LatinNews Daily - 03 March 2023

In brief: Uruguay’s Lacalle Pou announces plans to cut taxes

* In an annual address to congress, Uruguay’s centre-right President Luis Alberto Lacalle Pou has announced plans to send down a bill to congress with various tax cutting measures worth about US$150m. These include plans to expand personal income tax (IRPF) deductions for 75% of contributors. For those on income of Ur$60,500 (US$1,550) per month, the rate of deductions would rise from 10% to 14% while about 63,000 low-income workers would be exempt altogether. Under other proposed tax changes 20,000 people would be exempt from paying tax for social security assistance (IASS) while he also announced plans to help micro, small and medium-sized enterprises (Mipymes). Lacalle Pou said that “the conditions are there to proceed” with reducing taxes, highlighting factors such as economic growth. In particular, he noted record exports which he said totalled US$13.5bn, of which US$10bn were agro-industrial, highlighting the importance of agriculture for the country.

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