Accounting in Paraguay: standards, taxes and GoSoft
Accounting guide for Paraguay: National Directorate of Tax Revenue (DNIT), IVA 10 %, accounting framework, books, e-invoicing, tax returns and how to set up GoSoft.
Key facts
| Item | Detail |
|---|---|
| Tax authority | National Directorate of Tax Revenue (DNIT) |
| Currency | PYG · guaraní |
| Tax ID | RUC |
| Consumption tax | IVA · 10 % |
| Income tax | Corporate Income Tax (IRE): 10 %. |
| Fiscal year | Calendar year (January 1 to December 31). |
| E-invoicing | National Integrated Electronic Invoicing System (SIFEN), with electronic documents and KuDE. |
Accounting framework
IFRS and the tax authority's rules for presenting financial statements.
Chart of accounts
There is no mandatory chart of accounts: the company defines it according to its framework. GoSoft ships a base chart you can adapt.
Financial statements
In Paraguay the four statements are presented with these names (GoSoft uses them in its reports and PDFs):
- Balance sheet
- Income statement
- Statement of changes in equity
- Statement of cash flows
Mandatory books and records
Monthly register of purchase and sales receipts in the Marangatu system, besides the accounting books.
Periodic tax returns
Monthly VAT (Form 120) and annual corporate income tax.
What you need to know
- General VAT 10 %; 5 % for the basic basket, real estate and some services.
Taxes and withholdings in GoSoft
These are the reference taxes and withholdings GoSoft loads for Paraguay. You adjust them in Taxes and withholdings (rate, minimum base and ledger account).
| Code | Name | Type | Applies to | Rate |
|---|---|---|---|---|
IVA10 | VAT 10% | VAT | sales and purchases | 10 % |
IVA5 | VAT (property and basic basket) 5% | VAT | sales and purchases | 5 % |
RET-IVA | VAT withholding | VAT | payments to suppliers (withholding) | 30 % |
RET-IRE | IRE withholding | Income | payments to suppliers (withholding) | 3 % |
How to set up GoSoft for Paraguay
In My company, choose the country Paraguay and the currency PYG.
When you log in again, GoSoft shows Updating the accounting setup for Paraguay: it codes the chart of accounts, loads the country's taxes and checks the settings. It happens only once.
In Chart of accounts → Options, review the coding and download the chart as a PDF for your accountant to approve.
In Financial reports → Taxes and withholdings, confirm the rates and choose the ledger account for each tax.
Record activity (manually or from the modules) and use Tax returns to prepare each period's drafts.
Rates and deadlines change. Before filing, confirm what is current at National Directorate of Tax Revenue (DNIT) and with your accountant.