In this page:
Accounting Rules |
Tax Rates |
Intellectual Property |
Legal Framework |
- Tax Year
The fiscal year begins on January 1st and ends on December 31 of the same year.
- Accounting Standards
Adoption of IFRS (International Financial Reporting Standards) in 2004.
- Accounting Regulation Bodies
- Accounting Reports
A balance sheet, a profit and loss account.
- Publication Requirements
Companies must inform the government of their economic and financial situation by publishing annually its financial statements controlled by chartered accountants.
- Professional Accountancy Bodies
CCEA , Board of Uruguayan Accountants, Economists and Administrators.
- Certification and Auditing
Companies have to apply the International Accounting Standard which is enforced by law. To control accounting and the accounting documents published by the companies, an external auditor is required.
You can contact an external auditor: Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.
- Accounting News
National General Accounting
- Nature of the Tax
Value Added Tax (VAT) - Impuesto al valor agregado (IVA)
- Tax Rate
The standard rate is 22%.
- Reduced Tax Rate
Certain essential goods, medicines, services supplied by hotels in “high season”, tourist services, health services are subject to the minimum rate of 10%.
Some goods and services are exempt for example foreign currencies, securities, bonds, stocks and other financial transactions, milk, books, newspapers, magazines, educational material, water, services supplied by hotels in “low season”, and exports of goods
- Other Consumption Taxes
Port taxes are overseen by the Administracion Nacional de Puertos (National Port Authority). They are applied in USD per ton. An import control fee of 1% (TCI) of the CIF (Cost Insurance and Freight) is perceived by the Central Bank of Uruguay. There is a custom fee (TSA) of 0.2% of the CIF value, and a special service fee in USD depending of the value of the goods.
Uruguay implements furthermore a commercialization tax: IMESI (in Spanish) (Impuesto Especifico Interno, Specific Internal Tax). It is applied only to the first sale. Depending on the good, it is computed on the real sale price or on the official price set by the state.
Learn more about Service Providers in Uruguay on Globaltrade.net, the Directory for International Trade Service Providers.
- Company Tax
- Capital Gains Taxation
Capital gains are taxed as ordinary income, to the rate of 25%.
- Main Allowable Deductions and Tax Credits
Deductions are possible for: depreciation and depletion, net operating losses, and payments to foreign affiliates.
- Other Corporate Taxes
- IMESI (Specific Internal Tax);
- FIS (Tax for the Health Inspection Fund);
- ICOSA (Tax for the Control of Public Companies);
- IPAT (Property tax);
- IVA (Value Added Tax).
- Other Domestic Resources
Consult Doing Business Website, to obtain a summary of the taxes and mandatory contributions.
Country Comparison For Corporate Taxation
||Latin America & Caribbean
|Number of Payments of Taxes per Year
|Time Taken For Administrative Formalities (Hours)
|Total Share of Taxes (% of Profit)
- Last Available Data.
|Personal income tax
||Progressive rate from 0% to 30% (US dollars)
|Up to USD 10,135
|USD 10,136 to USD 14,479
|USD 14,480 to USD 21,718
|USD 21,719 to USD 72,395
|USD 72,396 to USD 108,592
|USD 108,593 to USD166,508
- Allowable Deductions and Tax Credits
Possible deductions for:
- Children to support;
- Supporting handicapped or disabled children;
- Contribution health fund;
- Contribution to a solidarity fund.
- Special Expatriate Tax Regime
IRNR, tax for non-residents at variable rate. See the general tax administration website DGI.
Sources of Fiscal Information
- Tax Authorities
- Other Domestic Resources
Learn more about Taxes and Accounting in Uruguay on Globaltrade.net, the Directory for International Trade Service Providers.
- National Organizations
The National Directorate of Industrial Property . Uruguay signed the Paris Convention for the protection of industrial property along with the agreement establishing the World Intellectual Property Organization (WIPO).
- Regional Organizations
Regional property right regulation in the Mercosur agreements framework.
- International Membership
Membership to the TRIPS agreement - Trade-Related Aspects of Intellectual Property Rights (TRIPS)
National Regulation and International Agreements
|Type of property and law
||International Agreements Signed
|Period of validity of 15 years
|Period of validity of 10 years
Industrial Design Law
|Period of validity of 5 years. Period renewable every 5 years.
Law Nº 9.739 of December 17th 1937, updated in 2003
|Author: All his life
40 years after the author's death for his inheritors
WIPO Copyright Treaty
Law number 17.164, directing rights and obligations relating to invention patents, utility models, designs and industrial models.
- Independence of Justice
The judiciary is largely independent, but has become increasingly inefficient in the face of escalating crime and a backlog of cases.
- Equal Treatment of Nationals and Foreigners
Uruguay is largely ruled by law; however discrimination against the country’s black minority and violence against women is a problem. Foreign nationals cannot be always guaranteed an impartial trail from the country’s judicial system. Though a certain degree of corruption exists in the corporate sector and the government departments, government is taking necessary measures to curb it. It is one of the least corrupt nations in Latin America.
- The Language of Justice
Spanish is the judicial language used in the country.
- Recourse to an Interpreter
Having an interpreter is possible.
- Sources of the Law and Legal Similarities
The main source of the law is the constitution of 1967 (modified in 1989 and 1997). The legal system is based on Spanish civil law system. Uruguay accepts compulsory ICJ jurisdiction.
- Checking National Laws Online
Legal information website
Learn more about Lawyers and Legal in Uruguay on Globaltrade.net, the Directory for International Trade Service Providers.
- General Information
Doingbusiness , Business indicators and data.
Worldservicesgroup, Business indicators and data.
- Opening Hours and Days
Banks are open from Monday to Friday from 12 am to 5 pm.
Businesses open from Monday to Friday from 9 am to 7 pm and Saturday from 9 am to 2:30 pm.
Offices open from 12:30 pm to 7 pm during winter and from 7 am to 2:30 pm during summer.
|New year's day
||February - March
|The landing of the 33 Orientals
|Las Piedras battle
|All Saints' day
Periods When Companies Usually Close
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Last Updates: October 2014