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Paraguay residence - my journey

#61
Monchip said:
It’s always good to have a bank account tho. If you make under certain amount you don’t even need to pay tax or you pay a small very amount. I just use 1/2 accounts for 1-2 k a month. Discounts are good if you plan to stay around.
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The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.
 
#62
Thomas278 said:
The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.
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That’s IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.
 
#63
Thomas278 said:
The tax free amount for residents of Paraguay is 80 million Guaranis per year (as of now 1 US = 8,000 Gs). If you make less than that, you do not need to pay taxes not even file a report. However, once you are over that threshold only once, you will also have to file every year regardless if you make less than the limit. This info is from my accountant.

And agreed, I have now 3 local bank accounts but all of them open through friend of a friend who works in the bank.
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Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.
 
#64
Monchip said:
Mine told me after one year of declaring less you can stop filing. Idk all accountants say different things here.
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thats normal in such places and happens to me pretty much in every shithole i spend time in. So common sense approach is to not overhelm the local bureaucracy with paperwork where they dont get money out of it.
;)
 
#69
NewHorizonsParaguay said:
That’s IRP - personal income tax.

As an independent with RUC number you should charge IVA (vat/sales tax) if you make money within the territory, and pay it every month, if you have more income than expenses.
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Correct. Unless you do work for IVA exempt entities (public universities for example) - they are exempt. However, once you have RUC you also have obligation to declare your IVA or pay a fine.
 
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