Tax & Accounting Blog

How can tax and accounting professionals manage their workpapers?

How can tax and accounting professionals manage their workpapers?

Did you know…? Tax is the primary cause of control deficiencies. Managing risk through the adherence of controls is a key objective of a tax professional. A recent study of nearly 400 tax departments from public and private corporations revealed numerous concerns around workpaper efficiency and controls. Tax professionals spend 30% to 60% of their … Read More

The Brazilian State of Bahia Increases Substitution Tax on Construction Materials

The Brazilian State of Bahia Increases Substitution Tax on Construction Materials

On Feb 01, 2015, the Decree 15.807 entered into effect in the Brazilian state of Bahia. This decree relates to ICMS Tax Substitution for transactions involving construction materials within the state of Bahia. Under the regime of Tax Substitution, a manufacturer or other business entity designated as a tax substitute becomes responsible for remitting the … Read More

Brazil Increases PIS and COFINS on Imports

Brazil Increases PIS and COFINS on Imports

Blog, Indirect Tax February 3, 2015

On Jan 30, 2015, the Brazilian federal government published Medida Provisória (provisional measure) 668/2015, which increases the rates of PIS (Programa de Integração Social) and COFINS (Contribuição para o Financiamento da Seguridade Social) on the importation of goods. The measure includes increases on both the standard rate and the schedule of product-based reduced rates for … Read More

Brazil Increases Value Added Tax on Gasoline

Brazil Increases Value Added Tax on Gasoline

As commodity prices in the energy industry have fallen globally, the government of Brazil has responded by lightening indirect tax incentives on petroleum based consumer products. In the decree 8.395 of 2015, the federal government of Brazil has announced that the CIDE (Contribuição de Intervenção no Domínio Econômico) for gasoline and diesel fuels will return … Read More