BONT Jurisdictions in Uruguayan legislation

¿What is a BONT jurisdiction or regime?

According to Decree of the Executive Power No. 40/2017 of February 13, 2017, a jurisdiction or regime is considered low-tax or no-tax (“(Baja o Nula Tributación, “BONT”, for its acronym in Spanish) when the effective tax rate on income is lower than 12%; there is no tax information exchange agreement or an agreement to avoid double taxation with Uruguay; or if existing, said agreement is inapplicable to all taxes covered by the agreement.

BONT Jurisdictions listing

The mentioned Decree entrusted the Tax Authority (Dirección General Impositiva, DGI) to develop a list of said jurisdictions and on March 14, 2017, the DGI issued Resolution No. 1315/2017, complying with this task.

The Resolution sets forth that the listed jurisdictions will be excluded once the tax information exchange is applied upon request, and the automatic information exchange of financial accounts for fiscal purposes has been bilaterally activated.

In this sense, the jurisdictions considered to be BONT by the Oriental Republic of Uruguay, are the following:

Andorra, Angola, Anguila, Antigua and Barbuda, Netherland Antilles (Curacao), Aruba, Ascension, Barbados, Belice, Bermudas, Brunei, Colony of Gibraltar, Commonwealth of Dominica, Commonwealth of the Bahamas, Kingdom of Bahrein, Saint Kitts and Nevis Federation, Grenada, Guam, Guyana, Honduras, Hong Kong, Cocos Keeling Island, Island of Jersey, Island of Man, Island of Montserrat, Territory of Christmas Island, Island of Saint Helena, Island of Guernesey, Island of Norfolk, Pitcaim Island, Cayman Island, Cook Islands, Pacific Islands, Fiji Islands, Maldivas Islands, Falkland Islands, Marshall Islands, Palau Islands, Solomon Islands, Turck and Caicos Islands, United States of America Virgin Islands, British Virgin Islands (BVI), Jaimaca, Jordania, Kiribati, Labuan, Lebanon, Liberia, Macao, Monaco, Niue, Panama, French Polynesia, Puerto Rico, Kingdom of Tonga, Republic of Chipre, Mauritius Republic, Republic of Nauru, Republic of Seychelles, Republic of Vanuatu, Republic of Yemen, Samoa, Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Saint Lucia, Most Serene Republic of San Marino, Sultanate of Oman, Svalbard, Swaziland, Tokelau, Tristan da Cunha, Tuvalu, Dijbouti.

Image: Jody Hodnett