Uruguay under fiscal threat against savers: 'Kirchnerist tax'

The climate of tax stability that for years characterized Uruguay could face a drastic shift. The Ministry of Economy and Finance (MEF) is considering including, within the Budget Law project, a tax on the profitability of deposits and investments abroad belonging to Uruguayan residents. The measure, revealed by the weekly publication Búsqueda, aims to modify the current Personal Income Tax (IRPF), which since the 2007 tax reform has not taxed capital gains obtained outside the country. The scope of this possible reform is highly significant: according to official figures, the assets of Uruguayans abroad totaled in 2023 about 62 billion dollars, which is equivalent to 79% of the national Gross Domestic Product. The increase compared to 2019, when the amount was 27.171 billion, shows the growing magnitude of this capital.

MEFGabriel Oddonerapid legislative process"refinement" of existing taxesPIT-CNTDiego Echeverría"killing the goose that lays the golden eggs""scaring away investors" and "generating unemployment in Maldonado""Entering into the discussion of the tax on the richest 1% and now this new announcement only serves to scare away investors. It's following the path of 'tax Kirchnerism'"in Argentina, similar policies promoted by Kirchnerist governments led to a strong capital flight and loss of confidenceMarcos GalperínMercado LibreUruguayDanilo Astori2%"progressive" Global Minimum Tax promoted by the OECD"address pending issues from previous administrations""how we handle taxes abroad"meetings with the economic teamBanco República and the Central Bank of Uruguay