Author: Content

Bill approving the Loan Agreement Par-27/2019 signed between Paraguay and FONPLATA of up to US$ 220,000,000 to finance the improvement project of National Route No. 17, connecting Pedro Juan Caballero – Capitán Bado – Itanará – Ypejhú in the Departments of Amambay and Canindeyú.

A. General Aspects

On June 14, 2023, the Paraguayan Congress enacted the Bill to finance the improvement of 220 kilometers (from a total of 380) of road works on Route PY17; specifically, the road section that connects the towns of Pedro Juan Caballero and Ypehú ("Project").

The Project is considered by the government as a "High National Priority" work. According to the statement of purpose of the Bill, the Project will bring the following benefits: (i) improvement of connectivity and facilitating regional product distribution; (ii) reduction in travel time (approximately -3 hours); (iii) reduction in logistics costs; (iv) increase in property value; and (v) increased government presence in a remote area. It is estimated that the direct benefits of the Project could benefit around 185,000 people.

The execution of the Project will be carried out by the Ministry of Public Works and Communications (MOPC) as the Implementing Agency on behalf of the Executive Branch; the operational part of the Project will be handled by the Road Directorate (Dirección de Vialidad) of the MOPC.

B. Financing

Financing for the Project is provided by Fondo Financiero para el Desarrollo de la Cuenca del Plata (FONPLATA) for up to USD 220,000,000 ("Loan"), to be disbursed in 2 stages of USD 130,000,000 ("First Stage") and USD 90,000,000 ("Second Stage") over a period of 20 years with a grace period of 5 years. For the disbursement of the Second Stage, the Paraguayan government must provide FONPLATA with proof of expenses amounting to USD 52,000,000, within 36 months (extendable by 12 months) from the entry into force of the Contract, for the financing amount committed in the First Stage.

The Project already has the National Public Investment System code (SNIP) of the Technical Planning Office through which public investment projects are managed.[1] The Project will result in a budget increase of PYG 3,000,000,000 (three billion guaraníes), which will directly affect the budget of the MOPC. The Bill provides for the possibility of local counterpart funding for additional resources beyond the Loan that may be necessary to complete the Project.

C. Project Structure and Contracting System

Regarding the structure of the Project, it is divided into the following works and services ("Works"):

1. Road Works: Of the 220 km of the route, 193 km correspond to the main axis; 7 km to urban crossings, and 21 km to bypasses. The work includes toll and weighing stations. The contracting through international public bidding ("IPB"), will be done by sections.
2. Oversight: Oversight contracts will be contracted under the IPB modality. These contracts will be directed to consulting firms, with each firm being eligible for only one contract, meaning no more than one section.
3. Environmental, Social, and Environmental Services Management: This component of the Project includes the following programs: (i) Municipal and Departmental Strengthening of Environmental Management; (ii) Socio-Community Environmental Education; (iii) Road Safety Education in Educational Institutions; (iv) Information and Communication to the Population; (v) Support for Tourism; (vi) Support and Strengthening of Indigenous Communities; and (vii) Support for the Release of Domain Strip and Social Assistance to those affected.
4. Release of the domain strip: This component will finance economic compensation to those affected by the planned expropriations.

The Project foresees that the Loan will be allocated to the Works according to the following structure:

(*) The Project's budget incorporates the financing of national taxes
(**) Includes the cost of the Administration Commission, as described in Article 3.05 of the Special Stipulations of this Contract.

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Regarding the contracting method of the Project, the Bill establishes that the contracts for the execution of the work will be carried out using the IPB system in accordance with the current regulations on public bidding and the "Policies for the Acquisition of Goods, Works, and Services in Operations Financed by FONPLATA of July 2017".

According to the Contract's Annex, the contracts resulting from the bidding process may be subdivided into up to five construction contracts, as established in the Terms of Reference, which must be clear of objections from FONPLATA. The contracting of Oversight must also be done through IPB, and the bidding processes can be subdivided into the same number as the contracts planned for the execution of the road works. In this case, consulting firms can only be awarded only one oversight contract.

D. Final Comments

On July 6, 2023, the Executive Branch enacted the Bill, which was published in the July 7, 2023 edition of the Official Gazette como Ley  Nº 7119/2023. Por otra parte, el MOPC aún no ha hecho el llamado a la LPI; considerando que el nuevo gobierno tomará posesión recién el 15 de agosto próximo, consideramos que el Proyecto estaría siendo licitado durante el tercer trimestre de este año o el primero de 2024.

