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Uruguay - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The profits tax rate is 30%.
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Taxe rate on long-term capital gains |
In Uruguay, capital gains are imposed at the rate of 30%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
The residents are exempted from the tax on dividends, whereas a rate from 30% applies to nonresidents.
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Tax rate on branches |
In Uruguay, branches are taxed in the same way as the other companies. They are taxed on the IRIC (Impuesto a la Renta de Industria y Comercio) at the rate of 30%.
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Income tax
Fiscal year |
The fiscal year begins on January 1-st and ends on December 31 of the same year.
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Income tax rate |
In Uruguay, there is no system of levy on individuals incomes. Nevertheless, there is a fringe benefits tax (FBT) which applies to corporations and individuals, except for agricultural and industrial activities. The tax applies tot all salaries and fringe benefits paid to employees. Rate is 18.5% for employers and 21% for employees.
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Tax deductions or
other allowances |
No deductions because there is no income tax applying in Uruguay.
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VAT rates
Standard rates |
The rate of common law is 23%.
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Reduced rates |
Reduced rates vary between 14% and 23%.
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Other important taxes
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Name of tax |
Rate |
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COFIS - tax on sales of products subject to VAT or excise tax
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3%
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Net Worth Tax
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1,5% (raised by 2,8% for banking activities and subdued to a tax on banking assets ranging from 1,5% to 2%¨)
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Accounting
Introduction
The accounting rules of Uruguayan are made in compliance with the accounting principles established. Law n?6060 governs most of operations relative to the managementof companies.
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Obligations and publications
Companies must inform the government of their economic and financial situation by publishing documents controlled by chartered accountants : balance sheet, profit and loss account.
Certification and auditing
Companies have to apply the International Accounting Standard which have force of law. To control accounting and the accounting documents published by the companies, an external auditor is required.
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Export Entreprises SA ©, All rights reserved
Last modified in
January 2003
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