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Tax Benefits Granted to Non-Resident Tourists

Tax Benefits Granted to Non-Resident Tourists

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The Official Gazette of Uruguay has published today (October 13) Decree No. 342/021, which grants certain benefits to non-resident tourists.

1. Regulatory background

The Executive Power can grant certain tax benefits to non-resident tourists, so Decrees No. 376/012 and No. 377/012 were issued on November 23, 2012, benefiting for a period ending on March 31, 2013, in both cases.  This was extended several times, the last of them until April 30, 2020.

2. Extension of Tax Benefits

Due to the situation of the relative prices of goods and services in the region, it is deemed convenient to grant these benefits again from November 1, 2021, even up to April 30, 2022, to improve the competitiveness of the tourist activity during the next summer season.

3. Regulatory VAT reduction provision

The granting to the operations included in Article 1 of Decree No. 376/012, dated November 23, 2012, is to be carried out between November 1, 2021, and April 30, 2022, the Value Added Tax (VAT) rate reduction under the referred Decree is hereby approved.

4. Tax credit for for temporary leases of real state

The tax credit equivalent to 10.5% (ten and five percent) of the gross amount of the price agreed by the same is granted to temporary leases of real estate for tourism purposes included in Decree No. 377/012, dated November 23, 2012, performed between November 1, 2021, and April 30, 2022, under the referred Decree.

5. Effective date

The rule is effective as of October 13, 2021.

Source: Diario Oficial 13/10/21

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