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pension taxes
| pension taxes I understand there was new legislation that went into effect regarding taxes. I wanting to find out how this new tax structure will impact on my American Social Security benefits. Obviously, taxes are an important decision when considering emigrating to another country. Thanking responders in advance. |
| Are you referring to the taxes that went into effect July 1, 2007 or something newer? Those taxes did not accept income earned/received outside the borders of Uruguay. |
| This is what I read. If this is accurate, I would be in the 20% tax range, which in addition to possible USA Income Tax for me would be difficult for my wife and I. Do you know if this was approved? Frank (See next post for quote) |
| Gov’t Cans Income Tax on Pensioners, Implements New Tax UDN (20-MAY-2008) Economy Minister Danilo Astori and Labor Minister Eduardo Bonomi will be questioned in Parliament today regarding the personal income tax (IRPF). Blanco party deputy Pablo Abdala called for the session, which will occur a few hours form the government’s announcement that it will annul IRPF on retirement income and create a new tax instead. (continued next post) |
| The new tax, called the Social Security Assistance Tax, will have a non-taxable minimum of UYP 14, 200 monthly. Pensioners receiving between UYP 14, 201 to 26, 625 will pay 10%. Those receiving between UYP 26, 626 and 88, 750 will pay 20% and those receiving more than UYP 88, 751 will pay 25%. (continued next post) |
| According to Astori, 87% of retirees will not pay any taxes with the new system. (El Espectador.com, 20 May 2008) (End of post) |
| I asked Santiago about his and this is his reply... -- think he's confussed. To align the actual law with certain judicial decisions (not all of them) declaring unconstitutional the income tax applied to pensioners (in the form it was written in the July 2007 reform), the administration decided to replace JUST FOR PENSIONERS the income tax with another tax (the so called "Social Security Assistance Tax") which is basically same tax, but it's been drafted in a different way to avoid judicial objections. The income segments have changed a bit (but for everybody some time later) and nothing else. Foreign income is not taxed, as since the beginning. -- So they are just rewriting the law from July 2007 a bit and it will not tax foreign income. So, if you live in Uruguay you need to report Uruguayan income to Uruguay and the US. For income from outside Uruguay you report that only to the US. |
| Ah ha, thanks for clearing that up! It's appreciated. |
| What is the tax treatment that a citizen of Uruguay who is currently working in the USA can expect when he returns to live in Uruguay with funnds accumulated in his US employer's pension plan and funds accumulated in his USA IRA plans and tax deferred annuities? |
| I think at this time Uruguay's tax laws relate to where the income is earned, not the citizenship or residency of the person. So anything done INSIDE Uruguay may be taxed (rents, interest earned, etc). I believe dividends are till not taxed. Anything done OUTSIDE Uruguay is not taxed (rents, interest, wages, etc). |
| There is no tax on income derived from NON-URUGUAYAN sources. In other words, neither your American pension nor your social security income is subject to Uruguayan taxes. (But don't worry, President Obama will remedy that by doubling the U.S. taxes you already pay.) |
| That is all very nice to hear. |
| This is all confusing me. Can you send me a link that can give me more info? |
| Thanks for the help and understanding of this because I was confused. |
| Can anyone elaborate more on the topic, I seemed to get a little confused on the flow of the conversation. I just hope someone kind enough would have posted in details so I can understand more. Thanks a lot. Ciao.. |
| Rose your question is very vague so it makes it difficult to just "post in details". What exactly do you need clarified? Where are you from and what do you intend to do in Uruguay (work or live off money from somewhere else?) because these things affect your taxes. You will not pay any income tax if you are earning an income from outside of Uruguay (for example a rental income from a property outside of Uruguay, or if you are working for a company that is REGISTERED outside of Uruguay - you may for example still carry out online work IN Uruguay that is FOR a company outside of Uruguay). It all depends on your situation. Here is a basic outline of the taxes in Uruguay: |
| Hi everybody, I'll try to put some light on the taxes issue going on here. The whole income tax legislation in Uruguay is on territory basis. This means that only income generated in the Uruguayan territory is subject to taxes. So, calling some examples: 1)if you have a pension from the US gov. you don't pay the Uruguayan income tax. 2) You own and rent an apartment in Argentina, you live in Uruguay and that is your income, you don't pay taxes in Uruguay (perhaps it does in Argentina or wherever). 3)You own a property in Uruguay and live abroad, and you rent that property, then YOU PAY INCOME TAX, although you are non resident but the income is generated in Uruguay. 4) You are a freelance working for a company abroad and living in Uruguay: in this case depends where is generated the income. If you need to go abroad to do your job, there's no tax. If you work in Uruguay for the company abroad, then is subject to taxes. 5) Dividends of Uruguayan companies are taxed; dividends from foreign companies are not. The discussion about pensions and taxes is entirely for Uruguayan pensions. Hope it helps. Regards, Rafa |
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