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Through Resolution No. 7, Minute No. 11, dated March 13, 2025 (the "Resolution"), the Central Bank of Paraguay established new caps on the fees applied for payment intermediation services made through credit or debit cards. This measure aims to align the Paraguayan market with international practices and promote financial inclusion.

According to the Resolution, the new limits will be applied gradually:

1. From July 1, 2025, the maximum fee will be 4% for credit cards and 3% for debit cards.
2. As of July 1, 2026, these caps will be reduced to 3% for credit cards and 2% for debit cards.

The decision is based on a technical analysis that identified current rates as being above regional standards. The reduction in commissions seeks to benefit businesses, especially small ones, by allowing them to access to electronic payment methods at lower costs, which could translate into more competitive prices for consumers.

Through Resolution No. 6, Minute No. 11, dated March 13, 2025, the Central Bank of Paraguay (“BCP”) introduced amendments to Article 20 of Resolution No. 43, Minutes No. 95, dated December 30, 2015, which regulates the collection of intermediation fees on debit and credit card transactions.

With this modification, issuing entities and/or operators must publish all intermediation fees applied to affiliated merchants on their websites, distinguishing between debit and credit card transactions. This information must be presented in a matrix that categorizes transaction amounts and average payment receipt values (tickets) and will be distinguished by type of card, whether debit or credit. Additionally, entities are required to continuously update the information on the fees charged, ensuring that merchants and the public have access to up-to-date and accurate data.

Furthermore, BCP will establish the maximum rate applicable to intermediation fees. It is clarified that this maximum rate encompasses the total sum of all intermediation fees charged during the payment process, regardless of the functions or means used by the entities involved. However, additional fees may be applied for services other than electronic payment intermediation, such as business management, fund flow administration, or data analysis, provided that acquiring these services is not mandatory to access intermediation services.

Issuing entities and/or operators must submit their fee policies applicable to affiliated merchants to the central bank within the first half of January each year. These policies must include at a minimum: (i) a technical justification for the applied fees or reasons for modification; (ii) a technical study supporting any variations; (iii) a description of the services provided; and (iv) a breakdown of fixed and variable costs, specifying the calculation methodology and the distribution of costs among fees, operators, and merchants within their respective networks.

Through Resolution No. 3, Minute No. 16, dated April 15, 2025, the Board of Directors of the Central Bank of Paraguay ("BCP") authorized banking and financial institutions to purchase, hold and sell debt securities in foreign currency, issued by national governments and foreign financial institutions, provided such securities have an investment-grade credit rating granted by at least two of the following rating agencies: Fitch Ratings, Moody's or Standard & Poor's.

The regulation sets a global limit of up to 20% of each institution’s effective equity for holding these financial instruments. Furthermore, it establishes that, for the purpose of calculating capital adequacy indicators, investments in these instruments must be classified according to the risk rating of the issuing country, based on the weighting table defined in the same resolution:

Through Resolution No. 2, Minute No. 16, dated April 15, 2025, the Board of Directors of the Central Bank of Paraguay (BCP) amended various provisions of the General Securities Market Regulations (the "Regulation").

First, Chapter 2 of Title 26 "Depositors" of the Regulation, along with its Annexes A and B, was derogated. Article 9 of Chapter 12, Title 13 "Brokerage Houses" was also derogated.

Amendments were made to the definitions set forth in Article 1 of Title 26. The redefined terms include: (i) Depositors; (ii) Institution in charge of book-entry registration; (iii) Principal; (iv) Book-entry; and (v) Titles. The new definitions adopt more concise language and eliminate specific references to authorizations granted by the National Securities Commission.

Furthermore, Article 3 of Chapter 4, Title 3 “Brokerage Firms” was updated to define the securities admissible for over-the-counter transactions involving brokerage firms, both domestically and abroad. Among the most significant changes is the exclusion of Negotiable Custody Certificates (CCNs) from the list of securities admissible locally, while internationally, the previously established eligibility criteria were maintained.

El Ministerio de Trabajo, Empleo y Seguridad Social (MTESS) aprobó, mediante el Decreto N.º 3822/2025 (el “Decreto”), el Programa de Incentivo al Empleo Juvenil Formal (el “Programa”), con el objetivo de promover la formalización de jóvenes entre 18 y 29 años a través de incentivos económicos a micro, pequeñas y medianas empresas (MIPYMES).

