Author: Content

On April 30, 2023, the Secretariat for the Prevention of Money or Asset Laundering (Secretaría de Prevención de Lavado de Dinero o Bienes - SEPRELAD, by its Spanish acronym) issued Resolution No. 112/23, approving the procedures and requirements for registration in the SEPRELAD Registry of regulated entities in the pawnshop sector through SEPRELAD´S Integral Operations Reporting System (Sistema Integrado de Reporte de Operaciones - SIRO, by its Spanish acronym), and annexing the procedures and requirements for such registration.

Likewise, Resolution No. 112/23 urges such regulated entities to register or re-register, in case they are already registered, through the SIRO, establishing a registration or re-registration update period for regulated entities already registered under Resolution SEPRELAD No. 218/11, until June 30, 2023.

Additionally, it renders ineffective all the registration certificates of such regulated entities within the framework of Resolution SEPRELAD No. 218/11 as of July 1, 2023.

For further information please contact Cynthia Fatecha (cfatecha@vouga.com.py), Carlos Vouga (cvouga@vouga.com.py), Georg Birbaumer (gbirbaumer@vouga.com.py) or your usual Vouga contact.

Last April 27, 2023, the Central Bank of Paraguay (Banco Central del Paraguay - BCP, by its Spanish acronym) issued Resolution No. 40 Minute No.21, approving the Regulation for Loan Portfolio Purchase Transactions (the Regulation), abrogating BCP Resolution No. 14, Minute No. 18 dated March 22, 2018, as amended by Resolution No. 15, Minute No. 24 dated April 17, 2018.

The purpose of the Regulation is to establish the rules and requirements to be complied with by supervised financial institutions for the purchase of loan portfolios of any nature from individuals or legal entities, whether or not they are supervised by the BCP. The Regulation also provides that its provisions are applicable to financial intermediation entities supervised by the BCP that are subject to Law No. 861/96 as amended, as well as to other entities supervised by the BCP according to its special laws, such as the Development Finance Agency (Agencia Financiera de Desarrollo) the Retirement and Pension Fund for Bank and Related Employees (Caja de Jubilaciones y Pensiones de Empleados de Bancos y Afines), the Agricultural Allotment Credit (Crédito Agrícola de Habilitación) and the Livestock Fund (Fondo Ganadero).

According to the Regulation, the purchase of loan portfolios may be with recourse or without recourse. The purchase with recourse implies that the seller guarantees payment of the loan through a joint and several liability of the debt; consequently, in the event of default, the seller remains at risk for the supervised entity. In the case of a non-recourse purchase, the supervised entity assumes the risk of non-payment of the loan and everything related to its collection.

In order to carry out a loan portfolio purchase operation, every supervised entity must comply with certain requirements, such as including the loan portfolio purchase operation in its Credit Policies and Procedures Manual, including the intention to carry out portfolio purchase operations in its Business Plan, possessing the technical capacity and administrative and technological infrastructure necessary to carry out a technical analysis of the portfolio to be acquired, employ adequate internal control systems and procedures, request the documentation required by the Secretariat for the Prevention of Money or Asset Laundering (Secretaría de Prevención de Lavado de Dinero o Bines -SEPRELAD, by its Spanish acronym) from the assignor, ensure that the credit assets to be acquired do not correspond to loans from debtors that have been sold by the same supervised entity in the last twelve months, among others.

Likewise, the supervised entity shall have the original settlement of the acquired operation, maintain the original structure and conditions of the loan, not establish portfolio return clauses for periods exceeding forty-five days, and ensure that the portfolio to be acquired hast not expired, with no payment in arrears or default whatsoever.

On the other hand, it establishes the minimum content that loan portfolio purchase agreements shall contain, namely, basic information on the parties involved, the type of transaction (with or without recourse), precise identification of the loans acquired, price and form of payment, prohibition for the seller to carry out collection actions, the seller's obligation to notify the assigned debtor and deliver the corresponding documentation, alternative security mechanism if agreed upon and guarantees, if any.

Likewise, it establishes the requirements to consider valid the documents evidencing the existence and ownership of the credits, such as that they are freely available to the seller, that they represent non expired credits, that they have as a genuine source the business or productive activity of the seller and that they are transferable by endorsement or by any other form permitted by financial laws

It also establishes the seller's obligation to notify the assigned debtor of the assignment made and the identity of the new creditor, in accordance with the provisions of the Paraguayan Civil Code. In addition, the buyer must ensure that the debtors have been properly notified and must assume the management of the collection of the acquired credits from the moment it assumes the credit risk.

In addition, the Regulation establishes rules and requirements that must be complied with by the parties involved in the purchase of loan portfolios to prevent money laundering and financing of terrorism. In this sense, it establishes that the parties must apply the prevention rules issued by SEPRELAD and the related provisions issued by the BCP or the Superintendency of Banks. In addition, when the purchase of loan portfolio is formalized among related companies, these must obtain prior authorization from the Superintendency of Banks and consider the required legal limits.

Finally, specific rules are included for the accounting recording of portfolio purchase transactions, the purchase of portfolios in resolution process and renewals, refinancings and restructurings of purchased loans, and warns that supervised entities that do not comply with the Regulations will be subject to the sanctions provided for in Law No. 489/95 "Organic Law of the Central Bank of Paraguay".

For further information please contact Cynthia Fatecha (cfatecha@vouga.com.py), Carlos Vouga (cvouga@vouga.com.py) or Georg Birbaumer (gbirbaumer@vouga.com.py) or your usual Vouga contact.

On February 9, 2023, the new Paraguayan General Securities Market Regulation (the New Regulation) was issued, which brought with it important modifications and incorporations that reflect the advances in the area during the last few years. In addition to the New Regulation, the competent authority, the National Securities Commission (Comisión Nacional de Valores - CNV. by its Spanish acronym), has issued, through subsequent circulars, clarifications, extensions of deadlines and model contracts to be used by regulated entities.

Below, a summary of the key modifications and additions made by the New Regulation and the circulars:

1. Stock exchange

Significant modifications can be found in the chapter referring to stock exchanges; namely, (a) market makers, and (b) direct market access (DMA).

(a) What is a market maker?

A market maker is an intermediary company that assists in maintaining liquidity in the financial market. These entities are in charge of buying and selling financial assets (i.e. stocks, bonds, etc.) in a given market, and establishing the selling and buying prices for these assets. Their main objective is to ensure that there are always buyers and sellers for the financial assets that are traded, in order to maintain liquidity in the market.

The New Regulation establishes that, in order to act as market makers, brokerage firms must have the corresponding authorization. Likewise, the New Regulation establishes the minimum standards that the stock exchange must follow to regulate the operation of the market makers through the Electronic Trading System (Sistema Electrónico de Negociación -SEN, by its Spanish acronym).

