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Uruguay Legislates On Bank Secrecy

by Mike Godfrey, Tax-News.com, Washington

01 June 2010


Legislation is being debated in the lower house of the Uruguay parliament which seeks to impose Uruguayan income and wealth taxes on assets held by Uruguayans abroad. The proposed laws also involve the erosion of banking confidentiality.

Economy minister Fernando Lorenzo sought to defend the bill, stating that information on bank accounts in Uruguay would still be protected by confidentiality laws and that information can only be accessed through a court order.

The Uruguay opposition under Conservative leader Pedro Bordaberry characterized this move as a surrender of sovereignty to rich countries, especially Argentina and the US.

“This is crucial for Uruguay since as a small country it is a net importer of capital. Very few Uruguayans have holdings overseas but many foreigners have their earnings here in Uruguay, and we have always stated that whatever is here, is taxed here”, said Bordaberry, as quoted by Mercosur.

A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
TAGS: court | tax | offshore confidentiality | Uruguay | law | banking | enforcement | offshore | legislation | banking secrecy | withholding tax | Argentina

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