Paraguay published Law No. 6.380 on Modernization and Simplification of the National Tax System in the Official Gazette on 25 September 2019. The main measures of the law include the following: A new unified business income tax (Impuesto a la Renta Empresarial, IRE) is introduced with a rate of 10%, which replaces the income tax for commercial, industrial, and service activities (IRACIS) and the income tax for agricultural activities (IRAGRO); The taxable income rules are modified, with IRE taxpayers subject to tax on profits obtained from both activities in Paraguay and abroad, with credit for foreign taxes paid up to...