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For further information on any of the topics covered in this edition of our newsletter, please contact our experts: Luis Marcio Toraleslmtorales@vouga.com.py); Silvia Benítez (sbenitez@vouga.com.py); Manuel Acevedo (macevedo@vouga.com.py); Rodolfo G. Vouga (rgvouga@vouga.com.py) 

 

Executive Summary

Standard	Content	Date
Decree No. 9545	The Value Added Tax ("VAT") taxable base for the importation of vaccines against Coronavirus or COVID-19 is reduced until August 31, 2023.	June 23, 2023
General Resolution No. 131	The Undersecretariat of State for Taxation ("SET") amended General Resolution No. 90/2021 (the "RG 90") and now allows taxpayers to incorporate or include fiscal documents via file import, after the generation of the filing stub.	June 06, 2023
General Resolution No. 132	The SET amended RG 90 to extend deadlines, provide for changes in reporting regimes and extend until October 31, 2023 the exemption from the negative effects of late filing of the 2022 annual report and the 2023 monthly reports.	June 28, 2023

More information:

► Decree No. 9545/2023 – The VAT tax base for the importation of Coronavirus or COVID-19 vaccines is reduced until August 31, 2023

Following the Coronavirus or COVID-19 pandemic in 2020, the Executive Branch expanded the National Vaccination Plan and the spectrum of medical services and treatments to be provided through public health networks.

To alleviate the financial pressure caused by such an extension to public health services, the Executive Branch issued Decree No. 9545/2023, by which it reduced until August 31, 2023, the VAT taxable base applicable to the importation of vaccines to treat against Coronavirus or COVID-19.

Said decree was published in the Official Gazette No. 122 of June 28, 2023. Therefore, as of the following day and until August 31, 2023, the taxable base and the effective rate of the affected products are as follows:

Period	Taxable base	Effective VAT rate 5%
From June 29 to August 31, 2023	10%	0,5%

Posteriormente, desde el 1 de septiembre de 2023, se aplicará la base imponible general del 100% del valor aduanero de la mercadería más otros impuestos cobrados con motivo de la importación, aun cuando éstos tengan aplicación suspendida, excluido el IVA.

► General Resolution No. 131/2023 – The SET modified article 9 of RG 90 and now it is possible to incorporate new fiscal documents by importing files, after generating the filing stub.

Through General Resolution No. 131/2023, the SET resolved to amend RG 90, which established the obligation for taxpayers to register through the Marangatú Tax Management System ("Marangatú") the fiscal documents that support the transactions they carry out and that serve as a basis for the determination of their tax obligations.

In particular, General Resolution No. 131/2023 amended Article 9 of RG 90, which previously established that the incorporation or inclusion of new fiscal documents after the generation of the filing stub could only be done individually by the taxpayer, that is, through the manual uploading mechanism of each fiscal document (one by one), and then the transaction summary stub in Marangatú had to be updated.

With the modification proposed by General Resolution No. 131/2023, the taxpayer may incorporate or include new fiscal documents after generating the filing stub individually (manual upload) and also by importing files. After including new fiscal documents, the taxpayer must update the operations summary stub in the Marangatú.

Finally, General Resolution No. 131/2023 also warned that the SET would carry out control and inspection tasks to corroborate that the data included in the affidavits determining tax obligations are supported by the information provided by taxpayers in the registry of fiscal documents in compliance of the RG 90. In this sense, the SET may penalize taxpayers who present inconsistencies between their informative and determinative affidavits. These inconsistencies may also be subject to tax audits.

► General Resolution No. 132/2023 – The SET amended articles 7 and 14 of RG 90 to extend deadlines, provide for changes in reporting regimes and extend until October 31, 2023, the exemption from the negative effects of late filing of the 2022 annual report and the 2023 monthly reports.

Through General Resolution No. 132/2023 (the "RG 132"), the SET provided several additional amendments to RG 90. Mainly, the SET established that the following situations do not constitute tax noncompliance until October 31, 2023 ("Grace Period"):

1. Lack of confirmation of the fiscal documents registration filing stub corresponding to fiscal year 2022 for taxpayers obliged to the annual registration of fiscal documents with obligation code No. 956 - ANNUAL REG. ("956-Annual"); and,
2. The lack of confirmation of the fiscal documents registration stub corresponding to the tax periods from January to August 2023 for taxpayers obliged to the monthly registration of fiscal documents with obligation code No. 955 - REG. MONTHLY REG. ("955-Monthly").

This means that, for practical purposes, the lack of confirmation of the registration stub during the Grace Period does not entail the consequences of noncompliance such as the impossibility of generating the tax compliance certificate, the increase of the taxpayer's risk index, or fines, among others. This benefit would not extend to the monthly records from January to December 2022, identified as 955-Monthly.

The referred resolution also establishes that, during the Grace Period, the fine for violation will not be applied to taxpayers who have the obligations indicated above and who make the registration and confirmation of the fiscal information in Marangatú late, regardless of their fiscal period or fiscal year.

After the Grace Period, late compliance with the indicated obligations will generate a fine for contravention of one hundred thousand guaraníes (G. 100,000), provided for non-compliance with the formal obligations to file informative affidavits, according to item 4, paragraph "b" of the annex of General Resolution No. 13/2019, which quantifies the fines for contravention.

RG 132 also extended the due date to confirm the filing of monthly records in Marangatú, moving it from the month immediately following the second month after the fiscal period being reported, according to the following:

Obligation code	Description	Obligation affected	Deadline for confirmation of submission
955 – MONTHLY	Monthly registration of fiscal documents	211 – General VAT	Up to the due date of the subsequent month of the tax period to be declared, according to the calendar of due dates of informative tax returns.

Said modification is applicable as from the tax period of June 2023, when this regulation was issued, so the obligation corresponding to this one will expire in August 2023 and not in July 2023, as it would have been before, under the original text of article 7 of RG 90.

Finally, through RG 132, the SET also established the conditions and procedures for a Personal Income Taxpayer under the category of income from personal services ("IRP-RSP") to go from the monthly registration of vouchers to the annual registration and vice versa, as follows:

1. The IRP-RSP taxpayer that: (i) has the obligation of annual registration of receipts (955-Annual), because it does not carry out VAT taxable activities, and (ii) during the fiscal year starts any VAT taxable activity, must begin to register its receipts monthly (956-Monthly) from January of the following year.
2. If the IRP-RSP taxpayer has (i) the obligation of monthly registration of vouchers (956-Monthly), because it performs VAT taxable activities, and (ii) during the fiscal year it stops performing such activities requesting the exclusion of obligation No. 211-IVA General, it will be obliged to register the information of the fiscal documents on an annual basis (955-Annual) as from the fiscal year following the exclusion of such obligation.

To this effect, the SET will proceed ex officio to register or deregister the obligations 955-Annual and 956-Monthly, as the case may be, in January of each year.

On June 13, 2023, the Superintendency of Banks issued Circular SB. SG. No. 96/23 to remind the entry into force of the "Regulation of Credit Information Bureaus (BIC) and Protection of Personal Credit Information within the Framework of Law No. 6534/2020 on the Protection of Personal Credit Data" (the "Regulation"). This regulation, approved by Resolution No. 3, Act No. 8 of the Board of Directors of the Central Bank of Paraguay on February 21, 2023, establishes the licensing, regulation, supervision, and sanction regime of the companies that provide credit reference services, known as Credit Information Bureaus (BICs).

In this regard, the obligation of financial institutions to regularly provide the BICs, with which they have a contract for the provision of credit information services, with updated data on the clients of their credit portfolio is emphasized. This includes positive and negative information, especially related to fulfilling credit obligations. This data must be notified within a maximum period of twenty-four (24) hours from its cancellation, in accordance with the provisions of Article 14 of Law No. 6534/2020.

Finally, the Superintendency of Banks urges all users of credit information to fully comply with the provisions in force on the matter. This is done in order to protect the rights of data subjects and ensure the protection of personal credit data.

The Secretariat for Consumer and User Defense (SEDECO) issued Resolution No. 705/2023 on May 31, 2023, with the purpose of regulating Law No. 6366/2019, which amends Law No. 1334/98 "On Consumer and User Defense", providing greater clarity and transparency in the information on credit operations (the "Resolution").

The Resolution provides that all transactions made between final consumers and suppliers of goods or services must comply, without exception, with the requirements set forth in Articles 4°, 6°, 10°, 15° and 29° of Law No. 1334/98 "On Consumer and User Defense", as amended by Law No. 6366/2019.

Article 4° defines the terms consumer and user, supplier, products, services, advertiser, acts of consumption, sustainable consumption, adhesion contract, collective interests and Total Cost of Credit (CTC).

Article 6° establishes the basic consumer rights, which include free choice, protection of life, health and safety, adequate education and disclosure, clear information on products and services, protection against misleading advertising and abusive commercial practices, repair of damages, formation of consumer associations, adequate provision of public services, compliance with advertised conditions, information on early cancellation of credit and knowledge of the CTC.

