Medication administration is not part of the requirements for the First Aid Diploma. Diploma holders are not supposed to provide medication in their capacity as first aiders. However, first aid providers are also regular citizens, and there is nothing preventing citizens from giving each other paracetamol when requested. If your neighbor asks you for a paracetamol, there should be no liability issue.
In an organization, agreements can be made regarding the provision of paracetamol. These agreements should be clearly documented (also for insurance purposes) and discussed with employees and guests. For example, under what circumstances you provide something and what it is (paracetamol instead of aspirin). The responsibility for taking the medication remains with the person who takes the paracetamol. You can have these agreements reviewed by your liability insurance for added certainty. However, all of this is entirely separate from the First Aid Diploma.