El Programa establece un esquema de subsidio estatal de hasta el 35% del salario mínimo legal vigente por cada joven contratado bajo la modalidad de primer empleo formal. Esta asistencia cubre el 14% del aporte patronal y el 4% del aporte obrero al Instituto de Previsión Social (IPS), siendo transferida directamente por el MTESS a dicho organismo. El empleador abonará el 2,5% restante del aporte patronal y retendrá el 5% del aporte obrero.

Adelante exponemos algunos puntos relevantes del Decreto:

1. Subsidio estatal a la seguridad social

El Programa contempla un subsidio de hasta el 35% del salario mínimo legal vigente, destinado a cubrir parcial o totalmente las cotizaciones al IPS. El subsidio se distribuye de la siguiente manera:

• 14% del aporte patronal (cubierto por el Estado).
• 4% del aporte obrero (también cubierto por el Estado).
• El empleador abona el 2,5% restante del aporte patronal y retiene el 5% restante del aporte obrero.

La asistencia se transfiere mensualmente y directamente al IPS por el MTESS, sin pasar por el joven ni la empresa.

2. Adhesión al Programa

Las empresas interesadas deben adherirse mediante la plataforma EmpleaPY (https://emplea.mtess.gov.py) y cumplir con los siguientes requisitos:

• Estar formalizadas ante la DNIT, el IPS y el MTESS.
• Clasificarse como MIPYMES con hasta 50 empleados.
• Tener al menos un año de actividad formal.
• No registrar mora con el IPS (salvo refinanciación aceptada).
• No haber contratado al mismo joven en los seis meses previos.
• En caso de que haya más de un contratado por la empresa en el marco del programa, al menos el 50 por ciento deberán ser mujeres.

Las empresas podrán incorporar hasta el 20% de su plantilla promedio declarada en los últimos seis meses, o hasta dos beneficiarios si no cuentan con cotizantes activos.

3. Requisitos para los jóvenes beneficiarios

Los postulantes deben:

• Tener entre 18 y 29 años.
• Contar con entre 0 y 12 cotizaciones registradas en el IPS.
• No tener vínculo laboral con instituciones públicas.
• Comprometerse a realizar una capacitación obligatoria mínima de 60 horas durante el contrato, dictada por el SNPP o SINAFOCAL, vinculado al área de desempeño.
• No haber trabajado previamente en la misma empresa en los últimos seis meses.

Los contratos deberán tener una duración mínima de 8 meses y máxima de 12 meses, y el trabajador debe ser registrado en el IPS desde el primer día laboral.

4. Finalizado el contrato: migración al régimen general del IPS

El Decreto establece que una vez finalizado el plazo máximo del contrato bajo EmpleaPYJoven, el trabajador deberá ser migrado al régimen general del IPS, con las cotizaciones completas a cargo del empleador y del trabajador, conforme a la normativa vigente.

5. Suspensión temporal y complemento parcial del subsidio

La asistencia económica podrá suspenderse temporalmente o abonarse de forma parcial en ciertos casos:

• Parcial: cuando el trabajador perciba subsidios por reposo, licencias breves o suspensiones justificadas, siempre que el período sea inferior a un mes.
• Temporal: durante licencias por maternidad, reposos superiores a un mes, suspensión de contrato autorizada por el MTESS o investigaciones por incumplimientos.

6. Causales de exclusión del Programa

Tanto jóvenes como empresas pueden ser suspendidos o excluidos del Programa en los siguientes casos:

• Mora del empleador con el IPS por más de tres meses consecutivos o dos alternados.
• Información falsa o adulterada.
• No localización del trabajador tras tres visitas consecutivas.
• Incumplimiento de requisitos de capacitación o formalización.
• Subdeclaración salarial o domicilios inexistentes.
• Fallecimiento del beneficiario o empleador.

En caso de exclusión por falsedad o fraude, el MTESS podrá exigir la devolución de los aportes transferidos y remitir el caso a la Procuraduría General para acciones judiciales.

7. Despido o renuncia

• Si el joven es despedido sin causa justificada, la empresa quedará inhabilitada por 12 meses para postular nuevamente al mismo puesto dentro del Programa.
• En caso de renuncia o abandono injustificado, el joven no podrá volver a postular durante los 12 meses siguientes.
• En ambos casos, la empresa podrá volver a ofrecer la vacancia, pero debe comunicar los motivos formales de la desvinculación a través del sistema REOP.

