On January 8, 2025, the Ministry of Economy presented a personalized VAT proposal, developed and financed by the Interamerican Development Bank (BID) in 2022.   Currently, Uruguay's standard VAT rate is 22%, with a reduced rate of 10% for necessities such as medicine and land transport and an exemption for essential products, such as milk and water.   The three pillars of the proposal The principles of personalized VAT regime consist of the following three pillars: Expanding the tax base: reducing or eliminating VAT exemptions; Single VAT rate: possibility of establishing a uniform VAT rate of 21%; Reimbursement to the...