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November 7, 2019 Paraguay announces tax reform applicability dates Paraguay’s Executive Power has issued Decree No. 2787/19, which establishes the applicability dates for the recently enacted tax reform (Law No. 6380/19) (see EY Global Tax Alert, Paraguay enacts new tax reform, dated 16 October 2019). Under the decree, some tax reform provisions are effective immediately. Other provisions are effective as follows: 1 January 2020 Most of the tax reform provisions will be effective 1 January 2020, including the new business income tax, tax on dividends and earnings, personal income tax, nonresident income tax, value-added tax and excise tax provisions. 1 May 2020 For taxpayers with an April year-end, the corporate income tax provisions will be effective 1 May 2020. 1 July 2020 For taxpayers with a June year-end, the corporate income tax provisions will be effective 1 July 2020. 1 January 2021 The new transfer pricing rules will be effective 1 January 2021. For additional information with respect to this Alert, please contact the following: Ernst & Young Paraguay – Auditores y Asesores de Negocios, Asunción
Ernst & Young LLP (United States), Latin American Business Center, New York
Ernst & Young LLP (United Kingdom), Latin American Business Center, London
Ernst & Young Tax Co., Latin American Business Center, Japan & Asia Pacific
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