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About resident taxation for offshore incomeThis forum post is dated 11/04/11. If you feel it is old or outdated, please follow up with a question or comment and someone may be able to update it, or reply with newer information if you have it.
| About resident taxation for offshore income Hi AllThanks for the responses. I know that it is difficult to determine, but what are the chances +/or what are the experiences with the gov't actually passing these laws that will tax offshore income and this wealth tax thing ? And I feel compelled to comment on the response from the person who admonished me for my desire to minimise my tax obligations. First off, I agree 100% with the comments made. We all must contribute to the society we live in and help the underpriviledged advance themselves to attain a better quality of life. I disagree that the best way to achieve this is by giving a bunch of politicians yet another piece of your income, ESPECIALLY when they have contributed nothing to the acquisition of the assets. Furthermore, just because I dont want to give these people a chunk of my annual income, it doesnt mean that I am not contributing. VAT, import duties, gas tax, municipal realty taxes, etc is going towards societies needs. If they spend properly and give value for the tax dollars they want me to contribute, I would gladly be willing to offer more. After dutifully paying as demanded for years and being treated badly by the established system, I think that I can, with a clear conscience, say 'enough'. Treat me fairly and I will respond appropriately. By willingly paying whatever anyone asks does nothing but perpetuate the insanity. Finally, let me ask: have you ever bought cheap imported furniture from a Walmart type institution? as opposed to paying twice as much from a local company ? I would hazard a guess that probably 'yes'. The poor Indian fellow who works 12 hours a day for a few pennies in a hostile enviroment isnt getting the social justice from the purchase you make, while buying locally from a small producer directly helps the individual involved. However, you insist I recklessly and thoughtlessly contribute to an equally unjust system where perhaps 5% of my money gets properly distributed. Show me a young kid with potential that cant afford to go to school and I will be the first to dig into my pocket to pay his way. Give it to people who might spend it on bombs or plush offices for themselves or private jets and the uneducated kid doesnt really end up much further ahead, does he. I do thank you for expessing your outrage at how the system has deteriorated to the sorry point that we are in, and hopefully those who could learn from your comments heed them. |
| "Actually Passed"
My concern is that the laws have actually been passed. They have not been implemented. So there is a vast range of ambiguous as well as questions about when/if they may be implemented.Unfortunately, Uruguay is moving away from clarity with respect to the residency requirements (ie: is it $1, 500 a month income needed, or a subjective "enough to support yourself)... and the same with the tax issues. What, if how, when... Expert Page: Quick Tips for Getting Settled in Uruguay |
Comment #211/04/11 08:18Rural east Colonia departmento | "State of play"
As said in a recent post, the new law was passed last December but has not yet been put into effect with an administrative decree.According to the new law, foreigners' overseas capital assets will not be liable for capital taxation and only certain sorts of income will be taxable. However, we have been given no information thus far about the details and have no idea of whether or when the new law will be put into effect. When it comes to taxes, fairness would be nice but unfortunately, life isn't like that. I've spend a tidy sum rearranging my affairs so that most of my overseas income will not be taxable under this law but when you are dealing with politicians, you never can tell what they'll do next. All that Lorenzo has achieved so far is to chase away the mega-wealthy ex-pats and to cause great uncertainty amongst existing ex-pats and potential new arrivals. His qualifications in economics come from Madrid University but judging by the collapsed state of the Spanish economy, that's hardly a great recommendation. He seems to lack practical experience of international finance. On the plus side, the Uru authorities have no practical means of discovering the details of an individual's foreign income or assets unless the individual's income is derived from one of the few states which have signed mutual tax agreements with the ROU. His predecessor Danilo Astori was a much more formidable Min of Finance but he was pushed sideways as vice president. |
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