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January 23, 2024

Uruguayan Government establishes prioritized withholding order on yields of capital

  • A new Executive Office Decree establishes a prioritized withholding order on yields of capital.

According to Decree No. 12/024, if more than one Non-Resident Income Tax (IRNR) or Personal Income Tax (IRPF) withholding agent is designated with respect to the same yield of capital and one of the withholding agents is an open investment fund management company, that company will be the entity required to withhold for the yield of capital paid or made available to its shareholder. The remaining agents will be exempt from the obligation to withhold, provided that the corresponding withholding receipt is presented to them.

The Decree No. 12/024 is pending publication in the Official Gazette and will be effective from publication. It can be accessed here (only in Spanish).

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Contact Information

For additional information concerning this Alert, please contact:

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

Published by NTD’s Tax Technical Knowledge Services group; Carolyn Wright, legal editor