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Uruguay signed agreements on investment, trade and taxation

Uruguay signed agreements on investment, trade and to eliminate double taxation with countries in America, Europe and Asia.

In the first place, on November 20, 2020, Uruguay and Mexico signed the Third Additional Protocol to the Uruguay-Mexico Free Trade Agreement, concluding the negotiation of reservations and exceptions to the chapters on cross-border trade in services and investments, pending from entry. in force of said agreement in 2006.

Then, on December 18, 2020, the Congress of that South American country approved a tax agreement between Japan and Uruguay for the Elimination of Double Taxation in terms of Income Taxes and Prevention of Tax Evasion and Avoidance, which had been signed. on September 13, 2019.

Furthermore, on March 1, 2021, the Secretariat of the OECD Investment Committee (the “Investment Committee”) informed its members that, after completing all the necessary procedures, Uruguay became the 50th Adherent to the Investment Statement, thus completing a process that began in March 2018.

With this, Uruguay will be an associate member in the meetings of the extended sessions of the Investment Committee for work related to the Declaration on International Investments and Multinational Companies and related legal instruments, and the Working Group on Responsible Business Conduct.

Uruguay

In turn, that country will also participate as an associate member in the Round Table on Investment Freedom.

Their participation in the Investment Committee aims to access the best practices in economic and development policies.

On February 8, 2021, in light of the additional measures introduced to face the Covid-19 pandemic, the Ministry of Economy and Finance updated certain macroeconomic assumptions for 2021.

In particular, real GDP growth for 2021 was estimated at 3.5%, while the overall deficit of the Central Government-BPS was estimated at 4.1% of GDP, excluding transfers to the Social Security Trust Fund driven by the effects of the Social Security Law. Fifty.

On March 2, 2021, the government announced that public investment in infrastructure through 2021 is expected to total $ 1.2 billion.

 

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