8. Capacitación y control

Todos los beneficiarios deben completar un curso formativo relacionado con el puesto, dictado por el SNPP, SINAFOCAL u otras instituciones habilitadas. La verificación del cumplimiento estará a cargo del MTESS, que podrá realizar visitas aleatorias in situ sin carácter de inspección laboral.

This content is for general informational purposes only and should not be considered as specific legal advice. If you require specific legal counsel, please do not hesitate to contact us.

On April 7, 2025, the Ministry of Public Works and Communications (Ministerio de Obras Públicas y Comunicaciones or “MOPC”) announced an ambitious road improvement project to connect the cities of Luque, Areguá, and San Bernardino with Route PY 02 (“Project”). With an estimated investment of USD 180 million, the Project will become the first rapid access and exit system aimed at optimizing mobility between the metropolitan area of Asunción, enhancing connectivity with the departments of Central and Cordillera.

Strategic Sections

The Project will be divided into three main sections:

• Ypacaraí – Areguá – Luque Corridor: starting at Km 41 of Route PY 02, it passes through Ypacaraí, Patiño, and Areguá, reaching downtown Luque. It includes a new bypass in Areguá to optimize traffic flow.
• Ypacaraí – San Bernardino – Luque (Tarumandy) Corridor: starting at Km 43, it connects San Bernardino with Luque. It includes lane duplication at the entrance to San Bernardino, urban improvements in the city, and lane expansions along the “Ecovía” section.
• Elevated Expressway: a 4 km elevated stretch with 2 roadways and 4 lanes, connecting Luque’s urban area to the Conmebol area. This expressway will be compatible with the future commuter train and will preserve Luque’s urban dynamic.

Contractual Framework and Financing

The Project will be carried out under the addendum to the Public-Private Partnership (PPP) contract for the construction/expansion, operation, and maintenance of Route PY 02 (the “Works”), executed between the Paraguayan State and the Rutas del Este consortium (Sacyr and Ocho A), which was awarded the Works for a 30-year term. The addendum does not extend this term, so the Project must be executed within the remaining time of the original contract. Additionally, the addendum does not imply a direct award of the Project to the Rutas del Este consortium. The MOPC will launch a public tender process to award the execution of the Project. The selected company must secure 100% of the Project’s financing. However, the addendum grants the Rutas del Este consortium the right to match the best offer submitted by any bidder. Should it choose to exercise this right, Rutas del Este will be awarded the Project.

The tender is expected to be launched at the end of July, with the contract signing scheduled for August 2025. Construction is expected to begin by the end of 2025, with a projected execution period of three years.

The Works were carried out under Law No. 5102/13 on Public-Private Partnerships (PPP), which was recently repealed by Law No. 7452/25.

Repayment Structure

The investment repayment will be structured through three mechanisms:

• Deferred Payments: semiannual payments over a 15-year period, beginning the month after 36 months from the issuance of the first notice to commence works.
• Availability Payments: quarterly payments starting from the provisional commissioning of each section and continuing until the end of the contract.
• Traffic-Linked Payments: variable payments tied to traffic volume in the covered sections, payable after the final provisional commissioning.

Impact

The project will benefit approximately 1.3 million people who travel daily through the metropolitan area of Asunción, reducing travel time by up to 30 minutes per trip in each section. This initiative marks a milestone in the modernization of Paraguay’s road infrastructure and opens new opportunities for private sector participation in PPP projects.

For further information, please contact: Rodolfo G. Vouga (rgvouga@vouga.com.py); Manuel Acevedo (macevedo@vouga.com.py); Silvia Benítez (sbenitez@vouga.com.py); Lucas Rolón (lrolon@vouga.com.py); Yvo Salum (ysalum@vouga.com.py).  

Esta publicación inaugura una serie de entregas sobre el marco regulatorio del sector energético en Paraguay. En esta primera parte, exploramos en detalle la legislación vigente, el rol de las instituciones clave y los elementos que marcan el rumbo del desarrollo energético nacional. Un material útil tanto para quienes operan en el sector como para quienes analizan oportunidades de inversión en energías renovables.

🔜 En la próxima entrega: un análisis práctico de los procedimientos de licenciamiento, los modelos contractuales vigentes y las principales barreras que enfrentan los desarrolladores de proyectos energéticos en Paraguay.

