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April 10, 2023
Uruguay enacts law with tax adjustments for PIT and Social Security Assistant Tax taxpayers
On 24 March 2023, Uruguay's Executive Branch enacted Law 20,124, which includes tax reductions to Personal Income Tax (PIT) and Social Security Assistant Tax (IASS). The reductions reflect provisions initially proposed in the bill presented on 2 March 2023 (see Uruguay's President announces tax reductions that would alleviate some tax burdens for individual taxpayers and small to medium-sized companies | EY - Global, dated 16 March 2023).
The Law is pending publication in the Official Gazette and will be effective for taxable events occurring on or after 31 December 2023. It can be accessed here (pdf).
For additional information with respect to this Alert, please contact the following:
EY 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 American Business Center, Japan & Asia Pacific
Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor