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October 7, 2024
2024-1842

Uruguay and United States approved exchange-of-information agreement

On 19 September 2024, Uruguay and United States approved an exchange-of-information agreement (Agreement) relating to tax matters in Uruguay. For highlights of the most relevant characteristics of this Agreement, see EY Global Tax Alert, Uruguay and United States sign exchange-of-information agreement, dated 9 November 2023.

The Agreement stipulates that information that is foreseeably relevant to the determination, assessment and collection of taxes will be exchanged. In Uruguay, the taxes are: Corporate Income Tax (CIT), Net Wealth Tax (NWT), Personal Income Tax (PIT), Non-Residents Income Tax (NRIT), Social Security Assistance Tax (IASS), Value Added Tax (VAT), Excise Tax (IMESI) and any other domestic tax that is imposed after the date of the signing of the Agreement.

It is important to note that the competent authorities must establish the elements of information that they will automatically exchange and the procedures they will use to exchange them. If the competent authorities want to apply this information to the Country-by-Country Report (mandatory for CIT taxpayers in Uruguay that are part of multinational groups with consolidated revenues exceeding €750m), they must specifically agree to do so.

The Agreement will enter into force one month from the date on which the United States receives written notification from Uruguay stating that Uruguay has completed the internal ratification procedures. The Agreement has been approved by Law No. 20,351 in the Uruguayan Parliament and enacted by the Executive Power.

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Contact Information

For additional information concerning this Alert, please contact:

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
 
 

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