Uruguay’s 12% Tax: The Fine Print, Explained

IBOV 170,331 ▼ 2.22% IPSA 10,490 ▲ 1.25% IPC MEX 67,569 ▼ 1.05% MERVAL 3,176,757 ▲ 0.40% COLCAP 2,238.99 ▼ 1.13% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.06 ▼ 0.03% USD/MXN 17.29 ▼ 0.28% USD/CLP 892.93 ▼ 0.31% USD/COP 3,569 ▼ 0.51% USD/PEN 3.42 ▲ 0.35% USD/ARS 1,435 ▼ 0.31% USD/UYU 40.36 ▲ 1.76% USD/PYG 6,037 ▲ 1.68% USD/BOB 6.86 ▲ 1.82% USD/DOP 58.21 ▲ 0.88% USD/CRC 456.90 ▲ 3.01% USD/GTQ 7.62 ▲ 2.22% USD/HNL 26.64 ▲ 0.49% USD/NIO 36.62 ▲ 0.34% USD/VES 558.97 ▼ 0.13% USD/PAB 1.00 ▲ 2.20% USD/BZD 2.00 ▲ 1.64% USD/JMD 157.24 ▲ 0.96% USD/TTD 6.66 ▲ 0.15% EUR/BRL 5.89 ▲ 0.98% BRENT 95.28 ▼ 2.59% WTI 92.83 ▼ 3.32% IRON ORE 161.91 — — COPPER 6.53 ▲ 0.75% GOLD 4,508 ▲ 1.60% SILVER 74.16 ▲ 0.93% SOY 1,131 ▼ 2.04% CORN 423.50 ▼ 1.85% WHEAT 582.75 ▼ 0.77% COFFEE 249.50 ▼ 1.42% SUGAR 14.17 ▼ 0.49% ORANGE JUICE 167.80 ▼ 0.36% COTTON 76.15 ▼ 0.76% COCOA 3,986 ▼ 2.11% BEEF 240.15 ▼ 2.63% CATTLE 347.60 ▲ 1.45% LITHIUM 82.79 ▼ 2.44% PETR4 41.25 ▼ 0.77% VALE3 81.79 ▼ 3.78% ITUB4 38.72 ▼ 2.12% BBDC4 17.37 ▼ 2.14% ABEV3 16.07 ▼ 2.31% BBAS3 19.53 ▼ 1.81% B3SA3 15.52 ▼ 4.67% WEGE3 41.78 ▼ 0.52% PRIO3 62.59 ▲ 0.98% SUZB3 41.22 ▲ 1.95% RENT3 40.44 ▼ 3.32% AZZA3 17.38 ▼ 8.48% CSAN3 3.58 ▼ 7.73% RAIZ4 0.39 ▲ 2.63% PCAR3 1.54 ▼ 1.91% GMAT3 4.20 ▼ 0.24% PSSA3 48.16 ▼ 1.19% CVCB3 1.48 ▼ 3.90% POSI3 3.75 ▼ 7.64% SLCE3 14.98 ▼ 2.03% NATU3 9.80 ▼ 0.61% BRKM5 9.43 ▼ 5.79% RANI3 7.90 ▲ 0.51% CSNA3 6.68 ▼ 6.31% CMIN3 4.50 ▼ 5.86% USIM5 11.46 ▼ 4.82% GGBR4 24.13 ▼ 2.11% ENEV3 24.23 ▼ 4.42% NEOE3 33.80 — 0.00% CPFE3 43.30 ▼ 0.46% CMIG4 10.86 ▼ 1.27% EQTL3 39.81 ▲ 1.89% LREN3 14.64 ▼ 5.67% VIVT3 33.75 ▼ 0.15% RAIL3 13.89 ▼ 2.11% KLABIN 16.76 ▼ 0.89% RAIA DROGASIL 17.51 ▼ 3.26% RDOR3 33.11 ▼ 3.33% HAPV3 11.22 ▼ 8.26% FLRY3 14.70 ▼ 4.11% SMTO3 17.30 ▼ 1.14% UGPA3 24.92 ▼ 3.07% VBBR3 29.48 ▼ 2.16% BBSE3 35.04 ▼ 0.26% BPAC11 50.71 ▼ 4.77% CURY3 29.45 ▼ 6.00% AERI3 2.31 ▼ 1.28% VIVARA 20.50 ▼ 