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February 23, 2023
2023-0353

ECOFIN removes Uruguay from Annex II list of pending commitments for tax purposes

  • On 14 February 2023, the European Union (EU) announced that Uruguay had recently acquired the status of a "cooperating jurisdiction without commitments assumed."

To be recognized as a cooperative jurisdiction, Uruguay, in prior years, has undertaken different measures to become more aligned with the EU Standards on collaboration between regions.

Specifically, the Economic and Financial Affairs Council of EU (ECOFIN), highlighted the regulatory modifications adopted by Uruguay that comply with a series of recommendations they had made by in 2021.

The entry into force of Law No. 20,095 helped with this favorable resolution of status as this legislation addressed certain aspects that could be considered potentially harmful and encourage unfair tax competition.

Additionally, it is important to note that the new status assigned by ECOFIN, improves Uruguay´s image on the international stage by demonstrating that the country has the willingness to cooperate on issues of good tax governance.

This announcement was published on 14 February 2023 in the Official Gazette. It can be accessed here.

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For additional information with respect to this Alert, please contact the following:

EY Uruguay, Montevideo

Ernst & Young LLP (United States), Latin American Business Center, New York

Ernst & Young LLP (United Kingdom), Latin American Business Center, London

Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific

 

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