Para obtener más información respecto de alguno de los temas abordados en esta primera entregar, por favor póngase en contacto con nuestros expertos: Manuel Acevedo (macevedo@vouga.com.py); Rodolfo Vouga Z. (rgvouga@vouga.com.py); Yvo Salum (ysalum@vouga.com.py) 

El Ministerio de Trabajo, Empleo y Seguridad Social (MTESS) emitió la Resolución N° 324/2025 (la “Resolución”) en abril de 2025, a través de la cual se implementa la generación electrónica de recibos para la Liquidación de Salarios, Vacaciones y Aguinaldo por medio del Sistema de Registro Obrero Patronal (“REOP”).

La Resolución también dispone que el uso de recibos digitales constituye una herramienta opcional para dar cumplimiento a lo establecido en el artículo 235 del Código Laboral. La firma de dichos recibos deberá adecuarse a lo previsto en la Ley N.º 6822/2021 “DE LOS SERVICIOS DE CONFIANZA PARA LAS TRANSACCIONES ELECTRÓNICAS, DEL DOCUMENTO ELECTRÓNICO Y LOS DOCUMENTOS TRANSMISIBLES ELECTRÓNICOS.”.

El Ministerio de Trabajo, Empleo y Seguridad Social (MTESS) estableció aranceles para la descarga de recibos digitales, los cuales se aplicarán mediante suscripciones semestrales, conforme al siguiente detalle:

Estos aranceles entrarán en vigencia a partir del 1 de diciembre de 2025. La Dirección General de Administración y Finanzas, junto con la Dirección de Tecnología de la Información y la Comunicación, dispondrán los mecanismos necesarios para garantizar el cumplimiento de la presente resolución.

This content is for general informational purposes only and should not be considered as specific legal advice. If you require specific legal counsel, please do not hesitate to contact us.

El Consejo de Administración del IPS, suspendió los efectos de la Resolución C.A. N° 017-029/2025 de fecha 27 de marzo de 2025, que reglamentaba la Ley 7444/ 2025 “QUE MODIFICA VARIOS ARTÍCULOS Y AMPLÍA LA LEY Nº 4.457/2012 “PARA LAS MICRO, PEQUEÑAS Y MEDIANAS EMPRESAS (MIPYMES)” a través de una nueva Resolución emitida el 3 de abril del 2025.

Puntos suspendidos por medio de la Resolución:

1. Incorporación obligatoria de trabajadores y propietarios de MIPYMES a IPS:

La anterior resolución obligaba a los propietarios y trabajadores de micro y pequeñas empresas a registrarse en el seguro social del IPS dentro de un plazo de 36 meses, comenzando desde la expedición de la Cédula MIPYMES.

2. Base mínima imponible:

La reglamentación que fijaba la base mínima imponible para micro y pequeñas empresas en el 80% del salario mínimo legal durante los primeros 36 meses queda suspendida.

3. Tasas de aporte:

La tasa de 25.5% de aportes, aplicada sobre la base imponible en el régimen especial para micro y pequeñas empresas, queda suspendida.

4. Cobertura de Riesgos:

La resolución establecía la cobertura para riesgos como accidente y enfermedad común, accidente de trabajo, maternidad, invalidez, vejez y muerte; esto quedó suspendido para las empresas afectadas por este régimen especial.

5. Grupo Familiar Protegido:

Fue además suspendido el alcance de la cobertura para los familiares de los trabajadores y propietarios de microempresas y pequeñas empresas

6. Cálculo de la Antigüedad:

El cálculo de la antigüedad para las prestaciones de largo plazo (jubilación), que se basaba en los aportes realizados, y la norma de computar 50 semanas como un año de aportes también fue suspendido.

7. Recomendación para las empresas 

Aconsejamos a las MIPYMES y a los estudios contables o áreas de RR.HH. mantenerse atentos a nuevas resoluciones del IPS. Esta suspensión puede deberse a la necesidad de revisar aspectos técnicos o presupuestarios, o bien al análisis de su implementación progresiva. Por el momento, las empresas deben continuar con el régimen contributivo general.

This content is for general informational purposes only and should not be considered as specific legal advice. If you require specific legal counsel, please do not hesitate to contact us.

The Executive Branch enacted the Decree that regulates the Carbon Credits Law, seeking to boost the carbon credits market in Paraguay.

