Uruguay

Business Environment

Closed hours and days: Banks are open from Monday to Friday from 12 AM to 5 PM.

National standards organizations
Integration in the international standards network: The conformity certification bodies are the Uruguayan Institute of Technical Standards (UNITES) and the Technological Laboratory of Uruguay (LATU). The standards ISO is recognised.
Except for food, there are no specific Urugayan standards. When necessary, the country applies the European or North American standards.
Classification of standards
Online consultation of standards
Certification organizations

Independence of justice: The judiciary is largely independent, but has become increasingly inefficient in the face of escalating crime and backlog of cases.
Equal treatment of nationals and foreigners: Uruguay is largely ruled by law; however discrimination against the country’s black minority and violence against women is a problem. Foreign nationals cannot be always guaranteed an impartial trail from the country’s judicial system. Though a certain degree of corruption exists in the corporate sector and the government departments; but government is taking necessary measures to curb it. It is one of the least corrupt nations in Latin America.
The language of justice: Spanish is the judicial language used in the country.
Having recourse to an interpreter: Having an interpreter is possible.
Sources of the law and legal similarities: The main source of the law is the constitution of 1967 (modified in 1989 and 1997). The legal system is based on Spanish civil law system. Uruguay accepts compulsory ICJ jurisdiction.
Consulting national laws online

National organizations: Uruguay signed the Paris Convention for the protection of industrial property along with the agreement establishing the World Intellectual Property Organization (WIPO).

Type of property	Law	Validity	International agreements signed
Patent	Patent Law	Period of validity of 15 years
Trademark			Trademark law treaty Nice agreement concerning the International classification of goods and Services for the Purposes of the registration of Marks Protocol relating to the Madrid Agreement concerning the International Registration of Marks
Design	Industrial Design Law	Period of validity of 5 years. Period renewable all 5 years.
Copyright
Industrial Models

Tax rate: 23%
Reduced tax rate: A 14% reduced rates applies to basic foodstuffs and other essentials, accommodation services of hotels, fruit, flowers and horticultural products in their natural state, and road passenger transport.
Exemptions include the transfer and rental of immovable property, certain machinery, goods and raw materials for use in agriculture, qualifying banking operations, medical services and the import of crude oil.

Tax rate

Capital gains taxation

Capital gains are imposed at the rate of 30%.

Other corporate taxes

Tax rate

Allowable deductions and tax credit

No deductions because there is no income tax applying in Uruguay.

Countries with whom a double taxation treaty have been signed: See the list of the convention signed on the website of the Ministry of Foreign Affairs.
Whithholding taxes
Bilateral agreement

Tax year: The fiscal year begins on January 1-st and ends on December 31 of the same year.
Accounting regulation bodies
Publication: Companies must inform the government of their economic and financial situation by publishing documents controlled by chartered accountants : balance sheet, profit and loss account.
Professional accountancy bodies
Certification and auditing: Companies have to apply the International Accounting Standard which have force of law. To control accounting and the accounting documents published by the companies, an external auditor is required.
Accounting news