Introduction
In 2024, Uruguay is still strengthening its Transfer Pricing regulatory framework, implementing international standards, and facing new worldwide challenges regarding economics.
Current Regulatory Context
Current Legislation
Uruguay has implemented several regulations aligning its legislation with OECD guidelines. These regulations aim to ensure related company transactions are at market prices, avoiding tax base erosion and the transfer of profits to jurisdictions with low or no taxation (tax havens). This legislation stipulates the obligation to file Form 3001, among other documents, such as the Transfer Pricing Study, Master File, and Country-by-Country Report.
Documentation Requirements
Companies are not required to file a Transfer Pricing Study supporting intercompany transactions prepared before filing the F 3001 but filed only upon request of the DGI (Dirección General Impositiva – General Directorate of Taxation).
Challenges and Opportunities
New Demands of the Global Environment
2024 presents new challenges for companies in Uruguay, which must adapt to changes in international regulations and the expectations of local tax authorities. Transparency and consistency in the documentation are essential to complying with requirements and avoiding penalties.
Technology and Automation
Digitization and process automation in Transfer Pricing documentation offer opportunities to improve accuracy and efficiency. Technology tools enable companies to collect and analyze large volumes of data, facilitating compliance.
Conclusion
Transfer Pricing performance in Uruguay for 2024 reflects a continued commitment to transparency and tax fairness. Companies should be attentive to regulatory amendments and use the technological tools available to comply with their obligations and optimize their processes.
Contact
For further information on Transfer Pricing in Uruguay procedures, contact us at TPC Group. We will gladly assist you in navigating the complex regulatory environment and ensuring compliance with current regulations.
Source: OECD / Uruguay’s General Tax Directorate (DGI)
