On August 15, 2006, Olivera & Delpiazzo, together with the Accountants Office Licandro - Díaz, organized a business breakfast at the Golf Club of Uruguay, where the impact of the Tax Reform Bill on the financial sector was analyzed.

Among the public were the directors and managers of the main financial entities (public and private banks, off-shore banks and credit cooperatives), the Undersecretary of the Ministry of Economy and Finance Mario Bergara, the Executive Director of the Uruguayan Union of Private Banks Julio de Brun, members of the Parliament and high officials of the Central Bank of Uruguay.

The introduction made by Economist Gustavo Licandro dealt with the general impact of the Tax Reform Bill on the financial sector, and was followed by legal, fiscal and accounting expositions. Dr. Carlos Loaiza Keel, from Olivera & Delpiazzo, lectured on the planned regime to levy incomes from capital and the unfavorable treatment for international bank's branches, opposite to independent subsidiaries and local companies.

Accountant Inés Díaz, from the Accountants Office Licandro - Díaz, made a detailed presentation about the fiscal effects on the financial companies' operation, covering many topics, such as the limitations in deducting financial expenses for the calculation of the new tax on business activity (IRAE) and the complexity of its implementation, and the application of the new Tariff for Regulatory Control of the Financial System.

Dr. Ricardo Olivera García considered the legal effects of the Tax Reform Bill. In special, he referred to its impact on bank secrecy and the relationship between financial entities and the Tax Administration (DGI). He also explained the new fiscal treatment projected for guarantee trusts.

The Tax Reform Bill, which implies a complete restructuring of the current tax regime, arises multiple questions and aspects still to be analyzed by the financial and banking entities. Ricardo Olivera García and Gustavo Licandro promised a new presentation, once the Tax Reform Bill is passed by the Congress and the government.