OK, there really aren’t a whole lot of problems with this one. Well, there is the seal in the middle. And if you removed the seal (which Paraguay should seriously consider) you’d have the Netherlands’ flag. So not that original.
But wait: the reverse of Paraguay’s flag has a different and worse design than the obverse! These guys just don’t know when to stop. The reverse displays the seal of the Treasury of Paraguay. Interesting – given that I don’t think anyone outside of Paraguay could pick the seal of the Treasury of Paraguay from a lineup of the seals of the treasuries of South American nations.