Uruguayan Senate approves ag land tax
January 02 , 2012
The Uruguayan Senate has approved the Rural Property Concentration Tax (ICIR) in a bid to raise funding for road, highway, port and railway projects, website Prensa-Latina.cu reported.
The bill was passed with 16 votes in favor and 11 against, with expectations the new tax will raise US$60 million annually.
The new law means rural property owners with between 5,000-10,000ha will pay US$8/ha per annum, while taxes of US$12/ per annum will apply for properties larger than 5,000ha up to 10,000ha.
Properties with land greater than 10,000ha will be taxed US$16/ha each year.
Photo: Prensa Latina