On February 18, 2025, the Executive Branch published Decree 3369/2025 (the “Decree”), which regulates Law 7190/2023 on Carbon Credits (the “Law”), enacted on October 12, 2023.

The purpose of the Decree is to regulate the Law, set the competences of the Ministry of Environment and Sustainable Development (“Mades”), and establish clear rules for the operation of the Carbon Credits Registry (the “Registry”).

Regulated Issues

1. Directorate of Carbon Markets (“DMC”)

The Decree creates the DMC, dependent of Mades, which will be in charge of implementing, supervising, and regulating the carbon market in Paraguay. The DMC will also be in charge of keeping the Registry and the Internationally Transferable Mitigation Outcomes (“ITMOs”) updated to generate transparent and traceable information.

2. Registry

The Registry must register the data of projects that implement mitigation measures to obtain carbon credits. It will be public, of free access, and permanently updated.

3. Approval of methodologies

By resolution, Mades may approve all or part of the methodologies used by the carbon standards. Once a methodology is approved, Mades shall recognize and register the projects developed under approved methodologies.

4. Additionality

Additionality will be recognized for projects that have been validated under methodologies approved by Mades. 

5. Non-Objection Certificate

The issuance of a ‘non-objection certificate’ is foreseen, which will certify that there is no double counting of carbon credit projects, allowing access of these projects to Article 6 of the Paris Agreement for the subsequent obtaining of the letter of authorization for the transfer of ITMOs. The non-objection certificate must be issued before the registration of the project in the Registry; this aims to ensure that projects have certainty that they will be recognized by Mades before implementation.

6. Letter of Authorization

The issuance of a ‘letter of authorization’ is also foreseen, which allows the transfer of ITMOs abroad and certifies that there will be no double counting of ITMOs.

Mades will issue letters of authorization provided that the process of transferring ITMOs does not jeopardize compliance with Paraguay's Nationally Determined Contributions (“NDC”).

7. Determination of withholdings

Carbon credit holders shall withhold and abstain from transferring a percentage of such credits generated from the same project. The withholding may not be less than 3% or more than 10%; the percentage is to be determined by Mades according to Article 10 of the Law. This withholding obligation will only apply to the transfer of ITMOs in the regulated or compliance markets, but not to the transfer of carbon credits in the voluntary market.

8. Fee for transfer, registration, and modifications

For the transfer of ITMOs, the fee to be paid to Mades will be 0.08 minimum daily wages (equivalent to approx. USD 1.08 at current exchange rates) for the first transfer of each unit, quantified in tons of CO₂ equivalent. For all other procedures, the fees range from 1 to 300 minimum daily wages.

In addition, the following fees apply for:

• Registrations: i) 300 minimum daily wages for developers, ii) 150 minimum daily wages per project, iii) 20 minimum daily wages per notification of emissions, and iv) 300 minimum daily wages for certificates of non-objection, letters of authorization, and other instruments.
• Modifications: (i) 300 minimum daily wages for fundamental changes to the project, and (ii) 10 minimum daily wages for certificates of no objection, letters of authorization, and other instruments.

Carbon projects whose owners are indigenous communities will be exempt from the payment of fees.

9. Penalties

Violations of the Law and the Decree will be subject to administrative summary proceedings pursuant to Law 6715/2021.

Next steps and opportunities

Mades will regulate other aspects, such as the operation of the Registry.

It is foreseen that the Law and the Decree, which will be complemented with additional regulation from Mades, will create a solid and predictable regulatory framework that will provide legal certainty for investments in the carbon credit market in Paraguay. Paraguay expects to boost the growth of the market and position the country as a relevant player in the global transition to a low-carbon economy, also providing new sources of income to productive activity in Paraguay.

For more information regarding the Decree, the Law, or other issues related to carbon credit projects, please contact Rodolfo Vouga Z. (rgvouga@vouga.com.py), Rodrigo Fernandez (rfernandez@vouga.com.py) or Diego Marecos (dmarecos@vouga.com.py).

Useful links

Article: https://www.vouga.com.py/paraguay-pionero-en-la-regulacion-de-creditos-de-carbono/  

Law: https://www.bacn.gov.py/leyes-paraguayas/11986/ley-n-7190-de-los-creditos-de-carbono

Decree: https://decretos.presidencia.gov.py/api/norma/download/67b4980836ed821d050478ef