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Growth in corporate income tax collection

Growth in corporate income tax collection

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The Information Agency of Paraguay announced through its website that the collection of Corporate Income Tax has grown by 235% so far this year.According to the data presented by the SET (Subsecretaria de Estado de Tributación – Undersecretary of State for Taxation), the collection of the IRE (Impuesto a la renta Empresarial – Corporate Income Tax) registered a 235.9% growth, collecting a total of 3,476,576 million guaranies, collecting for 2020 the amount of 1,034,911 million guaranies.

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On the other hand, the IDU (Impuesto a los Dividendos y Utilidades – Tax on Dividends and Profits) is the second tax with the highest increase (158.2%) so far this year 2021 with a revenue of 817,673 million guaranies, while in the same period last year it was 316,629 million guaranies.

Likewise, it is important to point out that, at the end of July, the Personal Income Tax (IRP) had an increase of 22.7%, collecting a total of 302,094 million guaranies, while in the first seven months of 2020 it collected 246,302 million guaranies.

Finally, the Tax Administration reported that the Value Added Tax (VAT) increased by 15.6%, collecting 4,890,082 million guaranies in August 2021 when in a similar period of the previous year it collected 4,231,943 million guaranies.

Source: Agencia de Información Paraguaya 17/08/21

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