4.21% COMPASS 25.79 ▼ 2.68% VAMOS 2.94 ▼ 1.01% SANB11 26.72 ▼ 2.34% ASAI3 8.79 ▼ 2.87% SBSP3 27.23 ▼ 1.66% WALMEX 51.30 ▼ 1.67% GMEXICO 210.67 ▼ 1.57% FEMSA 210.30 ▼ 0.71% CEMEX 22.45 — 0.00% GFNORTE 179.23 ▼ 0.81% BIMBO 57.85 ▼ 0.91% TELEVISA 9.14 ▲ 1.11% AMX 22.04 ▼ 0.72% GAP 411.08 ▼ 1.77% ASUR 293.83 ▼ 0.99% OMA 218.76 ▼ 0.41% KOF 185.33 ▼ 0.92% GRUMA 293.01 ▼ 0.48% KIMBER 38.09 — 0.00% SQM-B 70,100 ▼ 1.27% COPEC 6,200 ▲ 1.64% BSANTANDER 69.61 ▲ 2.22% FALABELLA 5,567 ▲ 2.15% ENELAM 77.66 ▲ 1.16% CENCOSUD 2,214 ▲ 2.10% CMPC 1,050 ▲ 2.14% BANCO CHILE 168.00 ▲ 2.45% LATAM AIR 22.78 ▲ 2.20% YPF 82,650 ▼ 0.48% GGAL 7,430 ▲ 1.09% PAMPA 5,075 ▼ 0.78% TXAR 682.50 ▲ 0.74% ALUAR 1,025 ▲ 0.99% TGS 9,260 ▲ 0.60% CEPU 2,297 ▼ 0.52% MIRGOR 17,000 ▲ 0.44% COME 48.09 ▲ 0.38% LOMA NEGRA 3,525 ▲ 2.10% BYMA 295.75 ▲ 0.94% TELECOM ARG 4,010 ▼ 1.05% ECOPETROL 15.34 ▼ 1.54% BANCOLOMBIA 73.12 ▲ 1.20% GRUPO AVAL 4.95 ▼ 0.60% CREDICORP 328.02 ▲ 0.18% SOUTHERN COPPER 193.15 ▼ 1.75% BUENAVENTURA 34.76 ▲ 2.66% MERCADOLIBRE 1,658 ▲ 1.17% NUBANK 12.09 ▲ 3.82% XP 15.61 ▲ 0.03% PAGSEGURO 8.89 ▲ 1.31% STONE 10.79 ▲ 1.36% GLOBANT 40.53 ▲ 2.16% TECNOGLASS 42.59 ▲ 0.55% GAP AIRPORT 237.94 ▼ 1.15% ASUR 293.83 ▼ 0.99% OMA AIRPORT 101.13 ▼ 0.05% AMX ADR 25.47 ▼ 0.27% FEMSA ADR 121.65 ▼ 0.13% CEMEX ADR 12.95 ▲ 0.35% PETROBRAS ADR 18.04 ▼ 0.84% VALE ADR 15.88 ▼ 1.15% ITAU ADR 7.69 ▲ 1.25% SANTANDER BR 5.38 ▲ 1.42% AMBEV ADR 3.13 ▼ 0.48% CSN 1.31 ▼ 0.38% GERDAU 4.74 ▼ 0.32% LATAM ADR 50.76 ▲ 2.11% BTC 63,836 ▼ 0.28% ETH 1,768 ▼ 2.40% SOL 69.66 ▼ 2.73% XRP 1.17 ▼ 2.58% BNB 603.48 ▼ 2.68% ADA 0.19 ▼ 5.66% DOGE 0.09 ▼ 2.49% AVAX 7.74 ▼ 3.86% LINK 8.04 ▼ 3.53% DOT 1.05 ▼ 5.12% LTC 46.23 ▼ 1.94% BCH 246.35 ▲ 1.47% TRX 0.33 ▼ 1.18% XLM 0.21 ▼ 0.51% HBAR 0.09 ▲ 0.39% NEAR 2.36 ▼ 16.13% ATOM 1.81 ▼ 2.62% AAVE 71.82 ▼ 3.49% SELIC 14.50% — EMBRAER 69.67 ▼ 3.17% EMBRAER ADR 55.97 ▲ 1.39% JBS 12.18 ▲ 2.48% JBS BDR 59.90 ▼ 1.17% MBRF3 15.78 ▼ 0.44% MBRFY 3.06 — 