This study examines income-shifting between income sources among the firm's owners that receives dividends in Uruguay for the period 2009-2014. The dual income tax system in Uruguay offers noticeable incentives for income-shifting between wages and dividends for business owners. Our data set comes from administrative tax records of the Uruguayan Tax Administration, which allows a characterization of the population that receives dividends. In order to describe the extent of incomeshifting we estimate a cross-sectional equation finding a coefficient of 0.516, wich represents a moderate effect in relation to the international literature. The tax reform of 2012 enables us to study how this particular form of tax avoidance reacts to an exogenous change in tax rates. Using a firstdifferences equation, we find moderate and statistically not significant responses. Hence, we conclude that income-shifting between wages and dividends doesn't seem to be an extended practice among business owners in Uruguay. This results could be explained by the low number of individuals that receives nominative dividends, and also by the existence of owners that don't receive dividends, who are not considered in this study. In adittion, these individuals may have differents considerations when composing their income, such as preferences for social security and health care. Finally, it could be explained by other tax avoidance mechanisms that aren't considered in this study, such as partner's accounts.