16Feb 2009
The gap between the interest rate that financial institutions pay on deposits and the higher rate they charge for loans is having a curious effect on corporate taxpayers. Many Brazilian companies are putting off tax payments, allowing interest to accrue, rather than taking out...
15Feb 2009
Brazilian corporate taxpayers have until either January 31 or February 27 to elect their income tax calculation method for fiscal 2009. There are three options available (subject to specific limitations):
the actual income tax regime (lucro real);
the presumed income...
23Sep 2008
Professional service providers suffered a major tax defeat on September 17, when Brazil’s Supreme Court (STF) ruled that they are subject to the 3 percent COFINS (Contribution for the Financing of Social Security). The ruling is more important than a similar decision...
14Sep 2008
Brazil’s House of Representatives is reviewing two bills that propose to tax exports of minerals in natura with the state value added tax (ICMS). Rates would be progressive over a 10-year period after the bills enter into law. Constitutional Amendment Project 283/2008...