0.00% INTER 5.82 ▲ 0.26% IBOV 170,331 ▼ 2.22% IPSA 10,490 ▲ 1.25% IPC MEX 67,569 ▼ 1.05% MERVAL 3,176,757 ▲ 0.40% COLCAP 2,238.99 ▼ 1.13% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.06 ▼ 0.03% USD/MXN 17.29 ▼ 0.28% USD/CLP 892.93 ▼ 0.31% USD/COP 3,569 ▼ 0.51% USD/PEN 3.42 ▲ 0.35% USD/ARS 1,435 ▼ 0.31% USD/UYU 40.36 ▲ 1.76% USD/PYG 6,037 ▲ 1.68% USD/BOB 6.86 ▲ 1.82% USD/DOP 58.21 ▲ 0.88% USD/CRC 456.90 ▲ 3.01% USD/GTQ 7.62 ▲ 2.22% USD/HNL 26.64 ▲ 0.49% USD/NIO 36.62 ▲ 0.34% USD/VES 558.97 ▼ 0.13% USD/PAB 1.00 ▲ 2.20% USD/BZD 2.00 ▲ 1.64% USD/JMD 157.24 ▲ 0.96% USD/TTD 6.66 ▲ 0.15% EUR/BRL 5.89 ▲ 0.98% BRENT 95.28 ▼ 2.59% WTI 92.83 ▼ 3.32% IRON ORE 161.91 — — COPPER 6.53 ▲ 0.75% GOLD 4,508 ▲ 1.60% SILVER 74.16 ▲ 0.93% SOY 1,131 ▼ 2.04% CORN 423.50 ▼ 1.85% WHEAT 582.75 ▼ 0.77% COFFEE 249.50 ▼ 1.42% SUGAR 14.17 ▼ 0.49% ORANGE JUICE 167.80 ▼ 0.36% COTTON 76.15 ▼ 0.76% COCOA 3,986 ▼ 2.11% BEEF 240.15 ▼ 2.63% CATTLE 347.60 ▲ 1.45% LITHIUM 82.79 ▼ 2.44% PETR4 41.25 ▼ 0.77% VALE3 81.79 ▼ 3.78% ITUB4 38.72 ▼ 2.12% BBDC4 17.37 ▼ 2.14% ABEV3 16.07 ▼ 2.31% BBAS3 19.53 ▼ 1.81% B3SA3 15.52 ▼ 4.67% WEGE3 41.78 ▼ 0.52% PRIO3 62.59 ▲ 0.98% SUZB3 41.22 ▲ 1.95% RENT3 40.44 ▼ 3.32% AZZA3 17.38 ▼ 8.48% CSAN3 3.58 ▼ 7.73% RAIZ4 0.39 ▲ 2.63% PCAR3 1.54 ▼ 1.91% GMAT3 4.20 ▼ 0.24% PSSA3 48.16 ▼ 1.19% CVCB3 1.48 ▼ 3.90% POSI3 3.75 ▼ 7.64% SLCE3 14.98 ▼ 2.03% NATU3 9.80 ▼ 0.61% BRKM5 9.43 ▼ 5.79% RANI3 7.90 ▲ 0.51% CSNA3 6.68 ▼ 6.31% CMIN3 4.50 ▼ 5.86% USIM5 11.46 ▼ 4.82% GGBR4 24.13 ▼ 2.11% ENEV3 24.23 ▼ 4.42% NEOE3 33.80 — 0.00% CPFE3 43.30 ▼ 0.46% CMIG4 10.86 ▼ 1.27% EQTL3 39.81 ▲ 1.89% LREN3 14.64 ▼ 5.67% VIVT3 33.75 ▼ 0.15% RAIL3 13.89 ▼ 2.11% KLABIN 16.76 ▼ 0.89% RAIA DROGASIL 17.51 ▼ 3.26% RDOR3 33.11 ▼ 3.33% HAPV3 11.22 ▼ 8.26% FLRY3 14.70 ▼ 4.11% SMTO3 17.30 ▼ 1.14% UGPA3 24.92 ▼ 3.07% VBBR3 29.48 ▼ 2.16% BBSE3 35.04 ▼ 0.26% BPAC11 50.71 ▼ 4.77% CURY3 29.45 ▼ 6.00% AERI3 2.31 ▼ 1.28% VIVARA 20.50 ▼ 4.21% COMPASS 25.79 ▼ 