The Ministry of Economy and Finance of Uruguay has held a seminar to explain the objectives under the OECD guidelines. In this regard, they pointed out that, for this year, they will disseminate the OECD Guidelines and regulate the commitments assumed by the country.
To this end, they have the Uruguay National Contact Point, which is the body responsible for disseminating and promoting the guidelines and examining requests related to possible non-compliance with the application of the guidelines by a multinational company. While compliance with the guidelines by companies is voluntary and not legally enforceable, some matters within the guidelines will be regulated by Uruguayan law or international commitments.
For Uruguay, companies must implement due diligence such as identifying, preventing, mitigating, and reporting how they deal with actual and potential negative impacts. On the other hand, they must comply with the transfer pricing provisions of the applicable OECD Transfer Pricing Guidelines.
Therefore, the National Contact Point becomes a good instrument for improving public policies in economic matters. It has a useful function to enforce compliance with international commitments and provides information to civil society, entrepreneurs, workers, and the government itself.
Source: El País 14/03/22