ARTICLE · 03 SEPTEMBER 2018

Changes In The Law On Tax-Free Zones

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In a previous article we explained the basic operations and advantages of Uruguay's Tax-Free Zones (TFZs).

UruguayGovernment, Public Sector

Introduction:

In a previous article we explained the basic operations and advantages of Uruguay's Tax-Free Zones (TFZs). Since then, Law No 19.566 of December 2017, modified the TFZ regime. In this article, we describe these changes and their likely impact.

The new law starts by highlighting that TFZs are of national importance in promoting investment, creating employment and generating favourable conditions for international commerce. So clearly the changes are not intended to affect the general scenario of Tax-Free Zones in Uruguay.

Modifications as of December 2017

The OECD has pressured Uruguay for several years to change its laws regarding bank secrecy and the provision of public information regarding the ownership of companies, amongst others.

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