In March 2015, the Ministry of Finance reported that the Global Forum on Transparency and Exchange of Information for Tax Purposes, the multilateral organisation in which international standards on transparency and tax cooperation are developed, approved unanimously the technical report referred to the Uruguayan case corresponding to Phase 2.
This reflects the commitment of Uruguay to transparency and tax cooperation, the effort of government agencies and the cooperation of various civil society organisations that are involved with the proper and efficient implementation of policy changes.
Uruguay is a full member and founder of the Global Forum on Transparency and Exchange of Information for Tax Purposes which was established in September 2009. The Global Forum is primarily intended for Member countries to adopt international standards in the field, through diagnosis by a system of peer review and recommendations.
In October 2012, the Forum adopted the report of Phase 1, which assesses whether the regulatory system allows information to be exchanged for tax purposes, and is available and accessible. This favourable report has allowed the evaluation of Phase 2 of the review process, which will culminate in assessing policy adjustments and the effective implementation of the exchange of information. As a result of the actions undertaken by Uruguay in the framework of international tax cooperation, which include the consultation and participation of various organisations interested in the subject and regulatory adjustments approved by the National Parliament, the Global Forum on Transparency and Exchange of Information for Tax Purposes approved the technical report of Phase 2 of Uruguay with a 'Largely Compliant' rating.