European Union strengthens the quality of Uruguay’s cooperating jurisdiction for tax purposes
The European Union (EU) announced, yesterday Tuesday the 14th, that Uruguay’s rating before the organization was raised, which implies that it enters the category of “cooperating jurisdiction without assumed commitments.” According to the Director of Tax Advisory at the Ministry of Economy and Finance (MEF), María Pía Biestro, this improvement consolidates a change in the status of a transparent and reliable country before the international community.
This new assessment of Uruguay in the world is due to the fact that the Council for Economic and Financial Affairs of the EU withdrew Uruguay from the document that includes countries with pending commitments before the international organization.
In addition, this dependency of the European bloc highlighted the regulatory changes introduced by our country, based on a series of recommendations made by the institution in 2021.
“Uruguay consolidates its status as a cooperating jurisdiction before the European Union,” said Biestro.
The hierarch specified that some changes arranged by the portfolio, and which came into force in 2023, made this announcement possible. As an example of this, he mentioned the exemption of passive income obtained by entities that are members of multinational groups and that have certain economic substance.
“Uruguay, with this decision, ratifies its willingness to comply with good tax governance standards,” he said, adding that the purpose of the regulatory changes was to grant tax certainty to taxpayers, protect national interests and maintain the prestige and international image of Uruguay.