Article 10° specifies that the prices of products or services, including taxes, must be precisely indicated in the offer. In installment financing, information on the cost of financing based on CTC must be included.

Article 15° establishes the information that the service provider must provide in a clear and precise manner, such as the name and address of the supplier, description of the service, quality, materials used, price, term of validity, health and safety risks, contractual guarantee and the CTC.

Finally, Article 29° establishes the elements that must be included in credit operations, including the cash price, interest, surcharges, number of payments, total amount to be paid, rights and obligations in case of default, and CTC.

It is important to note that this regulation does not apply to financial entities regulated by the Central Bank of Paraguay (BCP) and the entities supervised by the National Institute of Cooperatives (INCOOP).

In addition, it provides that suppliers of goods and services, at the time of entering into adhesion contracts with consumers or users, must deliver a document containing all relevant information about the goods or services purchased. This information includes the total price already charged, the total cost to cancel the contract before the agreed expiration date, the value of the service, the CTC, and other details necessary for the consumer or user to fully understand the credit.

The Resolution also establishes that all information related to the CTC, issued by the suppliers, must be printed on sheets with logo and letterhead, signed by the person in charge and stamped by the supplier issuing the documentation, under penalty of nullity and subject to the penalties established in the regulations in force.

In case of non-compliance, the sanctions set forth in Decree No. 21004/03, which regulates the Sole Administrative Procedure for Summary Proceedings in Consumer and User Defense Matters and current or future resolutions, shall be applied.

Executive Summary

Standard	Content	Date
Binding Consultation	The Undersecretariat of State for Taxation (“SET” per its Spanish acronyms) ruled on the application of Value Added Tax (“VAT”) to the acquisition of software and payment of fees for teachers from abroad by an educational entity recognized by the Ministry of Education and Science (“MEC”).	First semester 2023
Binding Consultation	The SET ruled on the invoicing and tax treatment of VAT applicable to an assignment of receivables and payment of interest.	First semester 2023
Binding Consultation	SET indicated the tax treatment of the investment in a mutual fund and the interest generated in the Personal Income Tax (“IRP”) for a natural persona with fiscal residence in Paraguay.	First semester 2023
Non-Binding Consultation	SET established its position on the possibility of using bank transfer slips to support the cancellation of invoices on credit.	First semester 2023

More information:

► Response to a Binding Consultation on the application of VAT on the acquisition of software and payment of fees for teachers from abroad by an educational entity recognized by the MEC

The SET responded to a binding consultation made by a taxpayer; an educational institution recognized by the MEC. The taxpayer explained when submitting its consultation that, since the Covid-19 pandemic, it has been developing teaching methods involving virtual platforms. To this effect, it makes payments for the acquisition of software to use a digital platform and, in addition, pays fees to teachers located abroad who developed their educational activities both in face-to-face and virtual format.

The taxpayer argued to the SET that these operations are exempt from VAT, considering they relate to its educational activities. To this effect, it cited article 100, paragraph 6 of Law No. 6,380/2019 (the "Tax Law"), which exempts from VAT the importation and sale of certain goods related to education services, when they are carried out in favor of educational entities.

In response to this consultation, the SET determined that two transactions are being carried out simultaneously by the taxpayer: (1) hiring of teachers from abroad for the development of educational activities in a virtual and face-to-face format, and (2) acquisition of licenses for the use of software from abroad to access virtual platforms.

Regarding the first operation, SET replied to the taxpayer that hiring teachers to render teaching services is exempt from VAT under article 100, numeral 3, paragraph “g” of the Tax Law.

Regarding the second transaction, the SET replied that this transaction is included within the "digital services" concept of the Tax Law, specifically within Article 12, paragraph "b" of General Resolution No. 76/2020. In other words, in this case, the SET understood that the category of digital service prevails over that of education, and, therefore, the exemptions for education services do not apply to the acquisition of software licenses to access virtual platforms, even when these platforms are for education purposes.

Consequently, the SET replied that the entities that intermediate the payment of software licenses to access virtual platforms are obliged to act as VAT collection agents, considering that the taxpayer explained that he makes the payments with bank transfers.

The SET concludes its analysis by explaining that the VAT exemption for importing goods, equipment, and supplies by educational entities contained in article 100, numeral 6, of the Tax Law, invoked by the taxpayer, does not apply to the transactions in question. SET bases this position on the fact that such exemption only applies to the operations (import and sale) of physical goods included in such provision and therefore does not extend to the operations described by the taxpayer, which, since they are related to the use and transfer of software by electronic means, correspond to services.

