Uruguay enacted Law No. 19.924 (Budget Law) on 18 December 2020, approving Uruguay’s budget for 2020–2024. The Budget Law modified Uruguay’s tax legislation and generally went into effect 1 January 2021.
The Budget Law allows taxpayers to deduct all tax losses from previous years when calculating the corporate income tax, provided that no more than five years have elapsed since the loss occurred (applies beginning with tax years ending 31 December 2020). Previously, this deduction was limited to …