South American Real Estate News

Uruguay passes Tax Bill on rural land ownership

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A Rural Concentration Tax (ICIRA) bill was passed yesterday by the chamber of deputies and it intends to enforce the taxing of rural land owners of over 2,000 hectares of terrain. #adp02

The ICIRA constitutes an annual tax per hectare; ranging from US$ 8-16 for land exceeding two hectares. The creation of this new tax aims to avoid the concentration of land ownership.

The ICIRA is a project initiated by the president of Uruguay, Jose Mujica, and will now been transferred to senate to be given its full form.

The initiative was solely approved by votes from the ruling party, Broad Front. Representatives from the Liber Seregni Front (FLS) offered an alternative project, but they were in the minority.

The deputy of the oppositional National Party, Jose Carlos Cardoso, criticises the measurement as “an ideological tax.”

According to the Uruguayan government, the new tax will affect less than 1,500 farmers in total.

It also believes that the tax will raise around $60 million annually,

all of which will be put towards road construction in rural areas.

The Uruguayan government presented the project on the 22nd August earlier this year. The bill has now been approved after months of discussions.

Contact the Gateway to South America team  to learn about the best investment opportunities in the region. The company is a benchmark for foreign investors wishing to invest in Argentina, Brazil, Uruguay and Chile, providing expert advice on property acquisition and investment tours.

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