Uruguay Tax Agency Issues Guidance, Conditions for Transitions to Minimum VAT Regime

The Uruguayan General Directorate of Taxation Feb. 7 issued guidance and conditions for taxpayers seeking to transition from the general regime to the minimum VAT regime. The guidance includes that: 1) small businesses that moved from the minimum VAT regime to the general regime for exceeding the 305,000 Uruguayan pesos (US$7,023) income limit can may reapply the minimum VAT regime if the prior year’s income is below the limit; 2) small businesses that opted for the general regime without exceeding the income limit may not reapply the minimum VAT regime for three years, and must have prior year income below ...