(b) What is the Direct Market Access?

The DMA is a way for investors to send buy or sell orders directly to the trading systems of the stock exchanges, without the need to use intermediaries such as brokers or brokerage houses. This allows investors to have greater control and speed in the execution of their orders, in addition to reducing costs and improving transparency in operations.

While clients will be able to send their orders directly with the DMA, brokerage firms will still be responsible for ensuring that the necessary requirements are met in order to execute trades and must make their best efforts to protect and look after the interests of their clients. In addition, only securities that are registered with, and authorized by, the CNV and the stock exchange can be traded through the DMA.

As for implementation deadlines, when the stock exchange (the Bolsa de Valores de Asunción BVA by its Spanish acronym)) enables the DMA, brokerage firms will have 120 days to start offering it to their clients. To this date, such authorization by the BVA has not yet occurred.

2. Brokerage firms

The section of the New Regulation referring to brokerage firms incorporates several changes and inclusions, the most relevant of which refer to (a) shareholding and new payments of corporate capital, (b) disqualification to be a shareholder and (c) appointment and removal of operators, as summarized below:

(a) Shareholding and new payments of corporate capital: Brokerage firms must submit an affidavit certifying that they have performed their due diligence under the expanded regime with respect to those shareholders who own a percentage equal to or greater than 10% of the shares, both at the time of registration and periodically, each time there is any change that presents a share ownership equal to or greater than 10%. In addition, capital payments must be made through authorized accounts in banks and financial institutions regulated by the Central Bank of Paraguay (Banco Central del Paraguay - BCP, by its Spanish acronym). These payments may not be made with securities issued by related entities and must be made with securities rated A, similar or higher.

(b) Disqualification to be a shareholder: The New Regulation establishes that the bylaws of brokerage firms must contemplate that those who are included in the lists of financial sanctions related to terrorism and the proliferation of weapons of mass destruction indicated in the regulations of the Secretariat for the Prevention of Money or Asset Laundering (Secretaría de Prevención de Lavado de Dinero o Bienes - SEPRELAD, by its Spanish acronym) may not be shareholders or have voting rights, nor hold positions on the board of directors. This measure is in line with what has been established by SEPRELAD and seeks to prevent the participation of persons linked to illegal activities in the ownership and management of brokerage firms. In addition, the New Regulation establishes that brokerage firms have a period of 6 months from the date of its enforcement to amend their bylaws to expressly include this disqualification.

(c) Appointment and removal of stock exchange operator: The mechanism to appoint and remove operators was modified as regards to the need to have powers of attorney or revocation of powers of attorney registered before the public registries. From now on, it will be sufficient to submit to the CNV the minutes of the board of directors' meeting, notarized before a public notary, evidencing the decision of the board of directors to appoint or remove the operators. This means that the term for the appointment or removal of operators will be significantly reduced.

3. Model of single agreement for stock exchange services

The New Regulation establishes a single service agreement to be used both by brokerage firms in process of registration, as well as by those already authorized and registered prior to the issuance of the New Regulation. The single service agreement may be signed in a handwritten or electronic form. Finally, the New Regulation establishes that any additional or complementary form agreements that brokerage firms enter into with their clients must be sent to the CNV for prior approval.

The form of the single service agreement was released through a circular issued by the CNV and establishes the terms and conditions of services between a brokerage house and a client, detailing the services that the brokerage house will offer to the client. The services include securities brokerage, advice on securities and stock exchange operations, administration and custody of securities, credit or margin, subscription of mutual fund quotas, direct market access and account opening for financial derivative operations, among other provisions.

Regarding the implementation term, the CNV informed that the brokerage firms already authorized and registered have until June 30, 2023, to adopt this single service agreement form.

4. Issuer companies

Regarding the issuer companies (Sociedades Anónimas Emisoras or SAE, by its Spanish acronym, and Sociedades Anónimas Emisoras de Capital Abierto or SAECA, by its Spanish acronym), the New Regulation makes innovative inclusions and modifications for the market, of which the most important are regarding (a) the special regime for small and medium-sized companies (Pequeñas y medianas empresas - PYMES, by its Spanish acronym), (b) the reform of the bylaws of issuer companies, and (c) the automatic suspension of trading, as summarized below:

(a) Small and medium-sized enterprises (PYMES): Pursuant to the provisions of the New Regulation, companies that do not have the corporate type of a Corporation that comply with the requirements established by the Ministry of Industry and Commerce (Ministerio de Industria y Comercio -MIC, by its Spanish acronym) to be classified as PYMES, and have the respective categorization certificate issued by the MIC, will be eligible for the special regime for small and medium-sized companies.

(b) Requirement of bylaw amendments: The New Regulation establishes the text to be included in the bylaws regarding the securities that may be traded depending on whether the company is a SAE or a SAECA.

(c) Automatic suspension: Trading of shares and bonds issued by issuer companies that do not comply with the regular filing of information established in the New Regulation will be automatically suspended in the primary market, unless such companies have obtained an extension of time granted by the CNV. It should be noted that this suspension is not considered a sanction, but a preventive measure.

5. Debt securities

The most significant amendments regarding debt securities are those related to (a) the need to file an affidavit by issuers that do not engage in financial intermediation, (b) issuances secured by security trusts, (c) redemption and call option mechanisms to be included in the prospectus, and (d) elimination of restrictions regarding short-term bonds, as indicated below:

(a) Affidavit of resources to be collected: In the case of issuers that are not authorized by the BCP to carry out financial intermediation activities, in accordance with the provisions of the New Regulation, they must submit a sworn statement in which they undertake not to use the proceeds of the issuance to carry out financial intermediation activities.

(b) Issuances secured by guaranty trusts: The New Regulation establishes that in the event that an issuance is backed by a guaranty trust, the guaranty will be considered to be total if the value of the issuance is equal to the quick sale value of the asset used as security. If the value of the issuance is greater than the quick sale value of the asset, the security shall be deemed to be partial.

(c) Redemption and call option mechanisms to be included in the prospectus: In the event that an issuer allows early redemption or call option by the investor, as established by the New Regulation, all relevant information, including the redemption price and details of the applicable conditions, must be clearly specified in the issuance prospectus.

(d) Elimination of restrictions: Under the New Regulation, restrictions on the amount of short-term bonds that may be issued, and the level of indebtedness allowed are eliminated.

6. Shares

The section dealing with regulations related to shares has undergone minor changes, which are specified below:

(a) Adjustments to the application documents: the New Regulation indicates that in the event that preferred shares are issued that are subject to redemption, the redemption value must be previously specified in the issuance instrument.

(b) Inclusion of requirements for share registries: according to the New Regulation, in order to register the issued and integrated shares and those released from payment with the CNV, it will be necessary to file a general prospectus including a facsimile copy of the shares, a copy of the document authorizing the issuance, and a description of the security measures to be applied in the production of the certificates in question.

7. Investment fund management companies

The section corresponding to the investment fund management companies (Administradoras de Fondos patrimoniales de Inversión -AFPISA, by its Spanish acronym) has been subject to several modifications and additions in the New Regulation, especially those related to (a) corporate capital, bylaw changes and form of agreements, (b) investments of committed equity, (c) investment funds, and (d) mutual funds.

(a) Regarding corporate capital, changes in the bylaws and the single agreement, the New Regulation sets forth the same provisions made in said document for brokerage firms. If the company wishes to enter into other agreements with its clients, in addition to the single agreement, it must have prior approval from the CNV. On the other hand, the AFPISAs have (i) a term of six months since February 11, 2023 to carry out the corresponding bylaw amendments and (ii) until June 30, 2023 to implement the forms of the single mutual fund subscription agreement and the form mutual fund installment placement and redemption agreement.

(b) The New Regulation establishes the conditions under which the AFPISAs may invest within the minimum committed equity, based on the minimum proportion set by the CNV. They are limited to invest in movable and immovable assets that are not destined to the company and in securities that are not traded on the stock exchange, unless permitted by the New Regulation. As for securities eligible for investment, they include term securities issued by institutions authorized by the BCP, as well as bonds, debt securities or securities issued under securitization processes that have a local risk rating of “BBB” or higher and whose issuance is registered in the Securities Registry of the CNV. In addition, notwithstanding the foregoing, the AFPISAs may invest the surplus of their committed equity in real estate, securities and investment assets included in Title 19, Chapter 6, Article 1 of the New Regulation.

(c) The investment funds section includes the terms for (i) the placement and (ii) the subscription of the fund quotas:

• For the first term referred, it cannot be greater than twelve (12) months, unless it is extended by the CNV in accordance with the Law on Equity Investment Funds. In the event that the term expires without extension, the number of installments will be reduced to the number of installments actually paid without the need to convene a quota holders’ meeting.
• For the second term, the New Regulation indicates the time in which the fund must reach the minimum amount of assets indicated in the internal rules of procedures and the minimum number of participants established. This period is of six (6) months from the first subscription. If these conditions are not met, the fund managing company must notify the CNV and has up to one hundred and eighty (180) days to rectify the deficit (this extension may be requested up to two times). If the situation is not resolved, the fund is liquidated. It is also established that until these conditions are met, the fund can only invest in securities issued by the Public Treasury or guaranteed by the fund itself, all of which must be included in the internal rules of procedures, or in securities issued by the BCP, or others determined by the CNV. Likewise, before implementing any change in the internal rules of procedures of a fund, the prior approval of the CNV will be required. Once the approval is obtained, an extraordinary quota holders' meeting will be convened so that they also approve the proposed changes. Finally, the New Regulation establishes the obligation to have specific internal rules of procedures for these funds, which must be previously approved by the CNV.

(d) Regarding mutual funds, the implementation of an account statement was included so that the client can view the types of movements (subscriptions or redemptions), identification number of the requests, number of installments, amount settled, etc.

The inclusions and modifications made by the CNV will be reflected in the Paraguayan market during the next few months, and there may be new modifications through circulars or resolutions of the authority. To date, the authorization of the DMA by the BVA is pending.

For further information please contact Cynthia Fatecha (cfatecha@vouga.com.py), Carlos Vouga (cvouga@vouga.com.py) or Georg Birbaumer (gbirbaumer@vouga.com.py) or your usual Vouga contact..

The call for prequalification for the "DIPE Bid No. 01/2023 Prequalification for the Public Investment Project for the Expansion and Improvement of Route PY01 in the Cuatro Mojones-Quiindy section" (ID 1288) (the «Project»is still open for interested bidders. It is important to note that the deadline for queries and clarifications is May 2nd, and the deadline for submission of pre-qualification applications is May 31st, 2023. The Project's terms and conditions are available using the following link.

Some key points of the Project are:

• Contract term: 30 years (44 months of design and construction - 26 years and 4 months of operation and maintenance).
• Contract value: USD 445 million.
• Forms of payment:
  • Deferred Payments:
    • 15 fixed and irrevocable, secured payments per milestone achieved.
  • Payment for Availability (PPD):
    • Fixed payments during the operation stage, subject to adjustments and deductions for non-availability and level of service and quality.
  • Traffic-Linked Payments:
    • Variable payments subject to traffic demand risk that complement the PPD and are articulated on the effectively accounted demand, based on the existing toll in the city of Itá.
• Prequalification Criteria:
  • The Financial ratio criteria is put aside, and capitalization requirements are being considered instead. A capital of at least USD 50 million is required.
  • Experience in the financing of at least 3 infrastructure projects under PPP modality in the last 20 years.
    • Initial investment: at least USD 100 million (per project)
    • Amount financed: 60% in at least one of the projects.
    • Experience in at least one infrastructure project with toll operation.
    • Participation of at least 20% in the entity holding the contract at the time of financial closing.
    • National, international, or mixed consortiums: Creditable experience of members that individually meet the requirements or jointly by all members adding up experiences (that meet the requirements) when they hold at least 20% equity interest in the bidding consortium.
  • Technical capacity:
    • Experience in at least 5 projects that include construction and/or maintenance of road infrastructure:
      • In the last 10 years.
      • Minimum total amount: USD 300 million (cumulative among all projects).
      • National, international, or mixed consortium: Can be accredited individually by any of the members that satisfy the minimum requirements or jointly by all members directly or through their subsidiaries, branches or parent company.

Below is an estimated schedule of the bidding process for the Project:[1]

For more information on the Project or the competitive dialogue stage please visit the following links:

Paraguayan government approves expansion and improvement of Route PY01- section Cuatro Mojones - QUIINDY

Prequalification for Route PY01 Project under PPP

http://snip.hacienda.gov.py/normativas/guia_dialogo_competitivo.pdf/

 or contact Rodolfo G. Vouga (rgvouga@vouga.com.py), Manuel Acevedo (macevdo@vouga.com.py), Carlos Vouga (cvouga@vouga.com.py), Luis Marcio Torales (lmtorales@vouga.com.py), Juan Manuel Ros (jros@vouga.com.py) or your usual Vouga contact.

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[1] Source: Ministry of Public Works and Communications (Ministerio de Obras Públicas y Comunicaciones) – Office of Strategic Projects (Dirección de Proyectos Estratégicos)

On April 19, 2023, the House of Representatives passed a Bill[1] approving two loan agreements entered into by the Republic of Paraguay, the first with the Inter-American Development Bank (IDB) for an amount of up to USD 115,000,000, and the second with the Japan International Cooperation Agency (JICA) for an amount of up to JPY 9,130,000 (approximately USD 66,000,000) (the "Loans"). The purpose of the Loans is to finance a project for the provision of potable water and sanitation services for the metropolitan area of Ciudad del Este (the «Project»).

The Project seeks to cover the lack of potable water service coverage in the metropolitan area of the country's second largest city, which currently accounts for only 30% of potable water coverage through public supply networks; the remaining 70% of the demand is obtained from other sources, such as shallow wells in backyards or independent suppliers.

El Proyecto estará a cargo del Ministerio de Obras Públicas y Comunicaciones (MOPC) a través de la Coordinación de Agua Potable y Saneamiento y Obras Hidráulicas (CAPSOH). El llamado a licitación está previsto para la segunda mitad del año, ya con el nuevo gobierno. La licitación será lanzada bajo la modalidad de «Licitación Pública Internacional» (LPI).

The Bill will be approved on April 28 and then will require enactment by the Executive Power. It is estimated that the total value of the Project will reach USD 200 million and will benefit about three-hundred thousand inhabitants.

For more information on the Project please contact Rodolfo G. Vouga (rgvouga@vouga.com.py), Manuel Acevedo (macevdo@vouga.com.py), Carlos Vouga (cvouga@vouga.com.py), Luis Marcio Torales (lmtorales@vouga.com.py), Juan Manuel Ros (jros@vouga.com.py) ) or your usual Vouga contact.

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[1] File No. S-221781. To access the text of the Bill please see the following link: http://silpy.congreso.gov.py/expediente/125458

Executive Summary:

Regulation	Content	Date
Law No. 7050	Se establecen los límites presupuestarios del 2023 para que la Subsecretaría de Estado de Tributación (la “SET”) acredite importes por pago indebido o en exceso, y por intereses y recargos.	January 4, 2023
Decree No. 8915	The extension of the Mercosur preferential regime of origin for Paraguay until 2032 is incorporated into the national legal system.	March 2, 2023
General Resolution No. 127	Measures related to the informative affidavit on exports of soybean, its derivatives, corn, rice and wheat are established; and aspects related to the rebuttal of the presumption of linkage for transfer pricing are clarified.	March 10, 2023
General Resolution No. 128	Exceptionally, the dates for the filing of the tax returns due in mid-March 2023, as well as for the Financial Statements for the fiscal year ended December 31, 2022, are exceptionally extended.	March 13, 2023

More information:

► Law No. 7050/2023 - Establishes the 2023 budget limits for the SET to credit amounts for undue or overpayment, interest and surcharges.

Law No. 7050/2023 approved the General Budget of the Nation for the fiscal year 2023 and established several tax measures that, to a greater or lesser extent, affect taxpayers. One of these measures is the annual budgetary limits to credit taxpayers for the balances that correspond to them (a) for undue or excess payment and (b) for accessories in the following tax credit recovery processes: (i) refund of Value Added Tax (exporters, export freight forwarders, Yacyretá suppliers, etc.) and (ii) repetition for the undue or excess payment.

This budgetary measure has been implemented every year since Law No. 5061/2013, which provided for it in Article 7. For this fiscal year 2023, the overall and individual (per taxpayer) budgetary limits are as follows:

The global limits represent the maximum amount that SET can credit in the indicated concepts during the fiscal year 2023, while the individual limits per taxpayer are 30% of the global limit for each concept. This means that no taxpayer may represent a percentage of credits higher than the indicated, thus avoiding that only one taxpayer excludes the others.

If, during the fiscal year, the total of the budgetary limits is reached, the amounts pending crediting are deferred to the following fiscal year without generating legal accessories. However, the area responsible for making the credits must correlatively record the resolutions that provide for them for their inclusion in the General Budget of the Nation of the following fiscal year.

► Decree No. 8915/2023 - The extension until 2032 of the Mercosur preferential regime of origin for Paraguay is incorporated to the national legal system.

Through Decree No. 8915/2023, the Executive Power incorporated into the national legal system the Decision of the MERCOSUR Common Market Council No. 13/21, "MERCOSUR Origin Regime", registered before the Latin American Integration Association (ALADI) as "Two Hundred and Sixty Additional Protocol to the Economic Complementation Agreement No. 18".

Through that provision, it was agreed to extend until December 31, 2032, the differential origin treatment for Paraguay, according to which the tolerance of inputs from third countries for that country to issue the Mercosur certificate of origin is 60% of the FOB value of the goods originating in Paraguay, which is twenty percentage points higher than the general tolerance of 40%. The value of inputs used for this measurement is the CIF port of destination or CIF seaport.

Paraguay was not the only beneficiary of this extension since a similar regime was also extended until December 31, 2026, for Argentina and Uruguay, which until December 31, 2026, have a tolerance limit for third-country inputs of 50% of the FOB value of their goods, which will drop to 45% as from January 1, 2027. However, in the case of Argentina, these limits only apply to its exports to Uruguay.

With this decision, the previous extension contained in MERCOSUR Common Market Council Decision No. 32/15, which only granted differential origin treatment for Paraguay until December 31, 2025, was repealed. Consequently, Decree No. 8915/2023 repealed Decree No. 7981/2017, which incorporated that decision into the national legal system.

In this way, Paraguay retains its competitive advantage as an export development pole and a preferential access point to Mercosur for products from all over the world, which contributes significantly to the country's growth, especially through the maquila export regime.

► General Resolution No. 127/2023 - Establishing measures related to the informative sworn statement of exports of soybean, its derivatives, corn, rice and wheat; and clarifying aspects related to the rebuttal of the presumption of linkage for transfer pricing.

The SET issued General Resolution No. 127/2023 (the "RG 127"), in which it addressed two separate but related issues:

1. The Informative Sworn Statement ("DJI") and the supporting documents of the international export price of certain agricultural products reached by numeral 7 of Article 38 of Law No. 6380/2019 (the "Tax Law").
2. Documents that rebut the presumption of linkage between entities under the transfer pricing rules.

First, concerning the DJI, it should be recalled that the goods covered by the referred item 7 of article 38 of the Tax Law are the following: (i) soybeans, (ii) soybean products (oils, meals, pellets, and expellers), (iii) corn, (iv) rice and (v) wheat (the "Commodities"). Through RG 127, the following was established regarding the different periods to be reported with the DJI:

1. Periods from July 2021 to December 2022: The DJI must not be filed as such, but its information must be filed before the entry desk of the General Directorate of Large Taxpayers in electronic spreadsheet format (extension .xls, xlsx or .ods) with the formulas applied that allow the verification of the calculations. The deadline for this submission is May 2023, according to the DJI calendar.
2. Periods from January to April 2023: The DJI must be submitted through the Marangatu System, and the deadline for this is June 2023, according to the DJI calendar.
3. Periods from May 2023 onwards: The DJI must be filed through the Marangatu System, and the deadline for this is the second month after the Commodities exports have been made, according to the DJI calendar (e.g., the DJI for May 2023 is due in July 2023).

Regarding the first of the listed filings, it should be clarified that (i) the filing shall be considered as a sworn statement, (ii) its untimely filing generates a fine of G. 900,000 and (iii) RG 127 indicates January 2021 as the beginning of the periods reported, which seems to be an error, since number 7 of article 38 of the Tax Law became effective as from July 2021, according to article 32, second paragraph, of Decree 4644/2020.

RG 127 also established on this matter that the documentation supporting the adjustments corresponding to the international price of Commodities reported in the DJI must contain at least the following information:

(a) Name and tax identification of the issuer of the documentation or provider of the service described.

(b) Name, denomination or company name and identification of the Single Taxpayers Registry of the Commodities exporter who is the recipient of the documentation.

(c) Date of issue of the document.

(d) Details and description of the service quoted: price, quantity, sections included, period of time covered by the quotation or price indicated in the document, among others.

Secondly, regarding the documents that disprove the presumptive linkage for the transfer pricing rules, the SET changed the format of presentation of such documents for the Corporate Income Tax ("IRE") fiscal year closed as of December 31, 2022 and eliminated some of them in case they deal with an individual resident abroad.

Specifically, the documents that disprove the presumptive linkage of IRE taxpayers (i) with foreign residents and (ii) for operations developed in the fiscal year closed as of December 31, 2022, must be submitted to the SET's entry desk (originally, it was through the Marangatú System) in portable document format (.pdf extension) in March 2023, according to the due date corresponding to each taxpayer, following the perpetual calendar.

On the other hand, according to RG 127, the IRE taxpayer wishing to deactivate the presumption of linkage for operating with individuals located in foreign territories affected by the transfer pricing rules must only submit to the SET the following documents:

• Certificate of tax residence of the non-resident (translated into Spanish); and,
• Functional organization chart of the IRE taxpayer signed by the legal representative.

Thus, to disprove the presumptive linkage, the following documents are eliminated for this type of counterparties, as they are not applicable: (i) list of shareholders, (ii) list of beneficial owners, and (iii) functional organization chart of the non-resident.

► General Resolution No. 128/2023 - Exceptionally extending the dates for the filing of certain tax returns due in mid-March 2023, as well as for the Financial Statements for the fiscal year ended December 31, 2022.

Through General Resolution No. 128/2023 (the "RG 128"), the SET decided to exceptionally transfer the due date for the filing of tax returns and the payment of taxes, according to the following schedule:

In addition, the SET exceptionally extended until June 2023 (per the perpetual calendar of due dates), the deadline for filing the Financial Statements of IRE taxpayers who pay the tax under the general regime and whose fiscal year ends is December 31, 2022.

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El Directorio del Banco Central del Paraguay (el «BCP”), ha dictado Resolución Nro. 23 de Acta Nro. 9 de fecha 23 de febrero de 2023 (la “Resolución”), mediante la cual aprobó la Norma Reglamentaria de Tasas de Interés, la cual modifica cuestiones particulares de la anterior Norma Reglamentaria de Tasas de Interés, y entra en vigor el 1 de abril del 2023.

La Resolución, a diferencia de la anterior, incluye el concepto de un ámbito de aplicación. En ese sentido, se establece que las disposiciones de la Resolución serán aplicables a las entidades, personas físicas y jurídicas, sometidas al régimen de la Ley 861/96 “General de Banco y Financieras y otras Entidades de Créditos” y sus modificatorias, además de otros sujetos supervisados por la Superintendencia de Bancos por leyes especiales.

Otros cambios relevantes se dan en las definiciones de los términos. En la definición de “Interés” se agrega que en los depósitos bancarios, el interés se entiende como el lucro producido por el capital depositado que recibe el cliente, conforme a la modalidad de depósito estipulado. Además, los cargos ya no se encuentran dentro de la definición de “Intereses”, sino dentro de la definición de “Tasa”. También se dan cambios en las definiciones de “Tasa Nominal Anual (TAN)” y “Tasa Anual Efectiva (TAE)”, y se eliminan las definiciones de “Percepción de Intereses”, “Frecuencia” y “Entidad”.

En cuanto a la base de liquidación, la Resolución establece que los intereses se liquidarán sobre los saldos de capitales efectivamente acreditados o depositados, según la modalidad de operación convenida entre el cliente y la entidad y por el plazo efectivamente disponible del capital. En tanto que para las financiaciones vinculadas a tarjetas de crédito se establece que se podrá estipular el pago de intereses sobre la deuda, los que devengarán entre las fechas de compra, proceso, vencimiento y/o fechas de facturación de los mismos.

Uno de los cambios más importantes se encuentra relacionado a los cargos autorizados por cuenta del cliente que no constituyen tasas de interés. La Resolución establece que para los créditos iguales o inferiores a 25 salarios mínimos mensuales las entidades podrán recuperar mediante el cobro de comisiones, y excluir del cálculo de las tasas de interés, los gastos administrativos que demanden el otorgamiento y la gestión por la entidad financiera, hasta el monto menor entre i) cinco (5) jornales mínimos para actividades diversas no especificadas en la Capital y (ii) el 25% del monto neto a desembolsar en el préstamo. A diferencia de la reglamentación anterior, la Resolución aumenta el porcentaje para el numeral (ii) del 15% al 25%. Además, la Resolución incluye a las operaciones que se enmarquen dentro de las características establecidas para los créditos renovados, siempre y cuando exista un nuevo desembolso que genere un aumento igual o mayor al 20% del capital de la operación anterior que está siendo renovada y no en más de dos ocasiones en un año dentro de las operaciones donde se pueden recuperar los gastos administrativos sin que formen parte del cálculo de la tasa de interés.

Finalmente, la Resolución establece cambios en la fórmula y metodología de cálculo de la Tasa Nominal Anual y la Tasa Anual Efectiva.

El Directorio del Banco Central del Paraguay (el «BCP”), a través de Resolución Nro. 3 de Acta Nro. 8 de fecha 21 de febrero de 2023 (la “Resolución”), aprobó el reglamento de Burós de Información Crediticia (“BIC”) y protección de la información personal crediticia en el marco de la Ley N° 6534/2020 de Protección de Datos Personales Crediticios (la “Ley de Protección de Datos Personales Crediticios”). Las disposiciones de la Resolución entrarán en vigor a partir del 1 de junio del 2023.

Los puntos más resaltantes de la Resolución son las disposiciones aplicables a las BIC y a los usuarios de información crediticia. Es importante notar que los usuarios de información crediticia no necesariamente son entidades reguladas por el BCP (bancos, financieras, casas de cambio u otorgantes de crédito dinerario); sin embargo, deberán cumplir con las disposiciones de la Resolución en lo referente a usuarios de información crediticia.

(i) BIC

Los BIC, que a la fecha de la Resolución presten servicios de referencias crediticias, deben presentar al BCP una solicitud de autorización para operar como BIC, adecuándose a los requisitos establecidos en la Ley de Protección de Datos Personales Crediticios. Dichas solicitudes deberán presentarse dentro del plazo de 30 días contados desde la publicación de la Resolución. La Resolución dispone que la Superintendencia de Bancos será la encargada de divulgar y mantener el Registro de BICs.

A partir del 1 de enero del 2024 solo podrán prestar servicios de información crediticia las sociedades habilitadas por el BCP.

a. Proceso de inscripción y requisitos para los BICs

Las sociedades que a partir de la fecha de la Resolución deseen prestar servicios de información crediticia deberán ser previamente autorizadas por el BCP. Para la apertura de un BIC se deben tener en cuenta los siguientes tres pasos:

Primer paso: Presentación de la solicitud en mesa de entrada del BCP por una persona física debidamente autorizada para ello. La solicitud debe estar firmada por los representantes legales de la sociedad. La Resolución establece los requisitos de los documentos que deben presentarse para la solicitud del registro.  

Segundo paso: Una vez recibida la solicitud, el BCP procederá a la revisión formal de la misma.

Tercer paso: Una vez emitida la resolución favorable por parte del BCP, la sociedad autorizada procederá a iniciar sus operaciones en el plazo de ciento ochenta (180) días, contados a partir de la fecha de resolución de autorización. En caso de que no se cumpla con el plazo, previo informe de la Superintendencia de Bancos, se podrá declarar la revocación de la autorización para operar, no pudiendo presentar una nueva presentación en un periodo de 1 (un) año.

b. Regulación de la operativa de los BIC

La Resolución regula las siguientes cuestiones que hacen a la operativa de los BIC, entre las cuales se encuentran:

• Incompatibilidades e inhabilidades de aquellas personas que no podrán ocupar cargos en la plana ejecutiva o directiva de los BIC;
• el capital mínimo, que deberá ser integrado y aportado en efectivo al momento de la constitución, actualmente (el BCP puede aumentar el importe del capital mínimo exigido otorgando un plazo razonable de adecuación) la Resolución establece que el capital mínimo deberá ser de 400 salario mínimos y los BIC que ya se encuentran operando tendrán 12 meces para adecuar su capital;
• el derecho de acceso a los datos personales crediticios, estableciendo que titular de la información crediticia o su representante podrá acceder, gratuitamente, a la información que se encuentre registrada en las bases de datos administradas por los BIC;
• el procedimiento para ejercer el derecho a la actualización, rectificación y supresión de datos personales crediticios, estableciendo plazos máximos de respuestas de los BIC a los pedidos de los titulares;
• el derecho al olvido;
• el contenido de la información crediticia, el cual comprenderá todas las obligaciones activas y contingentes y demás obligaciones contraídas en el sector comercial o de cualquier otro tipo, salvo por la información que pueda ser considerada sensible;
• el protocolo de actuación de los BIC, que deberá ser aprobado por el BCP;
• reportes complementarios;
• el deber de confidencialidad;
• el consentimiento previo;
• el contrato de prestación de servicios de información crediticia;
• las principales obligaciones de los BIC, tales como reportar la información crediticia sin alteración o modificación alguna, rectificar la información crediticia, a pedido de la fuente o del titular de datos, mantener actualizados los datos del registro que gestiona, no tramitar ni divulgar datos que cumplan con lo dispuesto en la Resolución, conservar la información bajo las condiciones de seguridad acordes, entre otras.

Entre los puntos resaltantes que regula la Resolución, cabe mencionar el derecho al olvido. El plazo de publicación y conservación de los datos personales crediticios que pudieran afectar al titular no podrá exceder 5 años, a contar desde el incumplimiento de la obligación. Sin embargo, existen excepciones que pueden hacer que se extienda dicho plazo. Por otro lado, los datos personales crediticios que sean considerados positivos deberán publicarse y conservarse mínimamente por 10 años.

En cuanto a la seguridad de la información, la Resolución establece que los BIC deberán adoptar medidas de seguridad y control que resulten necesarias para evitar el manejo indebido de la información, incluyendo las salvaguardias administrativas, técnicas y físicas diseñadas para garantizar la seguridad y confidencialidad de la información. Los BIC deberán implementar lo dispuesto en el Manual de Gobierno y Control de Tecnologías de Información (Resolución SB SG. N° 00124/2017 del Directorio del BCP).

(ii) Usuarios de información crediticia

El uso de la información es otro tema importante que reglamenta la Resolución. Como se menciona al inicio de este artículo, los usuarios de información crediticia no necesariamente son entidades reguladas por el BCP (bancos, financieras, casas de cambio u otorgantes de crédito dinerario); sin embargo, deberán cumplir con las disposiciones de la Resolución en lo referente a usuarios de información crediticia.  La Resolución define a los usuarios de información crediticia a toda persona, física o jurídica, con interés legítimo que contrata la prestación de servicios de referencias crediticias. El interés legítimo está configurado por el empleo del crédito bajo sus diversas modalidades o la intermediación para el perfeccionamiento de este tipo de operaciones, como herramienta habitual de gestión en la actividad económica desarrollada, incluidos los contratos con prestaciones diferidas que impliquen pagos periódicos de sumas de dinero por plazos determinados, así como relaciones comerciales que pudieran existir entre los usuarios y titular del derecho.

Los usuarios de información crediticia solo podrán usar el reporte de referencias crediticias como insumo informativo en el análisis crediticio. Excepcionalmente los reportes de referencias crediticias podrán ser utilizados en procesos de due diligence, en materia de prevención de lavado de activos, financiamiento contra el terrorismo y proliferación de armas de destrucción masiva. El servicio de referencias crediticias solo podrá ser prestado a las personas físicas y jurídicas que detenten la calidad de usuarios de la información crediticia, tal como se dispone en el artículo 14 de la Ley de Protección de Datos Personales Crediticios. Se prohíbe a los usuarios de información crediticia utilizar o proveer a terceros datos crediticios para que éstos sean utilizados para la toma de decisiones laborales, acceso al empleo, promoción, traslado o despido de personal. Asimismo, queda expresamente prohibido el uso de la información crediticia para negar o restringir el acceso a la medicina prepaga, así como negar o restringir al acceso a la atención médica de urgencia a cualquier persona.

Entre las obligaciones principales, además de lo mencionado en el párrafo anterior, se encuentran:

a) Proveer regularmente a todos los BIC, con los que tenga celebrado un contrato, los datos actualizados de los clientes de su cartera crediticia.

b) Utilizar la información crediticia consultada en forma confidencial y destinarla solo a la evaluación de riesgos crediticios y al proceso de debida diligencia en el conocimiento de clientes.

c) Informar a los BIC, con los que tenga celebrado un contrato, sobre la venta o cesión de carteras de crédito a empresas especializadas.

d) En caso de denegación al titular de los datos de la celebración de un contrato de crédito comercial o financiero, basado en un informe crediticio, el usuario deberá informar tal circunstancia al titular de datos, así como la de proveer el informe accedido, entregando copia de éste.

e) Informar al titular de los datos personales sobre la consulta a realizarse sobre su información crediticia, la empresa que proveerá los datos, el uso que se dará a los datos accedidos, copia del informe accedido en caso de que el titular de los datos lo requiera y los derechos que le asisten.

f) Solicitar y conservar copia física, electrónica o digital del consentimiento otorgado por el titular de datos.

g) Informar debidamente al titular de datos sobre la finalidad de la recolección y los derechos que le asisten por virtud del consentimiento otorgado.

h) Conservar la información bajo las condiciones de seguridad necesarias para impedir su adulteración, pérdida, consulta, uso o acceso no autorizado o fraudulento.

i) Garantizar que la información que se suministre al BIC sea veraz, completa, exacta, actualizada, comprobable y comprensible.

j) Rectificar la información cuando sea incorrecta y comunicar lo pertinente a los BIC que corresponda.

k) Suministrar al BIC, según el caso, únicamente datos cuyo tratamiento esté previamente autorizado.

l) Exigir al BIC, en todo momento, el respeto a las condiciones de seguridad y privacidad de la información del titular de datos.

m) Tramitar las consultas y reclamos formulados en los términos señalados en la Resolución.

n) Adoptar un manual interno de políticas y procedimientos para garantizar el adecuado cumplimiento de la Ley de Protección de Datos Personales Crediticios.

ñ) Informar al BIC, cuando determinada información se encuentra en discusión por parte del titular de datos, una vez se haya presentado el reclamo y no haya finalizado el trámite respectivo

o) Cumplir las instrucciones y requerimientos de obligada observancia que imparta la Superintendencia de Bancos, tratándose de usuarios de información crediticia regulados y supervisados por el BCP. Tratándose de usuarios de información crediticia que no sean regulados por el BCP deberán cumplir con las instrucciones y requerimientos de obligada observancia que imparta la Secretaría de Defensa del Consumidor (“SEDECO”).

En cuanto al consentimiento previo, la Resolución agrega que se considerará que las cláusulas contenidas en contratos de otorgamiento de crédito o de venta a plazo, que se refieren al consentimiento para aportar información, implica la autorización para aportar información tanto positiva como negativa respecto al cumplimiento de las obligaciones por parte del titular de datos. El consentimiento podrá ser revocado de forma expresa en las mismas condiciones y a título gratuito ante el usuario de información crediticia al que se le prestó el consentimiento. La revocación no generará efecto retroactivo.

(iii) Sanciones

Finalmente, la Resolución también dispone que el BCP podrá imponer sanciones a los BIC, usuarios de información crediticia, sus representantes legales y administradores, por la comisión de las infracciones listadas en la Ley de Protección de Datos Personales Crediticios. La SEDECO podrá imponer sanciones cuando las infracciones sean cometidas por los usuarios de información crediticia que no sean supervisados por el BCP. La comisión de las infracciones deberá ser probada en sumario administrativo.

Executive Summary:

Regulation	Content	Date
Decree No. 8,878	The Selective Consumption Tax ("ISC") rates applicable to tobacco, cigarettes, essences and similar products were increased.	February 22, 2023
Decree No. 8,894	The amounts in USD provided for in Law No. 60/1990 for access to additional tax benefits for investment projects and others were increased.	February 28, 2023
Decree No. 8,895	The reduction of (i) the Value Added Tax ("VAT") taxable base for certain goods under the tourism regime, and (ii) the ISC tax rates for certain electronic products is extended until April 30.	February 28, 2023
Decree No. 8,896	The validity of the special ISC tax bases for Diesel/Oil Gas Type III is extended until March 31, 2023.	February 28, 2023
General Resolution No. 126	The Undersecretariat of State for Taxation ("SET") issued administrative measures related to the confirmation of the monthly voucher registration, established in General Resolution No. 90/2021.	February 24, 2023

More information:

► Decree No. 8,878/2023 - Increased ISC rates for tobacco, cigarettes, essences, and similar products.

The Executive Branch issued Decree No. 8,878/2023, by which it resolved to increase by 2% the ISC rates applicable to tobacco, cigarette, essences, and similar products by amending Article 8 of the Annex to Decree No. 3,109/2019 (ISC regulations). Thus, the new rates went from 20% to 22%, being fixed as follows:

Taxable goods	Former tax rate	Current tax rate	Difference
1.- Cigarettes scented or made with blond Egyptian or Turkish tobacco, virginia and the like.	20%	22%	+2%
2.- Cigarettes in general not included in the preceding paragraph.	20%	22%	+2%
3.- Any type of cigarettes.	20%	22%	+2%
4.- Dark or blond tobacco, chopped or otherwise, except in leaf tobacco.	20%	22%	+2%
5.- Tobacco processed, chopped, in strands, in powder (snuff) or in any other form.	20%	22%	+2%
6.- Essences or other tobacco products to be heated, vaporized, inhaled or sniffed with electronic cigarettes, vaporized or similar.	20%	22%	+2%

The provision mentioned above does not have an effective date, so it should have become effective as of March 1, 2023; that is, the day after its publication in Official Gazette No. 41, on February 28, 2023.

In February 2022, the Executive Power increased the ISC rate on tobacco, cigarettes, and similar products from 18% to 20% through Decree No. 6,619/2022.

► Decree No. 8.894/2023 - Increased the amounts in USD for access to additional tax benefits established in Law No. 60/1990 for investment projects and others.

The Executive Branch issued Decree No. 8,894/2023, which increased from USD 5,000,000 to USD 13,000,000,000, the original investment amount required to access the additional tax benefits provided for in Law No. 60/1990, as amended. This new amount will be applied to the requests for approval of benefits provided in the referred law for investment projects that enter as of March 3, 2023.

