Can paranasal sinus disease cause the loss of smell and taste?

Yes it is possible: Sinus infection complication could be loss of smell and taste.

Yes, but: Moderate to severe paranasal sinus conditions certainly can cause changes in both senses. Fortunately, if treated effectively - often even only improved - they also improve or return. This can be a painful chronic condition that eludes treatment efforts - or it can be an acute, treatable thing. See an ENT for dx/planning/suggestions. It might help. Best wishes!

Special senses: Between 10 and 100 million receptors for the 'sense of smell' lie inside nose. Persons with cold /sinusitis , allergies complain that they can not taste their food. Although their taste sensation may be normal , smell sensation are not ! much of what we think of taste is actually smell ! smell receptors are stimulated thousands of times more stronger than of taste !