► Response to a binding consultation on the tax treatment of an assignment of receivables and interest payment transaction

A taxpayer asked the SET whether the interest and expenses generated in a credit assignment transaction are exempt from VAT. The taxpayer (“Supplier”) explained that it had entered into a service provision contract with another company (“Client”) and that it issued a credit invoice that was pending payment, so it assigned and transferred its collection rights arising from the provision contract to a bank (“Bank”) to advance the funds of the credit invoice.

This financing by the Bank generated expenses and costs, interest and administrative expenses, plus VAT (“Surcharges”), which the Bank charged to the Supplier by deducting them from the funds advanced to the Supplier in connection with the assignment of the credit, thus obtaining the Bank's result from the difference between the amount paid to the Supplier and the amount collected from the Client. The Supplier consulted SET on how to document the Surcharges of the credit assignment affecting operations (b) and (c) of the above image.

However, SET understood that the query did not refer to the Surcharges but to who is responsible for issuing the invoices when collecting the interest accrued after the assigned credit, which would be operations (e) and (f) of the above image. Due to this, SET addressed the consultation by indicating that two operations are being developed juxtaposed: (1) the assignment of the credit -(b) and (c)-, and (2) the collection of interest by the Bank or new creditor -(e) and (f)-.

Regarding the first transaction, the SET confirmed that the assignment of credits is exempt from VAT (article 100, numeral 1, paragraph "b" of the Tax Law). Regarding the second transaction, the SET indicated that the Bank or new creditor must issue the invoices for the collection of interest accrued after the assignment (article 81, numeral 2, paragraph “a” of the Tax Law). However, the SET should have addressed the original consultation on the documentation and taxability of the Surcharges for the assignment.

► Response to binding consultation on the tax treatment of an investment in a mutual fund and the interest generated by such investment

A taxpayer asked SET whether his investment in a mutual fund is deductible for determining his Personal Income Tax (“IRP”) liability. Additionally, he asked whether the interest generated by the mutual fund is exempt from tax, considering that the mutual fund invests the capital it receives in a portfolio of stocks and bonds.

Concerning the first question, regarding the possibility of deducting the investment in mutual funds for the determination of the taxpayer's income tax, the SET answered that, according to the provisions of the Tax Law, the income tax is divided into two categories, in practice, are determined and settled separately: (a) income tax on income derived from the rendering of personal services, and (b) income tax on income and capital gains ("IRP-RGC"). In this regard, SET explained to the taxpayer that the investment in mutual funds is not considered a deductible expense for any of the IRP categories.

About the second consultation, regarding the exoneration applicable to the interest received from the mutual fund, the SET answered that, effectively, the interest generated by the investment in the mutual fund corresponds to the IRP-RGC category, whose rules exempt it from this tax (article 56, numeral 11, of the Tax Law).

As an additional comment to what was resolved in the referred binding consultation, it is essential to point out that when a person invests in a mutual fund, the profit in the operation is obtained through the redemption of the quota part, with the order sent to the company that acts as administrator of the mutual fund ("AFPISA"). It is only at this moment when the AFPISA transfers to the investor the greater value generated in its quota parts as a result of the collection of interest and dividends obtained by the mutual fund that the referred exemption of the IRP-RGC would be activated if the investor is an individual with tax residence in Paraguay.

Before the moment indicated in the previous paragraph, the interests obtained by the mutual fund are not subject to Corporate Income Tax (“IRE”) since mutual funds are within the category of equity investment funds, which are considered as transparent legal structures (“EJT”), according to article 4 of the Tax Law. As an EJT, the income obtained by the mutual funds has a neutral tax effect in determining the IRE, so the interest earned by the mutual fund is not taxable for this tax either.

► Response to non-binding consultation on whether bank transfer slips can be used as payment vouchers to cancel invoices issued on credit

Through a non-binding consultation, a taxpayer asked SET whether any legal regulation establishes the use of the bank transfer slip as support for the cancellation of an invoice issued on credit. The taxpayer explains that he is making this consultation because he requested a money receipt for a payment he made to a supplier who had issued a credit invoice, which the supplier refused, arguing that the bank transfer slip is already the document that accredits the payment of the credit invoice issued by him, so he would not give a money receipt.

SET responded indirectly that there is no express legal tax regulation that regulates the use of bank transfer slips as support for the cancellation of an invoice issued on credit since neither this nor the money receipt are documents stamped by said institution.

