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14 January 2025

Uruguay modifies minimum nontaxable amount of Net Wealth Tax

  • Uruguay has adjusted the nontaxable threshold for the 2024 Net Wealth Tax liability of individuals and decedents' beneficiaries.
 

On 31 December 2024, Uruguay's Ministry of Economy and Finance issued Decree No.361/024, adjusting the Net Wealth Tax minimum nontaxable amount applicable to individuals for the fiscal year 2024.

According to the decree, the nontaxable amount for individual taxpayers and undivided successions1 is set at UYU2 6,381,000 (equivalent to approximately US$145,040). For family units, the nontaxable minimum is double (approximately US$290,080).

Decree 361/024 was published in Official Gazette on 13 January 2025 and can be accessed here (only in Spanish).

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Endnotes

1 Undivided successions refer to inheritance passing to beneficiaries through a decedent's will.

2 UYU is the abbreviation for the Uruguayan peso.

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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

Document ID: 2025-0232

 
 

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