Uruguay achieves the International Standard on tax transparency
The Global Forum on Transparency and Exchange of Information for Tax Purposes reviewed exchange of information practices through Phase 2 and Uruguay received an overall rating of “Largely Compliant”.
Global Forum members are working together to design the monitoring process and reviewing the implementation of the new international standard for the automatic exchange of tax information.
Currently this process is undertaken in two phases. Phase 1 reviews assess the quality of a jurisdiction’s legal and regulatory framework for the exchange of information, while Phase 2 revies the practical implementation of that framework.
On the Phase 2 Uruguay rates overall as largely compliant with the international standard. Uruguay’s legal and regulatory framework ensures that ownership, accounting and bank information is available for all relevant entities in accordance with the standard.
In particular, the report recognizes the progress made by Uruguay to strengthen the availability of ownership information in respect of bearer shares.