The primary purpose of this study is to estimate the historical rate of return to capital in Uruguay-that is, the aggregate amount of national income that can be directly attributed to capital during a given year divided by the total stock of capital at the beginning of that year (both income and capital stock being valued in units of the same purchasing power). In the process of compiling and estimating the data necessary to compute this standard, or "global," rate of return, we also develop a statistical base from which we are able to calculate several other conceptually distinct rates of return to capital, indicate the social rate of discount to be used in the evaluation of public-sector investment projects, and investigate the implications of the Uruguayan tax system for the effective differential rates of taxation on income from capital across major economic sectors. Our estimation procedure relies principally on Uruguay's national income accounts to determine both the income generated by capital and (using a "perpetual inventory" approach) the stock of reproducible capital assets-machinery, equipment, and construction. However, even at such an aggregative level, the data do not appear in straightforwardly applicable form. For example, we must adjust the national-accounts figures for the income accruing to capital by imputing (and then deducting from those figures) the labor income that is properly attributable to owners and partners in unincorporated enterprises, independent workers, family members, and the like. On the other hand, we are forced to employ data that are independent of the national accounts in order to estimate the capital stock of inventories and the value of land in Uruguay.