Paraguay and Spain agree to abolish double taxation to encourage investments

Paraguay and Spain agreed to abolish double taxation to encourage investment, declared Paraguayan President Mario Abdo Benítez, who is on a tour of Europe.

“The negotiation process to eliminate double taxation between Paraguay and Spain has been completed.

“It will make it even more attractive for Spanish investment to use Paraguay’s platform to access the region’s markets.

“The agreement must then go to both congresses,” Abdo Benítez informed at a press conference before continuing his tour in Germany.

According to the head of state, this will prevent companies from paying overlapping taxes in both countries.

He added that “Spain and Spanish capital is the largest foreign investor in Paraguay, that since 2020, [when] Spanish investment surpassed US-American investment”.

Paraguay has double taxation elimination agreements with Taiwan, Chile, Uruguay, the United Arab Emirates, and Qatar.

Abod Benítez began his visit to Spain on November 3 and will continue with the official tour in Germany, where President Frank-Walter Stein-Meier will receive him.

With information from Sputnik