Uruguay’s 2025–29 Budget Bill proposes a new domestic minimum tax for large multinational groups, effective 2027.
Uruguay’s 2025–2029 Budget Bill, submitted on 31 August 2025, introduces a Pillar 2 Qualified Domestic Minimum Top-Up Tax (QDMTT), known in Spanish as the Impuesto Mínimo Complementario Doméstico (IMCD).
The tax would apply to multinational groups with global revenues of EUR 750 million or more in at least two of the past four years, if their effective tax rate in Uruguay falls below 15%.
The IMCD would work alongside existing taxes, including the corporate income tax (IRAE) and the wealth tax (IP). Some incentive programs, such as the free trade zone regime, would be updated to exclude IMCD exemptions. The tax is planned to take effect in 2027.
Earlier, Uruguay announced plans to include the Pillar Two global minimum tax in the upcoming budget bill.
