On 13 September 2019, Paraguay's Senate approved the draft Law on Modernization and Simplification of the National Tax System with modifications made in the Chamber of Deputies. The approved version is reportedly in line with initial proposals, although modifications were made to reduce the maximum rate of taxes on tobacco, alcoholic, and sugary drinks. One of the main areas of reform under the law is in transfer pricing, with a new regime introduced that includes documentation requirements for taxpayers with gross income exceeding PYG 10 billion ({News-2019-05-21/P/2-previous coverage}). The reforms also include a new unified business income tax (Impuesto a...