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Uruguay

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About

Uruguay

Capital
Official languages
Population 
Currency

ISO 4217

Montevideo

Spanish and Portunol

3.51 million

Uruguayan Peso

UYU

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Economy

Uruguay has a strong and stable economy, with a GDP of $59.7 billion in 2019. This is a 3.2% increase from 2018, and the country is expected to continue to grow in the coming years. The unemployment rate in Uruguay is also low, at 6.2%, and the inflation rate is relatively low at 4.2%. The country has a strong export market, with exports totaling $11.2 billion in 2019. The main exports are beef, soybeans, rice, wheat, and dairy products. Uruguay also has a strong tourism industry, with over 4 million visitors in 2019. The country has a strong banking sector, with a total of $50.7 billion in assets. The government has also implemented a number of reforms to improve the economy, including tax reforms, pension reforms, and labor reforms. Overall, Uruguay has a strong and stable economy, with a positive outlook for the future.

Taxation

In Uruguay, both individuals and corporations are subject to taxation. The tax system is based on a progressive tax rate structure, which means that the tax rate increases as income increases.


For individuals, income tax is levied on a sliding scale ranging from 0% to 36%. Taxable income includes all income earned in Uruguay, as well as income earned overseas by Uruguayan residents. Deductions and allowances are available to reduce taxable income, such as deductions for health insurance and education expenses.


Corporations in Uruguay are subject to a corporate income tax rate of 25%. Additionally, there is a value-added tax (VAT) of 22% on most goods and services, with lower rates for some specific goods and services.


The tax year in Uruguay runs from January 1st to December 31st. Tax returns for individuals must be filed annually by June 30th, while corporations must file their tax returns within the first four months of the year following the end of the tax year. Tax payments for both individuals and corporations are generally made in two installments, with the first payment due in June and the second payment due in December. Employers are also required to withhold taxes from employees' salaries and remit them to the tax authorities on a monthly basis.


Non-compliance with tax laws in Uruguay can result in penalties and fines, and in some cases, criminal charges.

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