*The head of Paraguay’s national tax directorate (DNIT), Oscar Orué, has highlighted the importance of a tax agreement made between Paraguay and Spain, which seeks to avoid double taxation on the income of individuals and companies residing or operating in both countries. The agreement was first signed at last year’s Ibero-American Summit held in the Dominican Republic and has since been ratified by the legislatures of both Paraguay and Spain. While the agreement officially came into effect on 14 October, it will be implemented from the start of 2025. Speaking yesterday at an event in Asunción organised by the Spanish embassy in Paraguay, Orué insisted that the agreement would not represent an increase in income tax. Spain’s ambassador in Paraguay, Carmen Castiella Ruiz de Velasco, said at the event that addressing double taxation will make Paraguay more appealing to Spanish businesses and investors.
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LatinNews Daily - 13 November 2024
In brief: Paraguay’s tax authority hails agreement with Spain
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