However, despite this limitation, SET concluded that both the money receipt and the bank transfer voucher processed satisfactorily, due to their usual commercial use, can be considered as documents that serve as support for documenting, for tax purposes, the cancellation of invoices issued on credit by suppliers of goods and services.

On June 22nd, our partner Rodolfo Vouga Z. participated in a timely panel discussion on carbon markets organized by the Paraguayan-American Chamber of Commerce (AMCHAM Paraguay). Alongside Per Olofsson, CEO of Paracel S.A., the panelists shared experiences and perspectives for the carbon markets, exploring the potential and opportunities in Paraguay, as well as the sector's regulation.

The panel discussion garnered a great turnout of professionals and business leaders active in the carbon sector, and had an important coverage by the local press. During the event, Rodolfo Vouga and Per Olofsson discussed ongoing projects in various sectors such as forestry, agriculture, livestock, renewable energy, and transportation in Paraguay, as well as a bill presented in Congress that would regulate certain aspects of carbon credits in Paraguay, including ownership, registration, corresponding adjustments, among other issues. The panel generated a productive exchange of ideas with the audience.

Rodolfo Vouga emphasized the importance of having a legal framework with clear rules regarding carbon credit ownership and other regulatory aspects, which, in his view, will facilitate access to the markets for projects developed in Paraguay.

Carbon markets have become a key tool in driving the transition towards a low-carbon economy. Paraguay, with its vast biodiversity and business-friendly investment climate, positions itself as one of the jurisdictions with the greatest potential worldwide for the development of carbon credit projects. VOUGA ABOGADOS currently boasts a leading team in Paraguay with experience in implementing carbon projects.

We would like to express our gratitude to AMCHAM Paraguay for providing us with the opportunity to share our experience in this growing sector.

You can watch the discussion in the following link.

For further information about the event or carbon markets in Paraguay, please contact Rodolfo Vouga Z (rgvouga@vouga.com.py), Rodrigo Fernández (rfernandez@vouga.com.py) and Cecilia Vera (cvera@vouga.com.py).

El Congreso paraguayo sancionó recientemente la ley que ratifica el Acuerdo de Reconocimiento Mutuo de Certificados de Firma Digital del Mercosur, celebrado el 5 de diciembre de 2019 (el “Acuerdo”), que tiene por objeto principal permitir el reconocimiento mutuo dentro del bloque de los certificados de firmas digitales o (en los términos de la normativa paraguaya) firmas electrónicas cualificadas emitidas en los Estados Parte.[1] En otras palabras, que las firmas electrónicas cualificadas expedidas por prestadores acreditados en un Estado Parte sean consideradas como tales en los demás Estados Parte.

Este reconocimiento no alcanza a toda las firmas electrónicas, sino sólo a las firmas electrónicas cualificadas emitidas por los prestadores de servicios de confianza habilitados por las autoridades competentes de cada Estado Parte. En el caso de Paraguay, la autoridad es el Ministerio de Industria y Comercio (MIC) a través de la Dirección General de Firma Digital y Comercio Electrónico. Ésta ha habilitado a tres empresas para la expedición de firmas electrónicas cualificadas en los términos de la Ley 6822/2021 de los Servicios de Confianza para las Transacciones Electrónicas, del Documento Electrónico y los Documentos Transmisibles Electrónicos, y el Decreto 7576/2022 que reglamenta la citada Ley.

El Acuerdo ya se encuentra en vigor entre Argentina y Uruguay desde agosto de 2021, y ahora se sumaría Paraguay, quedando pendiente la adhesión de Brasil.

Por tanto, asumiendo que cumplen con los requerimientos técnicos del Acuerdo[2], las firmas electrónicas cualificadas emitidas en Paraguay también tendrán validez legal en Argentina y Uruguay, y viceversa, sin necesidad de trámite o certificación adicional. Son evidentes los beneficios que otorga esta mayor seguridad jurídica y simplicidad en el intercambio transfronterizo de documentos electrónicos, sobre todo para las empresas que realizan habitualmente transacciones con los mencionados países vecinos.

