Uruguayan Senate approves ag land tax - FreshFruitPortal.com

Uruguayan Senate approves ag land tax

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Uruguayan Senate approves ag land tax

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

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