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Weekly Report - 25 May 2017 (WR-17-20)

TRACKING TRENDS

URUGUAY | Tax revenue increase. On 21 May Uruguay’s national tax authorities (DGI) reported that the tax take increased by 5.3% to reach Ur$108.37bn (US$3.8bn) in the first quarter of the year. A DGI report highlighted that the increased tax revenue in the first quarter (which translated into a 4.7% increase in net real tax income) was driven by increases in revenues produced by the value added tax (VAT) and the Imesi excise tax levied on alcoholic and soft drinks, which suggests an increase in domestic consumption. Another factor was the increase in the income tax rate (IRPF) introduced as part of the government’s fiscal reform carried out last year.

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