Brazil is known for its highly complex continuous transaction controls (CTC) e-invoicing system. As well as keeping up with daily legislative changes in its 26 states and the Federal District, the country has over 5,000 municipalities with different standards for e-invoicing. The tax levied on consumption of services (ISSQN – Imposto Sobre Serviços de Qualquer […]
Update: 12 September 2023 by Robson Satiro de Almeida Tax Reform in Brazil: Simplification Statute Published Recent developments in Brazil indicate changes on the horizon, as the country continues to move towards a tax reform for simplification of e-invoicing obligations. A significant reform of ancillary tax obligations is underway aiming to create a unified system […]
In the “Statement on a Two-Pillar Solution to Address the Tax Challenges Arising From the Digitalization of the Economy” issued on 1 July 2021, members of the G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) have agreed upon a framework to move forward with a global tax reform deal. This will address the […]
To understand why there is an ongoing evolution in the managing and administration of value added taxes (VAT), it is important to first understand the motivations of the governments behind the changes. The primary responsibility of any tax authority is to collect the revenue in which the government is legally owed. The difference between what […]
In Part I of our series on the VAT Evolution, we explored the motivations of tax authorities and governments around the world to embrace digitization and technology of a method of increasing revenue collection and shrinking tax gaps. More information on this topic can also be found by downloading your free copy of our IDC […]