Canada and Uruguay signed a tax information exchange agreement on 5 February 2013. The agreement entered into force on 27 June 2014. The agreement will apply to all taxes imposed or managed by governments of both countries. In relation to all
See MoreUruguay- Signing of TIEA with Guernsey
Uruguay signed a tax information exchange agreement with Guernsey on 2 July 2014. After entering into force the agreement will apply in Uruguay to income tax and dwellings profits and in Uruguay the TIEA will apply to all taxes imposed or
See MoreUruguay and Guernsey signed Exchange of Information Agreement
Uruguay and Guernsey signed an Exchange of Information Agreement on 2 July 2014. The agreement will enter into force after ratification by both parties, and the possible date for entry into force is not
See MoreUruguay-Ratification of TIEA with Australia and Canada
The government of Uruguay has announced that it has ratified the tax exchange information agreements with Australia and Canada. The TIEA between Australia and Uruguay was signed on 10 December 2012. To terminate the agreement either party will have
See MoreCanada – Uruguay: TIEA ratified by Uruguay
According to the way of Law No. 19.223, Uruguay has ratified the Canada - Uruguay Tax Information Exchange Agreement (TIEA) on June 13,
See MoreUruguay-Temporary reduction of VAT on purchase by debit cards and credit cards
The government of Uruguay is planning to temporarily cut VAT by 4% on purchase by debit cards and by 2% on that for credit cards. The Economy Minister announced on 5 June 2014 that all debit card and electronic payment purchases with indexed units
See MoreUruguay’s Tax Authority Reveals 2014 Targets
The Uruguayan tax authority (DGI) has recently revealed its 2014 audit targets. For 2014, the DGI indicated that it plans to conduct 1,350 tax audits in the year. This includes 90 audits for taxpayers whose turnover exceeds UYU50m (USD2.2m), and at
See MoreUruguay – Relief from compliance in respect of marketing and advertising expenses
Taxpayers are no longer required to submit certain information to the tax administration (Dirección General de Impuestos—DGI) with respect to income tax deductions or value added tax (VAT) calculations related to expenses incurred for marketing
See MoreUruguay: Extension of tax refund for exports
Uruguay has extended the 4% tax refund for exports of specific products to 30 June 2014 through Executive Decree 393/013. The aim of the measure is to protect different industries that were negatively affected by the decrease in international demand
See MoreUruguay: Tax penalties increased
Decree No. 402/013, was published in the Official Journal (Diario Oficial No. 28,870) on 23 December 2013. This increased the penalties on tax infringements and such penalties applicable as from 1 January 2014 will range from a minimum of UYU290 to
See MoreUruguay: capital gains tax exemption on transfer of bearer shares repealed
The capital gains tax exemption on the transfer of bearer shares issued by Uruguayan companies has been removed by Art. 364 of Law No. 19,149, dated 24 October 2013.
See MoreUruguay – Guidance on tax implications of fees paid to foreign companies
The tax administration of Uruguay issued guidance on 29 October 2013 about the applicability of Uruguay’s non-resident income tax and value added tax (VAT) on payments of certain fees paid to foreign companies. According to the guidance foreign
See MoreThe Exchange of information agreement between United Kingdom and Uruguay was signed in London
The Exchange of Information Agreement between United Kingdom and Uruguay was signed in London on 14 October 2013. The exchange of tax information between the two countries will now be up to international standards. Uruguay is now categorized by the
See MoreUruguay – Taxation procedure of public companies transferred to foreign country
An advisory firm of Uruguay recently issued a report concerning the transfer of public companies to a foreign country (and vice-versa). Generally those companies are no longer subject to Uruguay’s corporate income tax (since the company is no
See MoreIncome Tax Treaty between Belgium and Uruguay signed
The Income Tax Treaty between Belgium and Uruguay was signed on 23 August 2013. Under the treaty the definition of a permanent establishment includes a building site, construction or installation project that continues for six months. The definition
See MoreLuxembourg and Uruguay initial a tax treaty
Luxembourg and Uruguay initiated a double tax agreement (DTA) on August 27, 2013. As Uruguay is considered to be one of the leading financial centers in South America a treaty with Luxembourg would open up possibilities for investors and funds from
See More