In the upcoming Rendición de Cuentas, the Uruguayan government will include a far-reaching strategic decision: joining the 15% global minimum tax for multinationals, promoted by the OECD and supported by G7 countries. Although it is presented as a mere technical adjustment to new international rules, this step has deep implications for the country's fiscal policy and economic sovereignty.
The official narrative is well known: Uruguay must "align with global standards" to avoid falling behind. However, this justification conceals an uncomfortable truth: it is an explicit surrender of the national capacity to compete fiscally in a world where the powerful want to set the rules to suit themselves. The new tax doesn't seek justice, but uniformity. Uniformity in fiscal policy benefits those who already control the board and harms those who try to differentiate themselves to attract investment and development.
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For years, Uruguay has used tools such as free trade zones, promotional regimes, and a relatively attractive tax structure to position itself in a difficult neighborhood. That strategy, although not without criticism, has produced results. Reducing that margin of action due to external pressure means giving up one of the few real economic policy instruments the country still retains.
