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13 August 2018 Uruguay's Executive Power submits accountability bill to Parliament Under the accountability bill, goods, merchandise and raw materials introduced from a seller in the non-Free Trade Zone (non-FTZ) territory to a buyer in the FTZ, would not be considered exports, when such products are intended for personal consumption by FTZ employees. Additionally, the accountability bill would exempt income derived from holding or transferring public securities from corporate income tax. The accountability bill also would exclude the capitalization of accumulated retained earnings produced as of 1 January 2016, from the accumulated retained earnings limit, which is taken into account when calculating notional dividends. In addition, the accountability bill would incorporate trusts, with one or more fiduciaries resident in Uruguay, that are known by the country or jurisdiction of their residence as financial entities, in Article 1 of Law No. 19,484. Thus, such trusts would have to report certain data related to bank accounts maintained by individuals, legal entities or other entities with tax residence outside Uruguay, except when said data was already provided in the trust's country or jurisdiction.
Document ID: 2018-5965 |
