09 November 2023 Uruguay and United States sign exchange-of-information agreement
On 24 October 2023, Uruguay and the United States signed an exchange-of-information agreement (Agreement) relating to tax matters in Uruguay. The competent authorities of the Parties (Uruguay and the United States, in this case) undertake to assist each other by exchanging relevant information on the administration and application of the Parties' domestic legislation for the determination, assessment and collection of the taxes referred to in the Agreement, or the investigation or prosecution of tax cases. The Agreement does not obligate either party to provide information that is not in the possession of its authorities or under the control of persons within its territorial jurisdiction. Any information that a Party receives must be treated as confidential and may only be communicated to persons or authorities for the purpose of fulfilling the objectives of the Agreement. The competent authorities may automatically transmit information to each other. They must determine the information to be exchanged and the procedures to be used for this exchange, as well as for exchanging information that one Party's competent authority may spontaneously transmit to the other Party's competent authority that is relevant to fulfilling the objectives of the Agreement. The competent authority of the "requested" Party must provide information upon request of the competent authority of the requesting Party. This information shall be exchanged regardless of whether the requested Party needs the information for its tax purposes or whether the conduct under investigation would constitute an offense under the laws of the requested Party if the conduct had occurred in the requested Party's jurisdiction. Each Party shall ensure that its competent authority has the authority to obtain and provide information held by banks, as well as information relating to the ownership of all types of companies and persons comprising a chain of ownership, except that relating to listed companies or investment funds or schemes, unless such information can be obtained without presenting difficulties for the requested Party. The competent authority of the requested Party may refuse to render assistance if (1) the request is not made in accordance with the Agreement, (2) all available means have not been exhausted to obtain the information, or (3) disclosure of the requested information would be contrary to public policy. One Party may allow representatives of the other Party to interview individuals and examine records in its territory with the written consent of the persons concerned and prior notice of time and place of the meeting. At the request of the competent authority of one Party, the competent authority of the other Party may allow representatives of the first-mentioned Party to be present during part of a tax examination. The competent authority of the Party conducting the examination shall, as soon as possible, provide notice of the examination's time and place, and all decisions shall be made by this Party. The Agreement will enter into force one month from the date on which the United States receives written notification that Uruguay has completed its necessary internal procedures. The agreement shall remain in force until either Party provides written notice of termination to the other Party. However, termination would take effect on the first day of the month following the expiration of six months after the notice of termination.
Document ID: 2023-1868 | |
