WASHINGTON – Uruguay will modernize its fiscal and customs management to strengthen the business environment with a $20 million loan approved by the Inter-American Development Bank (IDB) Board of Executive Directors.
This operation will finance investments to improve the effectiveness of tax and customs administration and increase the efficiency of public financial management. This loan is the first operation under a Conditional Credit Line for Investment Projects (CCLIP) of $100 million, which was also approved by the Board.
The project will facilitate tax compliance and optimize processes that are expected to benefit 1.4 million individuals and 430,000 companies. It will also help reduce customs clearance times and tax evasion, particularly for the value-added and income taxes. Additionally, the operation will support improvements in the consolidation of the country’s financial statements and improve the amount of information available for policymaking.
In the tax area, the operation will finance the modernization of technological infrastructure and the strengthening of data protection and cybersecurity systems. It will also support the implementation of a risk-based tax compliance management model and the adaptation of spaces at the General Tax Directorate to incorporate new processes.
In the customs area, the project will modernize the IT system and technological capabilities, promote the adoption of tools to implement risk-based control models, and finance the purchase of equipment and adaptation of facilities to improve customs service delivery.
The project will strengthen public financial management systems by expanding the coverage of the national GRPUy platform, increasing the integration of administrative records, and modernizing technological systems and cybersecurity at the National Institute of Statistics.
The operation includes a repayment term of 22.5 years, a grace period of 5 years, and an interest rate based on SOFR.
About the IDB
The Inter-American Development Bank (IDB), a member of the IDB Group, is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the Bank works with the region’s public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise, and knowledge, it promotes growth and well-being in 26 countries. Visit our website: https://www.iadb.org/en.
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