Uruguay Updates Minimum VAT Regime Transition Rules

• Uruguayan taxpayers can transition from the general regime to the minimum VAT regime.
• Small businesses that exceeded the income limit can reapply if their prior year income is below the limit.
• Small businesses that opted for the general regime without exceeding the limit cannot reapply for three years.
• IRAE payers can join if their income in the last fiscal year is below the limit.
• Taxpayers must inform the DGI before the start of the fiscal year or up to one month before earning income.
• The conditions apply to fiscal years ending after January 1, 2024.

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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