Uruguay's Ministry of Economy has issued draft tax amendment measures that include:
- Restricting the deduction of carried forward losses to 50% of taxable profit each year (Uruguay allows losses to be carried forward up to five years, which will not be changed);
- Levying the 7% dividends withholding tax on undistributed profits retained for more than three years in proportion to non-resident shareholding (deemed dividend), with an exemption for reinvested profits;
- Reducing the value added tax …