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Paraguay Introduces Exceptional Tax Payment Plan

Paraguay has published Decree 3966 of 24 August 2020 in the Official Gazette, which provides for the introduction of an exceptional regime for the payment of outstanding tax debts. The exceptional regime is introduced in response to the COVID-19 pandemic and allows taxpayers, particularly SMEs, to enter into a tax payment plan in respect of monthly tax obligations accrued until December 2019 and yearly tax obligations closed in June 2019. The regime provides certain interest rates and application deadlines depending on the nature/status of the outstanding tax debt:

  • a 0% interest rate for debts included in tax debt certificates issued by the tax authority and debts subject to ongoing judicial procedures, which may be applied for up to 31 December 2020;
  • a 9% interest rate for debts accepted by the taxpayer in the framework of a tax audit or administrative appeal, which may be applied for up to 30 January 2021; and
  • a 1.4% interest rate for debts and surcharges self-assessed by taxpayers, which may be applied for up to 30 November 2020.

Under the regime, a down payment of 10% of the tax debt is required, with monthly installments of the balance due in up to 48 months for tax debts lower than PYG 500 million and in up to 60 months for tax debts of PYG 500 million or more. Failure to comply with the monthly payment requirements will result in monthly surcharges and interest as per the standard rules.

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