RIO DE JANEIRO, BRAZIL – The list of the 500 largest taxpayers in Paraguay was presented this Wednesday by the Ministry of Finance and the State Undersecretariat of Taxation (SET).
State-owned Administración Nacional de Electricidad (ANDE) was the largest contributor to the Paraguayan treasury in 2020, while Tabacalera del Este (Tabesa), from the business group of former president Horacio Cartes (2013-2018), was the second company in the overall ranking and the first in the private sector.
These 500 companies contributed almost 43% of the more than 14.3 trillion guaranís (US$2.116 billion) of the total collection for the whole of 2020, with a 12.7% drop compared to the tax revenues of 2019, as a consequence of the coronavirus pandemic and the implementation of the Dividend and Profits Tax (IDU).
The state-owned electric company contributed 407,807 million guaranís to the Treasury, more than US$60 million, and was also the largest contributor to consumption tax.
Tabesa, on the other hand, paid 242,106 million guaranís to the Treasury, about US$35.6 million, according to the current exchange rate and according to the data disclosed by SET.
BANKS AND BREWERIES IN THE MAIN RANKING
The country’s main banks are also on the list of the top ten contributors, which also include breweries and bottling companies.
Banco Itaú is the third contributor to SET, with 201,557 million guaranís (US$ 29.7 million), while in fourth place is public banking, with 157,443 million guaranís (US$ 23.2 million) left by Banco Nacional de Fomento (BNF) in 2020.
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In fifth and sixth place are Cervepar, owned by the multinational brewery Anheuser-Busch InBev, and Paraguay Refrescos (Paresa), dedicated to producing and selling Coca-Cola beverages.
Cervepar contributed 154,792 million guaranís, about US$22.8 million, and Paresa contributed 134,907 million guaranís, about US$19.8 million.
Banco Visión ranked seventh, with 127,473 million guaranís (about US$18.7 million), and Banco Continental eighth, with 116,553 million guaranís (US$17.1 million).
The ninth total contributor in 2020 was Cervecería Paraguaya, with 100,408 million guaranís (about US$14.8 million), and Banco Regional closed the ranking, with 99,812 million guaranís (US$14.7 million).
In total, the ten companies in the overall ranking contributed slightly more than 1.7 billion guaranís, almost US$ 257 million.
The Treasury and SET also presented other income and consumption tax rankings, in which some companies other than those in the main list appear.
Also of great importance for income tax contributions are the grain storage company Agro Silo Santa Catalina, the telecommunications company Tigo Paraguay, the meat company Beef Paraguay and the supplier of agricultural inputs Agrofértil.