On June 1st, 2016, Uruguay signed, in Paris, the Multilateral Convention on the Mutual Administrative Assistance in Tax Matters of the Organization for the Cooperation and Economic Development (“OCDE”) within the frame of the Latin America and the Caribbean Regional Program of the OCDE and of the Ministerial Council of the OCDE. This way, Uruguay became the 96th jurisdiction to join the Convention that has over 100 participating nations. However, Uruguay has signed or is undergoing negotiations to sign bilateral Tax Information Exchange Agreements with 33 member nations.
On August 29th, the Uruguayan Executive Power enacted Act Nº 19.428 which approves the mentioned Convention and afterwards, on August 31st, Uruguay deposited the ratification of the text of the instrument. Therefore, the convention will enter into force for Uruguay on December 1st of the current year.
As of 2004, Uruguay, has tried to adopt measures to tackle tax evasion and money laundering. In an OCDE Meeting held on October 2015, it undertook to begin the automatic exchange of tax information before September 2018 in accordance with the dispositions of the Common Reporting Standard of the OCDE. Therefore, the signature and ratification of this Convention whose objective is the promotion of international cooperation through the exchange of information and to tackle harmful tax practices such as tax evasion; as well as the discussion in the Uruguayan parliament of a project of law which will modify banking secrecy and tax transparency norms, all evidence of Uruguay’s commitment to strictly adhere to the international standards of tax transparency.
Image: Unsplah – Anthony Indraus
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