In series:Global Forum on Transparency and Exchange of Information for Tax Purposes: Peer Reviewsview more titles
Published on March 16, 2015
The Phase 2 review rates Uruguay overall as largely compliant with the international standard. Uruguay’s legal and regulatory framework ensures that ownership, accounting and bank information is available for all relevant entities in accordance with the standard. The monitoring of these obligations as carried out by the tax authorities and the regulator was found to be generally effective. In particular, the report recognizes the progress made by Uruguay to strengthen the availability of ownership information in respect of bearer shares. The Uruguayan tax administration has broad access powers and ownership, accounting and bank information was exchanged over the review period. However, it is recommended that Uruguay take steps to make improvements in certain areas related to the access to banking information, and to ensure that appropriate exceptions exist to prior notification of the taxpayer to ensure that it is compatible with the effective EOI. The report finds that Uruguay’s network of EOI mechanisms is generally effective, however, Uruguay’s interpretaiton of one TIEA concluded with a significant EOI partner is not in line with the international standard. Uruguay should report steps taken to address the recommendations made in the Phase 2 report within 12 months. For further information on Uruguay’s exchange of information practices and to read the full report click here.