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May 5, 2020
Uruguay enacts law to suspend tax credit granted to holders of property used for agricultural purposes
On 29 April 2020, Uruguay enacted a law that suspends the tax credit for holders of property used for agricultural purposes for one year from May 2020. According to the law, the suspension of the credit is intended to help fund the COVID-19 Solidarity Fund.
The tax credit is based on the amount of tax that holders of property used for agricultural purposes have paid to the municipal government for the sale of livestock.
The tax credit suspension will not apply to family producers that are registered with the Registry of Family Producers, including small milk producers, until 31 May 2020. The law considers small milk producers to be those that produce up to 480,500 liters of milk per year; small cheese producers are those that produce 480,500 liters of cheese.
For additional information with respect to this Alert, please contact the following:
Ernst & Young Uruguay, Montevideo
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin America Tax Desk, Japan & Asia Pacific