July 18, 2024
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Unlock Incredible Savings with Paraguay’s New Shopping Opportunities!

Unlock Incredible Savings with Paraguay’s New Shopping Opportunities!

Paraguay: Unlocking the Door to Cross-Border Shopping

In an effort to attract more foreign shoppers, particularly those from neighboring twin cities in Argentina, Paraguayan authorities have introduced a new mechanism for tax deductions and other benefits. This initiative was unveiled by Paraguayan President Santiago Peña through Decree 2063, marking a significant step towards fostering shopping tourism in the region.

Here are some key points regarding this new shopping tourism regime:

  • Tax Reductions: The Value Added Tax (VAT) will see a reduction from 1.5% to 1.25%, making it more appealing for foreign individuals to shop in Paraguay.
  • Wide Variety of Goods: The regime covers over 150 goods, providing shoppers with a diverse range of products to choose from.
  • Reduced Import Costs: Goods imported under this regime will be valued at half their official price, allowing for more affordable shopping experiences.
  • Airport Tax Benefits: Airport taxes for imported goods will also be lowered, easing the financial burden on shoppers.
  • Strengthening Border Economy: The decree includes stricter requirements to formalize cross-border shopping activities, promoting a more regulated and competitive market environment.

Oscar Orué, head of the National Directorate of Taxes, emphasized the importance of attracting foreign shoppers to Paraguay to boost trade dynamics and encourage healthy competition. The Shopping Tourism Regime (RTC) serves as a crucial tool in formalizing the economy and incentivizing shopping tourism activities in the country.

President Peña highlighted the significance of this new policy in enhancing business competitiveness and ensuring the continued formalization of the economy. By implementing stringent access mechanisms to the regime, Paraguay aims to streamline economic processes and drive sustainable growth in the business sector.

In conclusion, the introduction of the Shopping Tourism Regime in Paraguay represents a milestone in fostering cross-border shopping activities and promoting economic development in the region. With tax reductions, increased accessibility to goods, and a more regulated market environment, Paraguay is poised to become a premier destination for foreign shoppers. Let’s embrace this opportunity and support the growth of shopping tourism in Paraguay!

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