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Official languages

ISO 4217


Spanish and Guarani

6.8 million



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Paraguay has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 4.2% in 2019, and is projected to grow by 4.3% in 2020. This growth is largely driven by the country's strong agricultural sector, which accounts for nearly one-third of Paraguay's GDP. The country also has a strong manufacturing sector, which contributes around 20% of its GDP. Additionally, Paraguay has seen an increase in foreign direct investment, with the country receiving $1.3 billion in 2019. This has helped to boost the country's economic growth and create jobs. Overall, Paraguay's economy is on a positive trajectory, and the country is well-positioned to continue to grow in the coming years.


In Paraguay, both individuals and corporations are subject to income tax. The tax year is the calendar year and tax returns are due on March 31st of the following year. The tax rates for both corporate and personal income are progressive, meaning that the more income earned, the higher the tax rate.

For corporations, the standard income tax rate is 25% of net income. However, there are certain industries and activities that may be eligible for a lower tax rate. For example, companies involved in exports may be eligible for a reduced rate of 15%.

For individuals, the tax rates are as follows:

- Income up to 36 million Paraguayan Guaranies (PYG) per year: 8%

- Income between 36 million and 108 million PYG per year: 10%

- Income between 108 million and 180 million PYG per year: 12%

- Income between 180 million and 360 million PYG per year: 15%

- Income over 360 million PYG per year: 10% on the excess

Individuals are also subject to a range of other taxes, including value-added tax (VAT), social security contributions, and property taxes.

Tax payments can be made in monthly installments or in a single lump sum. Taxpayers can also choose to pay their taxes electronically or in person at designated payment centers. Late payment of taxes can result in penalties and interest charges.

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