2.68% VAMOS 2.94 ▼ 1.01% SANB11 26.72 ▼ 2.34% ASAI3 8.79 ▼ 2.87% SBSP3 27.23 ▼ 1.66% WALMEX 51.30 ▼ 1.67% GMEXICO 210.67 ▼ 1.57% FEMSA 210.30 ▼ 0.71% CEMEX 22.45 — 0.00% GFNORTE 179.23 ▼ 0.81% BIMBO 57.85 ▼ 0.91% TELEVISA 9.14 ▲ 1.11% AMX 22.04 ▼ 0.72% GAP 411.08 ▼ 1.77% ASUR 293.83 ▼ 0.99% OMA 218.76 ▼ 0.41% KOF 185.33 ▼ 0.92% GRUMA 293.01 ▼ 0.48% KIMBER 38.09 — 0.00% SQM-B 70,100 ▼ 1.27% COPEC 6,200 ▲ 1.64% BSANTANDER 69.61 ▲ 2.22% FALABELLA 5,567 ▲ 2.15% ENELAM 77.66 ▲ 1.16% CENCOSUD 2,214 ▲ 2.10% CMPC 1,050 ▲ 2.14% BANCO CHILE 168.00 ▲ 2.45% LATAM AIR 22.78 ▲ 2.20% YPF 82,650 ▼ 0.48% GGAL 7,430 ▲ 1.09% PAMPA 5,075 ▼ 0.78% TXAR 682.50 ▲ 0.74% ALUAR 1,025 ▲ 0.99% TGS 9,260 ▲ 0.60% CEPU 2,297 ▼ 0.52% MIRGOR 17,000 ▲ 0.44% COME 48.09 ▲ 0.38% LOMA NEGRA 3,525 ▲ 2.10% BYMA 295.75 ▲ 0.94% TELECOM ARG 4,010 ▼ 1.05% ECOPETROL 15.34 ▼ 1.54% BANCOLOMBIA 73.12 ▲ 1.20% GRUPO AVAL 4.95 ▼ 0.60% CREDICORP 328.02 ▲ 0.18% SOUTHERN COPPER 193.15 ▼ 1.75% BUENAVENTURA 34.76 ▲ 2.66% MERCADOLIBRE 1,658 ▲ 1.17% NUBANK 12.09 ▲ 3.82% XP 15.61 ▲ 0.03% PAGSEGURO 8.89 ▲ 1.31% STONE 10.79 ▲ 1.36% GLOBANT 40.53 ▲ 2.16% TECNOGLASS 42.59 ▲ 0.55% GAP AIRPORT 237.94 ▼ 1.15% ASUR 293.83 ▼ 0.99% OMA AIRPORT 101.13 ▼ 0.05% AMX ADR 25.47 ▼ 0.27% FEMSA ADR 121.65 ▼ 0.13% CEMEX ADR 12.95 ▲ 0.35% PETROBRAS ADR 18.04 ▼ 0.84% VALE ADR 15.88 ▼ 1.15% ITAU ADR 7.69 ▲ 1.25% SANTANDER BR 5.38 ▲ 1.42% AMBEV ADR 3.13 ▼ 0.48% CSN 1.31 ▼ 0.38% GERDAU 4.74 ▼ 0.32% LATAM ADR 50.76 ▲ 2.11% BTC 63,836 ▼ 0.28% ETH 1,768 ▼ 2.40% SOL 69.66 ▼ 2.73% XRP 1.17 ▼ 2.58% BNB 603.48 ▼ 2.68% ADA 0.19 ▼ 5.66% DOGE 0.09 ▼ 2.49% AVAX 7.74 ▼ 3.86% LINK 8.04 ▼ 3.53% DOT 1.05 ▼ 5.12% LTC 46.23 ▼ 1.94% BCH 246.35 ▲ 1.47% TRX 0.33 ▼ 1.18% XLM 0.21 ▼ 0.51% HBAR 0.09 ▲ 0.39% NEAR 2.36 ▼ 16.13% ATOM 1.81 ▼ 2.62% AAVE 71.82 ▼ 3.49% SELIC 14.50% — EMBRAER 69.67 ▼ 3.17% EMBRAER ADR 55.97 ▲ 1.39% JBS 12.18 ▲ 2.48% JBS BDR 59.90 ▼ 1.17% MBRF3 15.78 ▼ 0.44% MBRFY 3.06 — 0.00% INTER 5.82 ▲ 0.26%