On 14 October 2016, Uruguay's president enacted Law No. 19.438, which includes a number tax measures for 2017. The main measures include:

• The deduction of carried forward losses is restricted to 50% of taxable profit each year (Uruguay allows losses to be carried forward up to five years, which will not be changed);
• From 1 March 2017, companies will be required to calculate and pay withholdin…