On 22 November 2023, Paraguay's Senate approved the ratification of the pending income tax treaty with Spain. The Treaty, signed 25 March 2023, is the first of its kind between the two countries. Taxes Covered The treaty covers Paraguayan personal income tax, business income tax, tax on dividends and profits, and income tax on non-residents. It covers Spanish income tax on individuals, corporation tax, and income tax on non-residents. Withholding Tax Rates Dividends - 5% if the beneficial owner is a company that directly holds at least 50% of the paying company's capital throughout a 365-day period that includes the...