En concordancia con el Acuerdo, la Dirección General de Firma Digital y Comercio Electrónico debería publicar en su sitio web las herramientas para facilitar la verificación de los documentos con firmas electrónicas cualificadas expedidas en Argentina y Uruguay. Las autoridades de estos dos países ya tienen disponible en sus respectivos sitios web estas herramientas para facilitar el reconocimiento mutuo de firmas electrónicas cualificadas, y agregarían la mismas herramientas respecto Paraguay.[3]

La ley que aprueba el Acuerdo pasa ahora al Ejecutivo para su promulgación, no siendo esperable el veto considerando que el proyecto de ley fue enviado al Congreso por el Ministerio de Relaciones Exteriores. Posteriormente el Acuerdo entrará en vigor entre los tres Estados Parte que lo han ratificado, siendo deseable que Brasil lo haga pronto considerando el elevado volumen de transacciones que este país representa dentro del bloque, y en particular para el Paraguay.

Este Acuerdo se suma otros instrumentos del Mercosur en materia comercio digital, como el Acuerdo sobre Comercio Electrónico del Mercosur (recientemente aprobado por el Congreso) y la Resolución GMC 37/2019 sobre Protección al Consumidor en el Comercio Electrónico, y está en consonancia con la Agenda Digital Mercosur.

Para más información contacte por favor a Rodrigo Fernandez (rfernandez@vouga.com.py), Manuel Acevedo (macevedo@vouga.com.py), Laura Lezcano (llezcano@vouga.com.py) or your usual Vouga contact.

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[1] Si bien el Acuerdo emplea el término “firma digital”, se utiliza aquí el “término firma electrónica cualificada” en consonancia con en la normativa paraguaya, Ley 6822/2022.

[2] El art. 3 del Acuerdo lista los requerimientos técnicos que deben reunir las firmas electrónicas cualificadas para que sean válidas bajo el Acuerdo; resumidamente: utilización de estándar internacional, datos mínimos que deber contener el certificado, posibilidad de su validación y prestador habilitado por autoridad competente. Por su parte, la Ley 6822/2022 lista los requisitos

[3][3]  Ver sitios web de oficiales de validación de las autoridades de Argentina and Uruguay.

El pasado 16 de junio, el Congreso paraguayo sancionó la ley que aprueba el Acuerdo sobre Comercio Electrónico del Mercosur firmado el 29 de abril de 2021 (el “Acuerdo”), el cual establece un marco normativo común para el comercio electrónico basado en ciertos presupuestos mínimos a los que deben ajustarse las legislaciones domésticas de los Estados Parte.

Este Acuerdo denota la importancia que el comercio electrónico tiene para el Mercosur como instrumento de creciente relevancia para el desarrollo económico y social; relevancia realzada tras la pandemia de Covid-19 durante la cual se celebró este Acuerdo. En este sentido, el Acuerdo forma parte de otras decisiones del Mercosur en materia comercio digital, como el Acuerdo de Reconocimiento Mutuo de Certificados de Firma Digital (también recientemente aprobado por el Congreso paraguayo) y la Resolución GMC 37/2019 sobre Protección al Consumidor en el Comercio Electrónico, y está en consonancia con la Agenda Digital Mercosur.

El Acuerdo tiene similitudes con otros instrumentos internacionales precedentes, como son el Acuerdo de Asociación de Economía Digital (DEPA), celebrado entre Chile, Nueva Zelanda y Singapur, y el Capítulo 14 sobre Comercio Electrónico del Acuerdo Transpacífico de Cooperación Económica (CPTPP), celebrado entre Australia, Brunei Darussalam, Canadá, Chile, Malasia, México, Japón, Nueva Zelanda, Perú, Singapur y Vietnam. La mayor parte de las disposiciones del Acuerdo tienen como fuente directa al CPTPP, que a su vez ha servido de base para el DEPA, siendo éste más amplio y detallado que el Acuerdo. Esta comparativa permite inferir que el Acuerdo refleja la intención del Mercosur de no quedar rezagado frente a otros bloques económicos en materia marco normativo para el comercio electrónico.

Reconociendo la importancia de facilitar un comercio electrónico internacional seguro e interoperable, el Acuerdo establece presupuestos que los Estados Parte deben cumplir con relación a diversos aspectos esenciales que hacen al comercio electrónico, entre ellas:

• Libertad de elección informada para el acceso a internet.
• No imposición de derechos aduaneros a las transmisiones electrónicas transfronterizas, sin perjuicio de tributos internos compatibles con los acuerdos de la Organización Mundial de Comercio (OMC);
• Validez legal de las firmas electrónicas como regla general y fomento al reconocimiento de mutuo de firmas electrónicas cualificadas/avanzadas;
• Protección al consumidor contra el engaño y el fraude en línea;
• Protección de datos personales mediante estándares internacionales, reglas no discriminatorias y cooperación en materia ciberseguridad, y el ejercicio de los derechos de acceso, rectificación y supresión de datos personales;
• Facultad de regular la transferencia internacional de información (incluyendo la localización de bases de datos), siempre que no constituya una forma de discriminación o restricción encubierta al comercio;
• Restricciones y requerimientos para el envío de información comercial no solicitada (spam).

