Uruguay's New Financial Inclusion Law Lowers VAT Rate for Electronic Payment Purchases
In an effort to increase the use of electronic payments and expand access to electronic financial services, the Uruguayan government passed a new financial inclusion law on 24 April 2014. Key aspects of the law include:
- Employees must be given the option to receive salary payments directly into a bank or e-wallet account; the payment form is required after three years
- Beginning 1 August 2014, …