The Uruguayan Economy Minister, Azucena Arbeleche, said Thursday that the country’s economic growth will enable the “tax relief” promised by President Luis Lacalle Pou to be activated in 2023.
“For next year we hope to continue growing above potential growth,” Arbeleche stressed at a press conference in Montevideo in which a decrease in fuel prices was announced.
Lacalle Pou announced last week that if the economy grew above expectations in 2022, a reduction in Personal Income Tax and Social Security Assistance would be implemented.
“We are saying that we are going to grow at around 5%, therefore, we are talking about tax relief, as the president spoke,” Arbeleche emphasized.
The economic expansion includes the creation of “some 40,000 jobs” and is part of a “real wage growth phase.”
“This is the third year in which the estimates of the economic team in terms of growth, job creation and fiscal figures have been reached,” the minister remarked.
The latest official growth projection for 2022 establishes a Gross Domestic Product (GDP) variation of 4.8%.