COVID-19 forces temporary tax hikes Brazil’s federal tax on financial transactions, Imposto Sobre Operações Financeiras—IOF, is being temporarily increases between 20 September and 31 December 2021. The raise is aimed at raising funds to help support people most affected by the ongoing COVID-19 crisis –
The Brazilian National Congress is to progress the merger of its PIS and COFINS federal taxes under Bill No. 3,887/2020, National Congress. This seeks to introduce the first major simplification of possible the world’s most complex indirect tax regime. UPDATE 2022: Brazil VAT reform gets
The Brazilian Supreme Court has confirmed the exclusion of ICMS tax from PIS and COFINS calculations. The Court confirmed that the state ICMS should be excluded from the tax base for calculating the federal PIS and COFIN on invoices. The ruling has made clear taxpayers
Two alternative proposals to reform the hugely complex Brazilian indirect tax regime. The aim is to reduce instances of double and compounding taxes at the federal, state and municipal levels. This is seen as holding back the development of the internal industrial market, and encourage
Brazil’s e-invoicing regime, Nota Fiscal Eletrônica NF-e, is operated by SEFAZ, the tax authority. It introduced the NF-e in 2005. You can keep up-to-date with VAT Calc’s global live VAT invoice transaction and e-invoice blog on country real-time reporting reforms. There are three types of electronic fiscal
