Transfer Pricing
Country Summary

This document discusses Uruguay’s transfer pricing regulations since 2017, which require detailed documentation. It covers the legal framework, related party definitions, tax havens, audit practices, and the importance of transfer pricing documentation. Furthermore, it outlines the content of transfer pricing documentation, industry and company analysis, functional analysis, transfer pricing methods, and penalty provisions.


Uruguay has introduced formal transfer pricing documentation requirements since 2017, obliging companies to prepare comprehensive documentation, including the master file, country-by-country reporting, and local transfer pricing reports.

Laws & Regulations

Uruguay implemented transfer pricing legislation in 2007, followed by official guidelines with Decree 56/2009 and Resolutions 2084/009, 818/010, and 819/010. In 2018, Decree 353/018 outlined the transfer pricing documentation requirements under Law 19,484. Resolution 94/019 provided instructions for Country-by-Country (CbC) reporting. It’s important to note that the Resolution is retrospectively effective from January 1, 2017.

Definition of Related Party

Uruguay’s definition of related parties is based on Decree 56/009 and can include entities conducting transactions with related parties in Uruguay or abroad. Various conditions are outlined for related party relationships.

Nature of Transfer Pricing Documentation

Companies involved in transactions with foreign-related parties are required to complete Form 3001, file a transfer pricing report, and provide statutory financial statements.

Tax Havens & Blacklists

Uruguay maintains a list of countries with low or no-tax jurisdictions and special regimes. Removal from this list is possible if certain conditions are met.

Advance Pricing Agreement (APA)

Uruguay allows Advance Pricing Agreements, with specific provisions in Decree 392/009. These agreements must be signed before transactions are executed and have a maximum duration of three fiscal years.

Audit Practice

The Fiscal Administration of Uruguay is authorized to conduct transfer pricing audits to ensure compliance with the arm’s length principle. Taxpayers must demonstrate that transactions with foreign related parties adhere to transfer pricing rules.

Transfer Pricing Documentation

Uruguayan taxpayers must prepare various types of documentation, including master files, transfer pricing reports, CbC reports, and specific transfer pricing returns. The transfer pricing report should include details about activities, risks, transactions, methods, comparables, adjustments, and financial data of comparable parties.

Industry Analysis

The document emphasizes the importance of identifying value drivers in the relevant industry to gauge common profitability levels.

Company Analysis

Company analysis involves examining management structures, business strategies, and any involvement in business restructurings or intangibles transfers.

Functional Analysis

In this section, the functional analysis assesses significant activities, responsibilities, assets, and risks related to intercompany transactions.

Choice of Transfer Pricing Method

Uruguay follows methods outlined in the OECD Guidelines, including the Comparable Uncontrolled Price (CUP), Resale Price Method (RPM), Cost Plus Method (CPM), Profit Split Method (PSM), and Transactional Net Margin Method (TNMM). There’s also a mandatory CUP method for commodity transactions.

Economic Analysis – Benchmark Study

Uruguay aligns with OECD principles for comparability analysis, considering both domestic and foreign comparables based on specific case circumstances.

Inter-company (IC) Legal Agreement

Inter-company legal agreements have a lower priority, with the “conduct of parties” concept taking precedence, as per OECD 2017 Guidelines.

Production Process for TP Relevant Returns, Documents, Forms, and Financials The document specifies the format, deadlines, notification requirements, and languages for various types of transfer pricing documentation.

Mandatory Language

All information provided to tax authorities must be in the Spanish language, with translations required if submitted from abroad.

Notification Requirement

Taxpayers subject to Country-by-Country (CbC) reporting must annually notify the DGI with specific information.

Record Keeping

Records must be kept according to the Tax Code for 5 to 10 years, depending on the case.

Penalties and Interest Charges

Penalties are levied for non-compliance with formal obligations related to transfer pricing, with fines corresponding to the seriousness of the infringement.

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