As {News-2019-05-21/P/2-previously reported}, a draft tax reform law has been presented to Paraguay's National Congress for the introduction of new transfer pricing rules. In addition to the transfer pricing rules, the draft Law on Modernization and Simplification of the National Tax System also includes several other reform changes. This includes: The introduction of a unified business income tax (Impuesto a la Renta empresarial, IRE) with a rate of 10%, with the same rules applying to income from all types of economic activity; Allowing losses to be carried forward for up to five years, which may offset up to 20% of...