Paraguay's ambassador to Spain, Ricardo Scavone Yegros, reportedly stated on 18 August 2020 that he is looking to resume negotiations for the conclusion of an income tax treaty between the two countries. Negotiations for a treaty first began in 2013 with the most recent discussion held in 2017. Any resulting treaty would be the first of its kind between the two countries and must be finalized, signed, and ratified before entering into force.