Taxes in Uruguay are usually high and collected by the General Tax Directorate. The experts identify that the tax burden of greater weight is the VAT and the estate tax.
According to analysts
For example, taxes in Uruguay can be so overwhelming that an Uruguayan would have to pay up to six times more taxes on housing than what he would pay in Paris, considered one of the most expensive cities in the world.
This upward trend in taxes in Uruguay has worried a lot and one of the explanations offered by specialists is the existence of an income tax on individuals. Therefore, Uruguayans have to pay a high tax for their cars and also between 20-25% of income tax. These same specialists assure that taxes in Uruguay, indirect, with VAT demanding a 22%, are comparable with those of developed countries.
In addition, tax problems in Uruguay do not end there
The privacy of the data is essential; however, the government of José Mujica has maintained an unconvincing stance on how to maintain banking secrecy in the exchange of tax information with Argentina.
The combination of high taxes in Uruguay and the fear that banking secrecy is violated are reasons that Uruguayan businessmen who chose to create an offshore company, in a tax haven, have used. The concept of this type of activity is key: an offshore company is a company registered in a country that offers very advantageous or even non-existent taxation, as long as the activity is not carried out in the territory in which it was registered.
By forming an offshore company in a tax haven, such as, for example, Panama, through the legal firm Caporaso & Partners, headed by the prestigious lawyer Giovanni Caporaso, the businessman knows that all his investments, from the stock exchange to any other financial instrument, would be made through a tax regime much more beneficial and this would allow you to obtain higher profits.
Precisely the payment of less taxes, confidentiality, and speed in its creation are three of the main advantages of an offshore company. Through it you could acquire real estate or even transfer, if it seemed appropriate, the center of your business to one of these tax havens or, at least, expand your business to other latitudes.
With an offshore company, you would have the security that you would enter a banking system that offers customers extra security. As an added value, taxes on deposits generally have no effect, so neither the interest generated nor the deposits would be subject to tax charges.
Among all tax havens, Panama seems one of the most attractive. The law firm of Giovanni Caporaso has been working in this world for almost two decades and they have always guaranteed the confidentiality of the beneficiaries, owners or owners of the offshore company. The name of the Uruguayan businessman would only be recorded in the Company’s Stock Book and never in public offices.
In addition, with an offshore company in Panama
The employer would be exempt from paying taxes on the goods, profits, profits or profits obtained by that offshore company; although the experts always emphasize that this would happen only when the profits are obtained outside the Panamanian territory.
Another interesting element about an offshore company in Panama is that the presentation of financial, commercial or tax returns will never be required on the offshore company’s activities. The process of forming an offshore company is so fast that between 48 and 72 hours it would be ready to operate.
Before the pressure for taxes in Uruguay
The businessmen of that South American nation seek, with greater assiduity, information about the offshore company. The firm of Giovanni Caporaso offers consulting services for those who need to develop better tax planning.
The offshore company seems an interesting proposal because that Uruguayan businessman would not have to deposit capital in a Panama bank and not even his assets would have to be located there; nevertheless, for everyone, his offshore company would work legally from the Isthmus.