Emerging Markets Rates and Currencies Handbook

apoderado que desea registrar firma) sobre: • Composición accionaria actualizada, que individualice a la totalidad de los accionistas y su respectivo porcentaje de participación accionaria. • Composición principales autoridades de la empresa. Deal Management Rollover: It is possible to rollover forwards if the client has credit lines approved and meets other internal requirements. Unwinding: The client can exit their existing position only by executing the opposite trade. Early Maturity: There is no early maturity for forwards. The client can unwind their position. Settlement: NDFs are always settled in PYG. Documentation Requirements Fx Spot: There are no restrictions imposed on foreign exchange transactions and no supporting documentation is required to buy or sell foreign currency. Local entities are allowed to hold onshore accounts denominated in Guaranies and American Dollars. Spot transactions are usually settled in T+0, however T+1 and T+2 settlements are also available upon request. Cross border payments in foreign currency require a valid customs declaration easily obtainable at the customs webpage. Fx Forwards: Full deliverable and non-deliverable forwards (NDFs) are both available onshore and trade up to 3 years, though liquidity is very limited for tenors above 1 year. The counterparty must sign a master agreement (Local ISDA) to trade Fx Forwards, and each time a forward deal is executed, a trade confirmation sent by the bank must be agreed by the counterparty. Trade Flows There are no trade flow restrictions besides market liquidity. No additional documentation is required by local regulation. Capital Flow and FDI There are no restrictions for FDI or capital inflows. No additional documentation is required by local regulation. Citibank N.A. Paraguay Branch Cruz del Chaco 3794C Mcal. Lopez Asuncion, Paraguay FX Sales Contact: +595 21 620 2259 Tax Summary – Paraguay Paraguay Country Tax Deductibility and Considerations Inter-Co Debt Bank Loans Offshore Offshore Local Derivatives Equities Borrowing W/H Tax • 15% WHT rate • 4.5% effective WHT rate • No WHT • 15% WHT rate • Variable but < 4.5% effective WHT rate Deductibility of interests • Fully deductible Deductibility of (FX) Losses • Fully deductible Other Taxes/Duties • VAT 10% of interest • N/A • N/A Comments • N/A • 15%WHT on 30% of paid interests • N/A • Specific derivative transactions should get tax opinion • N/A Note: Citigroup Inc. and any of its affiliates do not provide accounting, tax, or legal advice. Please seek advice from a relevant licensed advisor. Source: Relevant legislation, publicly available sources