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Tax Agency Releases Binding Consultation Clarifying VAT Withholding Obligations for Nonresident Reinsurance Services

The Paraguayan Undersecretariat of Taxation Aug. 21 issued Binding Consultation No. 408, clarifying VAT withholding obligations for reinsurance services provided by nonresidents. The taxpayer, a resident insurance company, contracted for reinsurance with a nonresident entity. The taxpayer requested a resolution for the purpose of suspending VAT withholding obligations.

Source: bloombergtax.com

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