Impuesto al Patrimonio
English translation: Net Worth Tax
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| 12:19 Mar 21, 2021 |
| Spanish to English translations [PRO] Bus/Financial - Law: Taxation & Customs | |||||||
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|  Selected response from: Jane Martin Local time: 02:39 | ||||||
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| Summary of answers provided | ||||
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| 4 +1 | Wealth tax |
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| 3 +1 | Net Worth Tax |
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| 3 | Tax on Capital |
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| Discussion entries: 5 | |
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Answers
30 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1Wealth tax Explanation: Yes, you are right. It is wealthe tax Taxes in Uruguay are collected by the General Taxation Directorate (Spanish: Dirección General Impositiva, DGI). A major tax reform bill came into force on 1 July 2007 with the number 18083.[1][2] Nevertheless, something important remained: Uruguay applies the source principle, with investments located and activities performed outside Uruguay remaining untouched.[3] Tax rates Edit Value added taxes (VAT): basically 22%, but some goods (pharmaceutical, etc.) are taxed with 10%, and fruits and vegetables are not taxed. As of August 2014, the Financial Inclusion Law (Spanish: Ley de Inclusión Financiera[4]) established a 4% tax deduction for sales with debit cards and 2% for credit cards.[5] Corporate tax: it used to be 30%, since 2007 it was lowered to 25%, but special dispositions can bring this to 33%.[6] Individual income tax: Since 2007[1] there is a progressive scale of taxation, with a non-taxable minimum. The payroll tax is part of the same tax scheme. Wealth tax: There is a non-taxable minimum[citation needed] which leaves the big majority of Uruguayans out of this duty. A progressive scale of taxation ranges from 0.7% to 2.75%. Other taxes https://en.m.wikipedia.org/wiki/Taxation_in_Uruguay En Uruguay se aplica el llamado impuesto al Patrimonio, que también es anual y grava el patrimonio de personas físicas y jurídicas, localizado en Uruguay. https://www.google.com/amp/s/www.iprofesional.com/impuestos/... |
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1 hr confidence:
Tax on Capital Explanation: Neither capital gains - rather than Googly gain - tax, nor capital transfer tax as a UK Labour Govt. precursor to inheritance tax, but another idea - and broad category to include estate duties, nor strictly 'capital tax or duty' like stamp duties: see the second example sentence - to throw into the mix of *Wealth Tax or Net Worth Tax*, West, and recurring in the KudoZ glossaries. Point of confusion and query for tax accounting purposes : whether Net Worth is assessed before or after charging of this tax..... I recall from the 1970s, though, a project and proposal of an 'impuesto a la fortuna o grandes fortunas' - as in some Lat. Am. countries, leviable on the 'number of friends the prospective taxpayer', e.g. the frequency and scale of private parties thrown, besides the number of yachts and holiday homes. Patrimonio > capital or capital assets or wealth of private individuals vs. equity of a company that would be liable thereon to US Am. corporate tax and UK *corporation* tax. - if that's what it is here, but see : 'El impuesto sobre el patrimonio, a veces también llamado impuesto sobre la riqueza o impuesto sobre la fortuna, es un impuesto que se aplica individualmente, no sobre ingresos anuales o transacciones, sino sobre el *patrimonio personal de las personas físicas*, y se calcula basándose en el valor de todos los bienes del sujeto. Example sentence(s):
Reference: http://www.proz.com/kudoz/spanish-to-english/law-contracts/3... Reference: http://www.proz.com/personal-glossaries/entry/18266657-impue... |
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1 hr confidence: peer agreement (net): +1
peer agreement (net): +1Net Worth Tax Explanation: Accountants in Uruguay seem to refer to this as either Net Worth Tax or (Net) Wealth Tax. NET WORTH TAX (impuesto al patrimonio, IAP) Nonresidents are taxed at a flat rate of 1.50% on their net worth exceeding the prescribed tax-free amount (minimo no imponible, MNI), which is established annually by the central government. For 2009, it is fixed at UYU2,080,000 (US$105,050) for individuals and estates. For family units or couples filing jointly, the tax-free amount is UYU4,160,000 (US$210,101). The taxable base is the difference between taxable assets (including properties, assets and rights within the country) and deductible liabilities (debts with banks in Uruguay), and is fixed by assessment by the General Real Estate Registry. https://www.globalpropertyguide.com/Latin-America/Uruguay/Ta... Annual Asset Tax for Property Held by an Individual in Uruguay Uruguay’s wealth tax is impuesto al patrimonio. It’s based on the net worth of your holdings in Uruguay. For individuals, this is usually your home and other real estate you may own in Uruguay. It’s a progressive tax that starts at 0.7% and goes up to 2.8% of a property’s registered value. The tax only applies to properties with a registered value over $130,000 for a single person and over $260,000 for a couple. The registered value of a property is often less than the market value. If the property is your principal home, the tax is based on 50% of its registered value. https://internationalliving.com/countries/uruguay/taxes/ |
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