LatinNews Daily - 24 October 2022

In brief: Paraguay seeks to boost border trade and tourism

*Paraguay’s President Mario Abdo Benítez has announced new fiscal measures to benefit border trade and tourism as part of efforts to boost economic recovery. This is aimed at encouraging inhabitants from neighbouring Argentina and Brazil to cross the border to buy these goods at a more competitive price. President Abdo Benítez said that one of the measures (Decree 8047) reduces the Impuesto Selectivo al Consumo (ISC) sales tax on certain electronic products from 1% to 0.5% until December while another decree (8048) reduces value-added tax (VAT) from 15% to 10% for the month of November and to 5% for December. He said that these measures would be used as a pilot plan, to see if this reduction translates into better sales.

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