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Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
Mergers and acquisitions
Globalisation and company growth ambitions are driving an increase in M&A activity worldwide. We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer- term strategic goals.
Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery
Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
The International Financial Reporting Standards (IFRS) are a set of global accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of public company financial statements. At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
Innovation and investment incentives
Dynamic businesses must continually innovate to maintain competitiveness, evolve and grow. Valuable tax reliefs are available to support innovative activities, irrespective of your tax profile.
Private client services
Our solutions include dealing with emigration and tax mitigation on the income and capital growth of overseas assets.
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
Tax policies are constantly evolving and there are a number of complex changes on the horizon that could significantly affect your business.
Indirect tax snapshot
Please click on each section to expand further:
Value Added Tax (VAT) is the principal indirect tax in Uruguay.
VAT is levied on operations dealing with the domestic circulation of goods, the provision of services within the national territory, the introduction of goods into the country, and the value added over real estate from works by means of administration performed by those who are not Income tax on Economic Activities (IRAE) taxpayers, at a basic rate of 22%.
Goods such as the family food basket, the first sale of real estate, and certain services such as health services have a 10% minimum tax rate.
The exportation of goods is zero-rated in all cases. Additionally, exportation of services is zero-rated if the services are included in a specific list (list that can be increased by a decree of the Uruguayan executive power). Below are some examples of services which are classed as exportation:
• international freight of goods (in transit) outside Uruguay
• services for construction of airplanes and boats
• services in the free port and Uruguayan free zones, only if it is necessary to render the service in these zones
• services rendered to non-residents regarding specific sectors, (eg, TV, cinema, logistical services, etc.)
• advisory services rendered to foreign entities, involving activities developed, goods situated or rights used outside Uruguay, when the services are used economically outside Uruguay
• advertising services rendered by advertising agencies to foreign clients, if the material is used exclusively abroad.
If the service is not included in the list, the service will be taxed at a rate of 22%.
VAT credit for exportation can be recovered.
If the goods a corporation sells or the services rendered are VAT exempt, the corporation has nothing to deduct from and the VAT paid on its purchases of goods or services will become part of cost. In the case of exports, which are zero-rated the VAT credit is still available against other taxes.
Not applicable, there is no registration limit.
Regarding VAT, there is no obligation to appoint a fiscal representative. In almost all cases, a withholding agent is appointed.
The tax is calculated and paid either monthly or annually, depending on the taxpayer’s volume of business. In the case of annual calculation, payments are to be made on account, based on transactions for the month.
Sworn tax returns are to be submitted monthly or annually, depending on whether the tax is calculated monthly or annually, with accumulated data for the year underway and, at year-end, the outstanding balance is calculated and paid (or a tax credit is carried over to the following year).
Yes. In case of late submission of the tax return a penalty (not significant) is imposed. In case of late payment, a penalty of 5%, 10% or 20% is imposed over the tax not paid (depending how long), and then surcharges are also imposed. Surcharges are generated every day.
In some special cases, some declarations need to be issued.
In some cases, if the VAT is not paid with the intention to avoid and hide the taxable event before the tax authority, our law states the existence of tax fraud as a monetary penalty and as a penal crime (defraudación tributaria).
If a company incurs in formal deficiencies regarding formal requirements only if is possible to understand that the company has the intention to commit tax fraud, our law states a judicial procedure in order to close the company for a certain period of time (six working days or more, depending the case).
Please note that according to our law, in some cases (not all of them) the penalty of ‘contravención’ could be applicable over each document which may contain a formal deficiency with a limitation of 1,000 penalties.
A VAT invoice must show:
• an invoice number which is unique and sequential
• the seller’s name and address
• the seller’s tax registration number
• the invoice date
• the customer’s name and address, and sometimes the identification number in the case of individuals
• a description sufficient to identify the goods or services supplied to the customer
• the rate of any cash discount
• the total amount of VAT charged.
Additionally the details of the print house shall be included in the invoice, as well as a QR code.
Required details to be shown on the VAT invoice are:
• invoice number which is unique and sequential
• invoice date
• seller's and customer's full or short names
• seller's and customer's tax registration numbers
• a description sufficient to identify the goods or services supplied to the customer, their quantity and volume
• supply price exclusive of VAT
• rate of VAT and amount of VAT in numeric value
• total amount, including VAT
• code according to Ukrainian classification of goods and services.
All VAT invoices and adjustments to VAT invoices should be digitally compiled and registered in the Unified Register of VAT Invoices.
For further information on indirect tax in Uruguay please contact: