Paraguay President Publishes Decree Introducing Tourism Regime for Import, Sale of Goods to Nonresidents

The Paraguayan President July 9 published Decree No. 2063, introducing a shopping tourism regime for the import and sale of goods to nonresidents. The decree includes measures: 1) establishing requirements for access to the specified regime; 2) requiring qualifying taxpayers to pay 10 percent VAT on 12.5 percent of the value of imported goods and 1 percent advanced corporate income tax on the customs value of imported goods; 3) exempting VAT on the subsequent sale of those goods to qualifying purchasers; 4) providing a list of taxpayers that the regime is applicable to; 5) providing a list of goods covered ...