February 6, 2024 Uruguay's Executive Branch raises income limit to apply for simplified regime for Personal Income Tax
In Decree No. 29/024, Uruguay's Executive Branch has increased the income limit for taxpayers who want to apply for the simplified regime for personal income tax for the 2024 tax period. This new limit updates the one established in Decree No. 118/023 (see EY Global Tax Alert, Uruguay's Executive Branch raises income limit to apply for simplified regime for Personal Income Tax, dated 21 April 2023). The new limit allows taxpayers who have salaries up to 61,400 Uruguan pesos (UYU61,400) (approximately US$1,535) per month and up to UYU736,800 annually (approximately US$18,420) to qualify for the simplified regime. Decree No. 29/024, which is still pending publication in the Official Gazette, was issued on 29 January 2024 and will be effective for taxable events occurring 31 December 2024 and later. It can be accessed here (only in Spanish).
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