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The comprehensive guide to the world's leading tax firms

Ferrere is a full-service law firm with one of the largest tax teams in Uruguay, led by Alberto Varela and employing 34 attorneys and accountants. Active in indirect tax, corporate tax, and tax disputes, the group represents multinational clients, including ... [more]

Ferrere is a full-service law firm with one of the largest tax teams in Uruguay, led by Alberto Varela and employing 34 attorneys and accountants. Active in indirect tax, corporate tax, and tax disputes, the group represents multinational clients, including Archer Daniels Midland, Banco Santander, Global Forest Partners, Exxon Mobil and UBS. One of the matters the practice resolved in the past year was a long-standing dispute involving JP Morgan Chase, Dresdner Lateinamerika and Credit Suisse. The tax authority, DGI, claimed the three foreign banks, which were minority shareholders of Banco Comercial, Uruguay's largest private bank that failed in 2002, owed $85 million in taxes arising from the minority stake the foreign banks also held in San Luis Financial, a Panamanian company that was also a shareholder and manager of the failed bank. DGI argued that the foreign banks had established a taxable presence in Uruguay. Varela and  Gianni Gutiérrez, who became a partner on October 1 2012, and associate Isabel Laventure won a favourable ruling for their clients for relief of the full amount in October 2011. In addition to praising the three for their tax litigation skills, peers also single out Isabel Hounie for her expertise in capital markets and financial products, cross-border structuring, and M&A. Clients describe their experience with the firm as very satisfactory. The firm consistently meets expectations and is "extremely good" at delivering effective solutions and responding to clients' needs. Ferrere also serves local and multinational clients in Paraguay and Bolivia, where it also has offices. [hide]

Led by Juan Manuel Albacete, Guyer & Regules' tax practice serves clients in a range of sectors, including but not limited to, financial services, telecommunications and energy. Its three partners and 42 professionals, which include certified public ... [more]

Led by Juan Manuel Albacete, Guyer & Regules' tax practice serves clients in a range of sectors, including but not limited to, financial services, telecommunications and energy. Its three partners and 42 professionals, which include certified public accountants, advise clients on indirect tax, corporate tax, transfer pricing and tax disputes. In July 2011, the firm completed tax planning and tax analysis for Montes del Plata, relating to the construction of a $1.5 billion paper pulp mill, the largest investment in the country's history. In another matter, concluded in December 2011, the tax group assisted HSBC Securities USA and Citigroup Global Markets in a series of liability management transactions performed by Uruguay concerning its public debt, such as a new issue of global bonds for cash, an exchange offer and a cash tender offer. The $2 billion series of transactions helped Uruguay restructure its sovereign debt and return to investment grade status in March 2012, which it had lost because of the economic crisis of 2002. The tax practice is well-respected by rivals and clients alike. "Juan Albacete is an expert in tax issues in Uruguay and always provides the right advice," one client said, while peers recognise his skill in corporate tax. Nicolás Piaggio is praised by competitors for his M&A expertise, while Nicolás Juan is singled out for his work in cross-border structuring and his knowledge of capital markets and financial products. Clients choose Guyer & Regules as their main adviser for several reasons: "professionalism, experience in finance, excellent group of professionals, and because they know our culture and needs."

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Deloitte's tax practice has two partners: tax leader Gonzalo Lucas who specialises in transfer pricing, and Enrique Ermoglio who specialises in international tax. They are both active in corporate tax as well, but focus on different industries. Lucas ... [more]

Deloitte's tax practice has two partners: tax leader Gonzalo Lucas who specialises in transfer pricing, and Enrique Ermoglio who specialises in international tax. They are both active in corporate tax as well, but focus on different industries. Lucas focuses on financial services and agriculture, while Ermoglio concentrates on energy, natural resources, and consumer goods. In March 2012, Deloitte provided a tax analysis of the implications related to the exploration and exploitation of hydrocarbons, after a Uruguayan oil company started a bidding process for licences. More than 50% of the total area offered was awarded to companies that are new to offshore exploration in Uruguay. Clients choose to work with Deloitte because they are highly satisfied with the services provided and with the professionalism of the team. "I prefer to work with Deloitte for the quality of their services, meaning not only the technical advice but also because it is always given on time, allowing us to take decisions," one client said. Competitors also praise the firm's tax team, admiring Lucas for corporate tax and transfer pricing; Ermoglio for his cross-border structuring and M&A work; and Alejandra Barrancos for her transfer pricing knowledge.

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Estudio Bergstein is a full-service law firm with a strong tax practice. Headed by Domingo Pereira, the practice offers clients services in international tax planning, corporate tax, transfer pricing and tax litigation. The practice also advises taxpayers ... [more]

Estudio Bergstein is a full-service law firm with a strong tax practice. Headed by Domingo Pereira, the practice offers clients services in international tax planning, corporate tax, transfer pricing and tax litigation. The practice also advises taxpayers on the tax implications arising from operating in Uruguay's free zones. During the past year, the practice conducted a transfer pricing analysis for Deritel, a logistics company. The matter was challenging since transfer pricing regulation is still new in Uruguay and there are no precedents. Founding partner Jonas Bergstein is highly regarded in the marketplace for his skill in corporate tax and M&A transactions. He is "well known and reputable," one competitor said.

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Headed by Rafael Sanchez, Grant Thornton's tax practice is highly regarded by competitors. The 36-member team is active in indirect tax and corporate tax, but its reputation is particularly strong in transfer pricing. In the past year, the group prepared ... [more]

Headed by Rafael Sanchez, Grant Thornton's tax practice is highly regarded by competitors. The 36-member team is active in indirect tax and corporate tax, but its reputation is particularly strong in transfer pricing. In the past year, the group prepared a transfer pricing study for the Uruguayan branch of agricultural trading company Alfred C Toepfer for the irregular one-month fiscal year ended December 31 2010. The study was particularly complex because the Grant Thornton team had to perform more than six searches of comparable companies with different criteria. The search process was made even more challenging since there are no SIC codes for the company's business activities. The company had to file a special tax return due to the value of the transactions subject to transfer pricing regulations, which amounted to $50 million. Sanchez and Fernando Ripoli are well respected by rivals for their in-depth knowledge of transfer pricing.

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