The tax benefits affected by this amendment are the following: (a) exemption from the Dividends and Profits Tax ("IDU") or any other tax that may apply to the distribution of dividends and profits; and (b) exemption from the payment of interest, the Non-Resident Income Tax ("INR") and the VAT. On the other hand, when the investment project exceeds the new amount of USD 13,000,000, it must be prepared by technicians or consulting firms registered in the Registry of Consultants of the Ministry of Industry and Commerce.

This modification was a budgetary measure to reduce the tax expenditure of the Paraguayan State, based on Article 289 of Law No. 7,050/2023, which approves the General Budget of the Nation for the fiscal year 2023. In addition, this law empowers the Executive Power to update the amounts outlined in the referred Law No. 60/1990 based on the variation of the Consumer Price Index ("CPI") published by the Central Bank of Paraguay ("BCP"), accumulated until November of the fiscal year 2022.

Although nowhere in the norms mentioned above is it expressly indicated which was the reference year to measure the variation of the CPI, there are mentions in Decree No. 8,894/2023 that suggest that such year would have been 2004. This deduction takes force if we consider that, according to the statistical annex of the BCP inflation report, the CPI as of November 2022 is 2.62 times the CPI of December 2004 and that the current amount of USD 13,000,000 represents 2.6 times the previous amount of USD 5,000,000.

► Decree No. 8,895/2022 - The reduction of (i) the VAT taxable base for certain goods under the tourism regime, and (ii) the ISC tax rates for certain electronic products is extended until April 30, 2010.

The Executive Power issued Decree No. 8895/2023, whereby it resolved to extend until April 30, 2023 the effectiveness of the following Decrees:

Decree	Provision
1.- Decree No. 8,048/2022	By which the taxable base of 5% was established for the liquidation of VAT at the time of importing goods under the tourism regime.
2.- Decree No. 8,782/2023	Whereby the temporary modification to 0.5% of the ISC rates for cellular telephony devices and various household appliances, mentioned in paragraphs 2 and 3 of Article 12 of the Annex to Decree No. 3,109/2019, was provided for.

In accordance with the provisions of the measure related to the tourism regime, the taxable base for VAT remained at 5% for the goods referred to in the annex to Decree No. 1,931/2019. Thus, the effective rate is as follows:

Period	Taxable Base	10% VAT effective tax rate	5% VAT effective tax rate
Until April 30, 2023	5%	0,5%	0,25%

As of May 01, 2023, the taxable base of the VAT applicable to the importation of goods subject to the tourism regime will be 15% of the customs value (including customs duties), according to Decree No. 1,931/2019 and its amendments.

On the other hand, regarding the measure adopted concerning the ISC on electronic devices, the Executive Power had resolved to temporarily reduce by half the ISC rates for the following goods:

Product	Regular tax rates	Reduced tax rates	Difference
Automatic data-processing machines and units thereof; magnetic or optical readers, copying machines, hectographic machines, mimeographs, address printing machines, electrical machines, apparatus and equipment and parts thereof; sound recorders and reproducers, television reception apparatus, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus, video monitors and video projectors	1%	0,5%	-0,5%
Cellular telephony devices and portable terminals	1%	0,5%	-0,5%

As of May 1, 2023, the 1% ISC rates for cellular telephones and various household appliances will be applied again unless the Executive Branch extends the validity of these provisions again.

► Decree No. 8.896/2023 - Extension until March 31, 2023 of the special ISC tax bases for the importation of Type III Diesel/Oil Gas.

Through Decree No. 8,676/2023, the Executive Power had fixed, on a transitory basis, the ISC taxable base for the importation of Type III Diesel/Oil Gas, setting it at ₲ 3,083.3 per liter until January 31, 2023. This provision was later extended until February 28, 2023, through Decree No. 8,781/2023. Thus, the abovementioned provision is again extended until March 31, 2023, by Decree No. 8,896/2023.

Therefore, until March 31, 2023, the tax base for Type III Diesel/Oil Gas/Diesel is determined at ₲ 3,083.3 per liter, as provided in Decree No. 8,676/2023. After this date, the taxable base reverts to ₲ 3,777.78 per liter, provided for in the annex to Decree No. 3,109/19 as amended, unless this special regime is further extended.

► General Resolution No. 126/2023 - Whereby the SET takes administrative measures with respect to the confirmation of the monthly voucher registration stub established in General Resolution No. 90/2021.

Through General Resolution No. 126/2023, the SET provided that, exceptionally, the failure of taxpayers who are obliged to file monthly vouchers through the Marangatú Tax Management System to confirm the voucher registration stub for the tax periods of January, February, March, April and May 2023 will not constitute tax non-compliance. Specifically, this provision affects the tax liability under code No. 955-REG. MONTHLY VOUCHER.

This means that the lack of confirmation of the voucher registration stub within the period contemplated in General Resolution No. 126/2023 does not entail the negative consequences of non-compliance -other than the fine for contravention-such as the impossibility to generate the tax compliance certificate, increase of the taxpayer's risk index, etc.

This measure complements the provisions of the SET in General Resolution No. 124/2023, which had established the same measure, but was limited to the lack of confirmation of the filing stub for registering tax vouchers corresponding to the fiscal year 2022 under code No. 956- REG. ANNUAL REG. This last resolution also provided that, for both types of registration (annual and monthly), the penalty for contravention was exempted until July 31, 2023.

During the term of validity of General Resolution No. 126/2023, the SET will continue to receive the registration of vouchers and the confirmation of the filing slip.

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El 23 de enero de 2023, el Ministerio de Trabajo, Empleo y Seguridad Social (MTESS) ha dictado la Resolución N° 66/2023 (“Resolución”) a través de la cual establece que la presentación de planillas laborales (“Planillas”)[1] correspondientes al ejercicio del año 2.022 deberá realizarse en el periodo comprendido entre el 1 de marzo al 30 de abril del 2.023.

La presentación de las planillas se hará exclusivamente por medio del sistema informático del MTESS.

Las empresas que no presenten las Planillas en el plazo, orden y modalidad fijados en la Resolución serán sancionadas con multas que van de los 10 a los 30 jornales mínimos, conforme el siguiente cuadro[2]:

Jornales mínimos	Cuando la mora en la prestación sea:	Será sancionada con una multa de
10	Menos de 30 días	Apróx. G. 980.890
15	Entre 31 días y 60 días	Apróx. G. 1.471.335
20	Entre 61 días y 90 días	Apróx. G. 1.961.780
25	Entre 91 días y 120 días	Apróx. G. 2.452.225
30	Más de 120 días	Apróx. G. 2.942.670

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[1] https://www.mtess.gov.py/application/files/8516/7760/1865/Resolucion_N_66.pdf

[2] https://www.mtess.gov.py/application/files/9815/8107/5032/DECRETO9368_18.PDF