Al cotejar estas pautas con la legislación doméstica paraguaya, resaltan a primera vista dos posibles desafíos. Primero, la Ley 6534/2020 sobre Datos Personales Crediticios es una normativa que no cumple con los “estándares internacionales”, conteniendo sólo un puñado de disposiciones sobre datos personales en general, dejando lagunas y dudas en aspectos importantes, tales como transferencia internacional de datos y violaciones de seguridad. Justamente, el proyecto de ley de sobre datos personales actualmente en curso en el Congreso menciona expresamente el Acuerdo en su exposición motivos (D-2162170).

Segundo, el Acuerdo requiere como regla general el consentimiento para el envío de publicidad no solicitada (opt-in) (art. 10.2), mientras que la normativa paraguaya se limita exigir que el consumidor pueda oponerse a la publicidad no solicitada cuando provee sus datos y cuando recibe la publicidad (opt-out) (Ley 4868/2013 de Comercio Electrónico, Título III).

La ley que aprueba el Acuerdo pasará al Ejecutivo para su promulgación, no siendo esperable el veto considerando que el proyecto de ley fue enviado al Congreso por el Ministerio de Relaciones Exteriores. Depositada la ley ratificatoria, el Acuerdo entrará vigor entre Paraguay y Uruguay, ya que Argentina y Brasil aún no lo han ratificado.

El Acuerdo se sumaría entonces a la creciente normativa paraguaya relacionada a la economía digital, siendo de importancia creciente y transversal para para las empresas con planes de crecimiento a largo plazo.

Para más información contacte por favor a Rodrigo Fernandez (rfernandez@vouga.com.py), Manuel Acevedo (macevedo@vouga.com.py), Laura Lezcano (llezcano@vouga.com.py) or your usual Vouga contact.

Circular CNV/DIR No. 023/2023 issued on May 30, 2023 by the National Securities Commission (CNV) introduces amendments to Circular CNV/DIR No. 028/2022 regarding the submission of risk rating reports by Risk Rating Companies and their access by the CNV. The main aspects of the Circular are detailed below:

1. Risk rating reports must be permanently available in digitalized format for access and/or delivery to the CNV. This includes the working/calculation papers and the risk matrix used, as well as the risk rating reports issued and the corresponding review report;

It is important to bear in mind that the submission of the risk rating reports must be made in accordance with the form and deadlines established in the Securities Market Regulation. In this regard, said regulation mentions that the rating report for securities market entities and issues of publicly offered securities must include an executive summary, the name of the rating entity and the date of assignment of the rating. In addition, a general description of the information used in the process and the analyses performed is required.

The rating information must contain the name and identification of the issuer, the date of authorization and registration with the CNV, the date of the financial background used, the rating and its rationale, including a projected cash flow and scenario analysis. Relevant comments or observations must also be provided, and, in the case of an issue, the series of the security must be indicated and the characteristics of the issue must be described. Likewise, the ratings and their updates must be sent by the Rating Agency to the issuing entity, the CNV and the Stock Exchange within 2 business days after their assignment. Brokerage Firms must make available to the public the ratings of the securities traded with them, as well as their updates.

2. The obligation to submit the risk matrix format used in a spreadsheet is established. This applies to ratings made through "cloudCNV".

CNV/DRC Circular No. 021/2023 issued on May 09, 2023 by the National Securities Commission (CNV) provides instructions related to the remission of Quarterly and Annual Periodic Documentation in accordance with the General Regulations of the Securities Market, established in CNV Resolution CG No. 35/23 of February 9, 2023. The main aspects of the Resolution are summarized below:

1. It is established that the e-mail address through which the aforementioned periodic documentations must be sent is estadosfinancieros@cnv.gov.py;
2. The format for sending the documentation is specified. In this regard, a file named as follows must be attached: "Corporate name of the Brokerage House (xxx) followed by the period and year (Month 20xx)". In addition, it is requested that the subject of the e-mail follow the same reference;
3. It is established that an acknowledgement of receipt will be sent to the sender to confirm receipt of the documentation sent in the same e-mail; and
4. In the event that the obligated entities encounter difficulties in the electronic transmission, the information must be sent in a physical medium, using a note addressed to the Incoming Desk of the National Securities Commission.